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The Best Way to Offer Medical Consumer Financing

Consumer financing is a great way to boost your sales, improve customer loyalty and win repeat clientele. The main goal of this program is to target potential customers who haven’t committed to buying your products or services because they lack the ability or are currently unwilling to provide upfront payment. The many changes in the health care recently have made consumer financing programs a great opportunity.

What are the Benefits for Customers?

For these businesses, the ability to offer a financing program – which guarantees most customers will be eligible and easily qualify for – is invaluable. Consider First American Merchant’s medical consumer financing program, for example. This program gives medical merchants the power to offer a complete payment solution to customers. It provides the ability to offer financing to both good credit borrowers and borrowers with a subprime credit score. All in all, your consumers have an affordable way to pay when they are unable to afford the full cost (costs are broken down into affordable monthly payments).

What are the Benefits for Your Business?

Consumer financing programs increase sales for your business. They also serve as the perfect marketing tool to attract more customers. When customers realize that they can spread out the costs and that their less than stellar credit rating is not an issue, they will be more than happy to shop with you.

In addition, with a medical consumer financing program, you reduce the risk to your business considerably. When a merchant attempts their own in-house financing for customers, on the other hand, they completely shoulder the burden when the customer falls behind on payments. With consumer financing, that risk falls to the organization that financed the customer.

Is Consumer Financing Flexible for Your Business?

The answer to this will obviously depend on how you choose to structure your business’ consumer financing program. The best strategy is to choose an option that doesn’t require endless hours of training or for you to spend lots of money on technology. Keeping low technology and training requirements allows your business to scale easier and faster.

How Easy Is It to Find a Medical Consumer Financing Program?

One of the biggest advantages of choosing an alternative provider like First American Merchant is simplicity of the application process. As a high-risk specialist, the “high risk” categorization of the medical industry is not a problem. Merchants who wish to offer medical consumer financing programs can complete an application in a matter of minutes. Unlike working with a bank, the documentation requirements are minimal, credit scores below 500 are approved, there are no complicated contracts and approval rates are high.

Ultimately, medical consumer financing programs allow your business to seize opportunities, boost sales and attract new customers. Are you interested in what one of these programs can do for your business? Consider working what a provider like First American Merchant can do for your business and customers.