GreenSky® Case Study: Bonfe Plumbing, Heating and Air Service, Inc.
The Old Way
Bonfe Plumbing, Heating and Air Service’s previous financing provider required lots of paperwork, which sometimes had a negative effect on sales. “The technician had to walk customers through the application process, on the website or the phone,” said Operations Manager Aaron Daubanton. “Once we got the loan approved, we had to go back and get the paperwork signed. Customers would often change their mind. It got to the point where I almost didn’t want to finance people because there was so much paperwork to do,” he concluded.
Then, Mr. Daubanton heard about the GreenSky® Loan Program1 at a meeting and presented the idea of switching to Bonfe’s GM and CFO. “The company had previously gone paperless, with all sales people and technicians using iPads,” Mr. Daubanton said. “GreenSky’s paperless application process fit perfectly. Once they saw how well it worked, they were all in.”
Getting started was easy. The company received training from GreenSky and determined which plans to offer. ”Once we had the app installed, we were up and running,” said Mr. Daubanton.
“The ease of the GreenSky process has brought in a lot more work. I would estimate five to 10 percent in additional sales,” Mr. Daubanton said. “Currently, about 60 percent of our big ticket jobs, ranging from $8,000 to $15,000, are financed through GreenSky. Being able to do the financing right then and there produces more sales. It’s like when you go to buy a car, we just quote the monthly payment.”
Even more business
Now, the company is getting additional work from existing GreenSky customers. “GreenSky often approves customers for more than the amount requested,” said Mr. Daubanton. “With four months to use their loan, customers with money left in their account can afford additional work. Based on a report we get from GreenSky, we call to see if there are any needs that we can take care of for them. Currently, we’re seeing about a 20% success rate. That’s extra business and more satisfied customers.”
About Bonfe Plumbing, Heating and Air Service, Inc.
Founded in 1993, Bonfe is a family owned and operated business in the Twin Cities area that offers residential plumbing, heating, cooling, drain cleaning, electrical, indoor air quality and appliance repair services. According to Operations Manager Aaron Daubanton, “We offer more services under one roof than our competitors, so customers don’t have to waste time finding a qualified contractor for every repair.”
1 GreenSky® is a loan program name for certain consumer credit plans extended by participating lenders to borrowers for the purchase of goods and/or services from participating merchants/providers. Participating lenders are federally insured, federal and state chartered financial institutions providing credit without regard to age, race, color, religion, national origin, gender or familial status. GreenSky® is a registered trademark of GreenSky, LLC. GreenSky, LLC and its wholly-owned subsidiaries service the loans on behalf of participating lenders. NMLS #1416362