The number of people using clinics, treatment centres and beauty businesses is on the rise, with many spreading the cost of these procedures over several months and even years. From a business perspective, offering finance helps increase the number of patients you treat and leads to more business. With that in mind, we’ve put this guide together featuring the benefits of patient finance and how it helps boost business at your practice.
What is patient finance?
Patient finance gives your customers more flexibility to spread the cost of treatment over several payments. Clinics, treatment centres and beauty businesses of all shapes and sizes offer a wide variety of solutions, but these procedures tend to be expensive, often costing thousands of pounds.
For many consumers, the idea of paying several thousand up front isn’t realistic. But with patient finance, they can avoid the financial burden of fronting up the entire cost in one setting and enjoy greater financial freedom while still getting the treatment they desire.
Customer buying habits are constantly evolving. They expect businesses to meet their buying needs with flexible payment options, be it a beauty consultancy or electronics store. As a health and beauty based business, it’s good to meet these requirements head-on and offer affordable monthly payment plans to appeal to more customers.
Different types of patient finance
Finance has evolved from credit cards and loans. There are many ways for customers to finance products and services, including alternative payment methods like buy now pay later (BNPL). That’s good news for your brand, as you can tailor solutions to fit the target market’s needs.
For example, you might offer finance solutions with BNPL, giving customers an interest-free way to borrow for amounts up to £2,500. But for other repeat treatments and procedures, a digital credit option that is similar to a credit card but with more functionality might be the best route forward.
It’s about finding the sweet spot and giving your patients a choice for how they pay. When you work with the right retail finance partners, you’ll cultivate a solution designed to satisfy the demands of your customers.
Benefits of offering patient finance
For merchants
Expect to see an increase in treatment uptake, whether you’re a dental clinic, hair transplant clinic or cosmetic surgery practice. Offering finance opens the door to more patients, providing them with greater flexibility and buying power.
You can also broaden the range of treatments and services offered. The higher cost and charges of specific treatments mean only a small pool of people can afford them. With finance, however, an increasing number of customers will be able to pay for higher-priced treatments and solutions.
For customers
Your patients will begin to see immediate benefits when finance is available. They have more flexibility and can afford treatments, meaning they’ll see your products and services as a far more viable investment. This allows you to take on more business, with options like 0% finance removing many barriers to entry that typically see customers decide against expensive treatment options.
You’re also giving customers more control over their finances, increasing client/customer confidence. Selecting the best plan for them allows for smarter finance management, with patients feeling empowered to make the financial commitment for treatments they really want.
How to offer patient finance to your customers
Finance shouldn’t be complicated, which is why working with a retail finance partner that simplifies the process is so important. For instance, you want to be up and running quickly.
The best finance partners offer a range of finance that gives your customers more choices for how they pay. You should be able to tailor products to your audience’s needs and offer finance across your chosen eCommerce platform, whether it’s Shopify, Magento or other platforms.
Purchases made with retail finance will also be paid upfront and in full as the lender assumes responsibility for collecting payment. The shopper pays the lender back directly, and your company is often protected from issues with repayments and fraud. Consequently, retail finance offers greater peace of mind for merchants.
More patients with retail finance
Businesses in the health sector stand to benefit from retail finance. By offering different payment solutions to customers, you can provide more treatments at an affordable price that allows customers to spread the cost and grow your business, so it becomes a business capable of meeting the needs of modern-day consumers.
