Equipment Finance is not a Product. It is a Service
Blog Post by Paul Vecker, Chief Revenue Officer, Eastern Funding LLC and President of Macrolease
Remember what shopping was like before Costco and Amazon changed everything? Remember what it felt like to walk into your local store and be greeted by name? Do you recall the personal touch of having someone that cared about you and your business try to help you find what you needed? The perfect fit for you? Not try to sell you what they had on their shelves but actually try to help you find exactly what you wanted; what you needed? Even if they had to customize it for you. Big box retail and online shopping changed all that. Now everything is a commodity. Every customer an avatar. While this change may make shopping more convenient – and possibly a little more efficient – it has taken away the word “service” from our vocabulary. Retail is now all about moving product. Selling as much as can be sold as quickly as possible. This paradigm shift – away from personal service and towards bulk sales – has found its way into the finance world as well.
Big banks these days are like the Amazon of financial products. The goal is to sell whatever is on the shelf. Rather than try to design a solution that fits the unique needs of the business customer, the customer is sold whatever the bank has. Everything is a commodity and every customer is an avatar. One size, fits all. Whether you are looking for Treasury Management, Wealth Management or Equipment Finance. It’s all available. Off the shelf and ready to go. This is understandable, big banks, like Amazon, have lots of shareholders to answer to. Wall Street expects each quarter to be that much better than the last. In order for that happen, they have to move product. Efficiently and quickly. Designing uniquely customized solutions that fit the individual needs of a particular customer is not the most efficient way to do business. Spending time getting to know your customer and making sure they get the service that they need does not necessarily translate into quarterly earnings that boost the price of the stock.
At Macrolease (part of the Eastern Funding family) we believe in a different approach. For more than half a century we have been providing our customers with the kind of personalized service that can only be delivered by a small company. A company that is focused on giving customers what they want. Not selling them what we have. We are a throwback to a time before the “Amazoning” of the world. Before customers were avatars. When the local shopping experience was personal. We believe that Equipment Finance is not a product to be sold. It is a service to be delivered. We believe Equipment Finance is a Company. A Company made up of people. People who are dedicated to servicing the unique needs of our customers. People who share with the customer a sense of urgency. People who know that acquiring equipment to open a new business, or expand an existing one, is a difficult and challenging point in time. People with valuable experience that don’t mind sharing it in a helpful way. People who work to make sure that we have designed a financial solution that fits the unique needs of the client’s business. People who take the time to get to know the customer and stay in touch throughout the term of the financing. Not just at the beginning when the sale is made but through the life of this loan and many others. That’s why we have so many repeat customers. That’s why we have been in business for fifty four years. That’s why we were able to help our customers survive the pandemic. That’s why we continue to be the market leader in the fitness and wellness industry.
Doing business with Macrolease is like a trip down memory lane. Back to a time when customers were treated as individuals. When creatively designed solutions were tailored around the unique needs of a business. When a dedicated team of people knew who you were and were there to provide you with great service. Isn’t that a time worth going back to?