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 don’t want to wait. Life is fleeting and we want a perfect smile, or for the pain to go away from our knee. We want it now – not in two years’ time.

That’s why offering monthly payments is the way forward to 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 cost of treatment across bespoke monthly payment options. 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.
• No savings – 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 one-off cost for dental of medical treatment can be expensive, and not possible for some people.
• Priorities – people have savings that they have priorities for. For example, “Yes, I have £4,000.00 in the bank, but that’s for my Silver Wedding Anniversary cruise – and 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, and here are some reasons people are way 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 amount of cautiousness amongst the very people for whom finance could be a real benefit. Trust in the lender, then, is an importat part of the picture. A well-known brand will gain a lot more insight and attraction to pay monthly options – we trust those brands that as well-known.
• Debt – many people are worried about debt, which is why it makes snese 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 optons are becoming part of every day life, from Student Finance (50% of people now go to university**), to mortgages and personal loands, 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 and understanding – we have a solid infrastructure which underpins our Patient Promice – a six-point assurance that gives your patients the confidence that we are responsible lenders whom they can trust. We understand the importance of healthcare to your patients, and we want to ensure that they have the correct options for them – our team are always here to help them understand their options, and be clear and transparent with everything we provide to them about their pay monthly options.
• Choice of bespoke payment plans – we can offer a wide range of finance options, based upon your FCA (Financial Conduct Authority) status. 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 receptionists 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 almost instant 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 payment plans?

Offering pay monthly options will enable you to carry out treatments that patients may otherwise have put off – or gone elsewhere for. If you have options for your patients, they are going to want to hear the options you have, and see if any are suitable for them. With bespoke pay monthly options, they have the option to pay in a monthly time period, with bespoke options, for them.

If patients can spread the cost, they are more inclined to upgrade to a higher level of treatment when they are spreading the cost.

Your competitors are offering monthly payment plans…

A final thought. With the case for offering monthly payment options being so compelling, it’s no surprise that more and more clinics are offering their patients the choice to pay monthly. 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.

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 payment plans with a reputable provider.

You can find out more by getting in contact with us with the details below, or messaging our sales team on sales@chrysalisfinance.com.