Technology is changing the way we access and pay for services. Money is now digital; a set of figures in a spreadsheet or an online bank account with payments in and payments out. At the same time, we have forgotten how to wait. Life is fleeting and if I want a perfect smile or for the pain to go from my knee, I want it now, not in two years’ time
That’s why offering monthly payments is the way forward for your business. It can give people access to your services and it fits in with a digital approach to planning finances.
Why do people prefer monthly payments?
There are many benefits to your patients in spreading the cost of treatment across monthly payments. Apart from the need for instant results, here are some other reasons why monthly payments are appealing:
- Budgeting – Most people get paid monthly so it makes sense to pay for things monthly too. That way, they know what their outgoings are every month and they can manage their budget accordingly. It’s all part of a move towards a subscription-based economy rather than a ‘save up for it’ economy.
- No savings – Dental work and medical procedures are often not on the radar – until they need to be! One third of people in the UK have less than £1,000 in savings, and 6.5% of us have no savings at all*. Funding a big one-off cost for dental or medical treatment is simply not possible. However, building it into a monthly payment plan makes it possible. It’s all about cashflow.
- Priorities – “ Yes I have £4,000 in the bank but that’s for my Silver Wedding Anniversary cruise – that’s my priority” And that’s your prerogative. If you can afford the monthly payments, why wouldn’t you choose them over cancelling your cruise?
- Rainy days – Sometimes those savings pots are a buffer, something to tide people over if their income fails temporarily. Many people would rather opt for a monthly payment plan than use their rainy-day savings for one-off costs.
What puts some people off paying monthly?
It’s not all plain sailing in the finance world though, and here are some reasons people are wary of entering into monthly payment plans:
- Trust – It’s fair to say, finance hasn’t always hit the headlines for the right reasons. From pay day loan companies to aggressive debt collectors, the actions of a few have led to a certain cautiousness among the very people for whom finance could be a real benefit. Trust in the lender, then, is an important part of the picture.
- Debt – Many people are worried about debt, this is why it makes sense to be able to tailor the lending to the needs of the client, from quick turnaround interest-free finance to longer term, smaller payment options.
- The annoying details – It’s surprising how the simple things have historically been barriers, like complicated forms and long waits for approval. For people to sign up for monthly payments, the process needs to be simple, speedy and stress-free.
Increasingly, manageable debt and flexible payment options are becoming part of everyday life, from Student Finance (50% of people now go to university**), to mortgages and personal loans, to paying for big-ticket goods and services.
How can you offer patients the monthly payment plans they want?
Partner with Chrysalis Finance to deliver your monthly payment plans and you will be providing your patients with what they want:
- Trust – We have a solid infrastructure which underpins our Patient Promise – a six-point assurance that gives your patients confidence we are responsible lenders whom they can trust.
- Choice of plans – Becoming an Appointed representative of Chrysalis Finance means we can offer a wide range of finance options, including short term interest-free monthly payment plans and longer term interest-bearing monthly payment plans. You can offer your patients a tailored finance package that reflects their needs, rather than the limitations of the lender.
- Easy to apply – We have developed a remarkably simple application that patients can complete on their mobile phone and that your receptionist can talk them through – or you can send it by email. And, crucially, we deal with each application as soon as we receive it, with quick-turnaround approval and funds released to you before the treatment starts.
As your partner, we help you to promote your monthly payment plans, we work with you to develop your business and we look after your patients with integrity and openness.
Why offer monthly payment plans?
They WILL boost your business:
- More treatments – You will be able to carry out treatments that people might otherwise have put off – or gone elsewhere for.
- Higher value treatments – The average value of treatments will go up. If I can spread the payments, I am more inclined to upgrade to higher level of treatment rather than limit myself to the bare minimum.
- Patient loyalty – Clients are buying into a longer-term care plan because they know they can trust you, they can pay monthly if they need a treatment, and they remain associated with you as they pay for their treatment
Your competitors are offering monthly payment plans
A final thought…with the case for offering monthly payments being so compelling, it’s no surprise that more and more clinics are offering their patients this choice. That’s good news for patients, but it could be bad news for you if you are not yet offering them. The danger is that you are losing business to your competitors – and getting it back is harder than holding on to it in the first place.
The world is changing, and technology has raised our expectations on almost every front. With Chrysalis Finance, you can harness that technology and use it to boost your business by offering your patients monthly payments plans with a reputable provider. Your patients get the payment plan that fits their needs, they get their treatment immediately without losing their savings or worrying about finding the money, and they get on with their lives with their monthly payments built into their budget. And you get a welcome boost to your business.
Find out more
Find out more at chrysalisfinance.co.uk/partner-with-us/
Call us on 0333 32 32 230 or email email@example.com to join the payment revolution and see your business grow.