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Do You — or Don’t You: Do you offer financing to customers looking to buy an engagement ring?

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Do You — or Don’t You:  Do you offer financing to customers looking to buy an engagement ring?

BY INSTORE TEAM

Published in the July 2013 issue

YES, I DO (59%)

We offer a Hannoush credit card through GE. But we also like good ol’ fashion layaway. Country folk tend to like it! — MJ Chanski, Hannoush Jewelers, Rutland, VT

Wells Fargo offers interest-free, 12-18 months, no minimum purchase. They are easy to work with. — Karla Doolittle, Mark Jewellers, La Crosse, WI

Ninety days same as cash through a local finance company. — Jeff Vierk, Vierk’s Fine Jewelry, Lafayette, IN

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They must pay 60 percent to take the ring, then we finance with no interest charged for four to six months. Works well for us. Only had one bad apple, and we’re taking him to court. — Terry & Sandy Smith, GoldSmith Jewelers, Little Falls, MN

All in-house. We had a source that we paid monthly. Customers would fill out a form, and the computer would spit back what credit they would get. Great until the recession hit. Then nobody could get credit. My accountant tried and could not even qualify for $500. — Paul Krueger, Krueger Jeweler, Fort Atkinson, WI

GE is effective but not often used. We need more training to make financing a solid part of our presentation. — John Carom, Abby’s Gold & Gems, Uniontown, PA

No interest lay-away has always been a big draw, and since most of our business is online, PayPal has its own built-in financing system for the client. It saves us the headache and liability of having to do it ourselves. — Deric Metzger, DeMer Jewelry, Oceanside, CA

We use a finance company that specializes in consumer loans. But I try to discourage a young couple from becoming “ring poor” starting out. This flies in the face of common salesmanship wisdom, but I feel strongly that it pays great dividends later on when they are no longer struggling financially. — David Phelps, Precision Platinum, Durham, NC

NO, I DO NOT (41%)

Too much trouble: I am a designer, not a banker! — Eve J. Alfillé, Eve J. Alfillé Galley and Studio, Evanston, IL

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100 percent down, nothing ever to pay! — Barry Tricker, SGC, Stowe, VT

We tried in the past, and the approval rates for new and young customers were very low. The interest rates are very high, and we try to get customers to try other things first. — Frank Salinardi, Linardi’s Jewelers, Plantation, FL

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