Flexible payment terms help Maverick Diagnostics increase order values and stand out in a specialist market

We spoke with Laura Hall, Managing Director of Maverick Diagnostics, about how offering flexible payment terms with iwocaPay turned their website into a stronger sales channel, increased order values and gave them a competitive advantage in a specialist market.

Maverick Diagnostics helps independent workshops achieve main-dealer-level diagnostic capability by supplying genuine manufacturer tools, software and equipment, backed by expert set-up, training and ongoing technical support.

As cars become more advanced, independent workshops and garages need increasingly expensive equipment to keep up. For many garages, investing £10,000 or more in new tools is a big cash flow decision. With iwocaPay, trade customers can spread the cost over 1, 3 or 12 monthly instalments while Maverick Diagnostics gets paid instantly.

An easy choice: reasonable rates, instant payment and no added risk

Before iwocaPay, online orders were mostly lower-value items such as cables, adapters, and individual tools. Higher-value orders usually required a conversation with the sales team and the largest orders often went through a traditional leasing company. Maverick Diagnostics wanted a simpler option that worked for orders of every value and for customers who wanted to buy quickly.

"We chose iwocaPay for a few reasons. The rates were reasonable and the support during setup was very good. The most important factor was the proposition for us and our customers. We get paid immediately while our customer can spread costs. Offering our own payment terms would significantly affect cash flow and expose us to additional risk but iwocaPay gives the customer the flexibility without creating risk for us. It was an easy choice and also straightforward to integrate to our website." 

Orders through iwocaPay are worth 48% more and a quarter of customers come back

Since introducing iwocaPay, Maverick Diagnostics’ website has become a much stronger sales channel. Customers watch tutorial videos and educational content on the website, choose the equipment they need and complete their order using iwocaPay at checkout. 

"It's helped turn our website into a genuine sales channel. Customers get the education, understand what they’re buying and then at checkout, it's very easy to go through iwocaPay rather than pay all in one."

It has also shortened the sales cycle. Instead of quoting customers and waiting for them to arrange finance, Maverick Diagnostics can close the sale instantly. An order placed in the morning can be shipped the same day, even on high value equipment.

“Customers are impressed with how quickly it all happens with iwocaPay. They can apply in the morning and by lunchtime, we're shipping their order.”

That faster path to purchase has increased what customers spend. The average iwocaPay order is £3,700, compared to £2,500 for a non-financed order, making iwocaPay purchases 48% higher in value. Around a quarter of customers that use iwocaPay have used it more than once.

A competitive advantage in a specialist market

Helping customers keep up with new vehicle technology is central to what Maverick Diagnostics do. They make sure garages have the latest tools and the training to use them, and offering a simple way to pay is a natural extension of that approach.

It also sets them apart. Maverick Diagnostics operate in a specialist market where flexible payment terms are uncommon. Offering iwocaPay helps remove the upfront cost barrier for customers investing in new equipment. 

One example is of a remote diagnostics business that needed equipment from multiple brands. Splitting payments with iwocaPay allowed them to buy the latest equipment from a wide range of brands without putting pressure on their cash flow, helping them expand their services and grow their business.

“It’s given us a competitive advantage because what we offer is specialist and we’re selling on service. Offering iwocaPay is an additional feather in our cap. In one instance, a customer could have approached other competitors but they chose us. In this case it’s because we’ve got iwocaPay as an advantage. It removes the financial obstacle for our customers. Having access to the right kind of finance has enabled them to grow and stay ahead of the game compared to their competitors.”