Payday loan businesses both large and small are doing a lot of things right, profits are strong and many have a very positive outlook.

But, what more can be done to improve the customer’s experience with your company?  Are payday businesses taking stock in what really matters to their customers beyond just the loan transaction?

Where is the customer going after they leave you?  What is going to be done with the money?  Just about all you need to know can be learned by following the trail before and after they come to see you.

Once you have studied customer behaviors, how about taking that knowledge and investing it in programs that are custom tailored to those pathways?  Create a full suite of customer programs that target the issues that cause customers to need your service in the first place. Then compliment that with programs aimed at your customer’s journey after they leave your store.

Examples of programs that might fit this mold: in-store instant bill payment, ATM, internet access for customers, credit improvement, debt consolidation, fax machine usage, rewards programs, gas cards, gift cards, lottery tickets, coupons, text communications, job boards, resume services, child care, health care services, legal representation, etc.

Seek relationships with 3rd party companies who have partner, referral, or affiliate programs.  You will not just be providing additional benefits to your customers, but you can also generate some serious revenue.  These companies are out there, I know of many and they are working hard every day to get involved with our industry.

Trusted payday lenders are uniquely positioned to improve the lives of their customers and a well organized array of programs will only further that value.  It will make your business competitive, interesting, and maybe even cool!  Think about the positive impact that will have on new customer flow, referrals, and bad debt…

There is a lot of legwork that goes into finding the right programs, and ideal 3rd party vendors.  C.A.B. Consulting and Brokerage does have existing relationships in these areas, if you would like to discuss options and learn more, email Michael at cabconbrokerage@gmail.com or call 214-293-8676.

With over 3,000 registered payday loan businesses and an overall population of 25 million people, Texas represents one of the most prolific markets for payday lenders in the industry.

Not only that, but there are many large metropolitan clusters in Texas surrounding the large cities Dallas, Ft. Worth, Houston, Austin, and San Antonio.  There’s a saying in Texas that when the weather is hot, there’s nothing else to do but shop and eat. A typical street corner in Dallas has at least two banks and two fast food restaurants, so consumers are invited to get money and spend money just about every waking moment. Texas highways and byways are set up to prime the capitalistic consumer engine and breed success in the retail business. Intercity freeways are gigantic advertising corridors for anyone who wants to hang out their shingle, making this market a hotbed for business owners.

One such business that has been the beneficiary of that formula is the payday loan industry.  What formerly was a little known product based in check cashing stores or pawn shops, has grown into a professional, regulated, and mainstream industry.  In 2010, it was at $40 billion.

With all the instability in traditional cornerstone investments like the stock market and real estate, many investors have taken a look at the payday loan industry as an option.  The industry is tuned to adapt to the idiosyncrasies of the cash strapped, credit challenged consumer.  Payday loan businesses were built by adapting to many of the problems that Wall Street cannot.

Are you looking for something new?  Are you growing weary of the daily picture that CNN shows you of the beleaguered NYSE trader looking down at his desk after yet another hard plummet of the market?

Consider becoming a lender in the Texas payday loan business.  Reach out to C.A.B. Consulting and Brokerage if you would like to look into it.  We would be happy to tell you what we know and connect you with businesses looking for people such as yourself with money to invest.

Contact C.A.B. Consulting and Brokerage at cabconbrokerage@gmail.com or call us at 214.293.8676.