A quarter (25%) of tradespeople now allow customers to pay for work in instalments, as a way of helping homeowners afford renovations throughout the cost of living crisis. New research by IronmongeryDirect, one of the UK’s largest suppliers of specialist ironmongery, surveyed tradespeople across the nation and found that almost two in five (39%) have been asked about payment plans in recent months.
Younger workers are leading the trend and are more than twice as likely to accept staggered payments as the older generations while a third of millennial (25-34) tradespeople allow instalments (33%), compared to just 14% of over 55s.
Certain trades are also more likely than others to offer such schemes. More than two-thirds (67%) of roofers allow their clients to pay on finance, ahead of bricklayers (57%) and locksmiths (50%).
The UK tradespeople most likely to offer payment plans to customers are:
- Roofer - 67%
- Bricklayer - 57%
- Locksmith - 50%
- Window Fabricator - 40%
- Joiner - 36%
- Builder - 35%
- Building Surveyor - 26%
- Electrician - 22%
- Caretaker/Maintenance - 21%
- Landscaper - 21%
- Painter Decorator - 18%
- Plasterer - 15%
- Carpenter - 15%
- Scaffolder - 10%
- Plumber - 9%
Payment plans offer advantages to both tradespeople and customers - more than a fifth (21%) of workers think they’d help attract more business - but precautions need to be taken to ensure financial security.
Commenting on the findings, Dominick Sandford, Managing Director at IronmongeryDirect, said: “The cost of living crisis means many Brits are more cautious about big money purchases, and that includes home improvements. As a result, tradespeople are having to adapt to maintain their workflow, and offering payment plans is one way of doing this.
“However, you should take extreme care if you decide to go down this route, as there is always the danger that you could miss out on the full amount, either due to awkward customers or simply through paperwork errors. That’s why we’ve partnered with Forbes Burton to create a thorough guide for those considering this option.”
For expert financial advice on customer payment plans, including the benefits and the best ways to protect yourself, visit the IronmongeryDirect website here.
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