How to Select a Financing Company

How to Select a Financing Company

We know that the aesthetic patient will do whatever it takes to get the treatment they want.  If your treatment plan includes financing options, you will help them get the results they are looking for much more quickly.

Choosing a financing company for your practice is a big decision.   But you can increase your business by helping patients pay for their treatment over time.  While some patients use their credit cards, most would prefer to make payments over time with a no-interest financing option through your office.

While there are many financing companies to choose from, you need to select the one that is best for you and your practice.  Here are a few things to consider:

1.     How long has the company been in business?  A newer company may offer competitive processing rates but that won’t matter in the long run if they disappear. Choose a company that is reputable.

2.     What are the processing fees?  The normal range for processing fees is 5% – 10%, so if any companies are higher or lower than that, you should take the extra time to research why they are lower.

3.     How is their service?  Remember, you get what you pay for in all things.  You are offering a premium service to your patients, so everything you do is a reflection of you, your practice and your brand.  If the financing company has a poor service record, this will reflect negatively on you.

4.     What companies do your competitors use?  While you may not be able to get a referral from a local competitor, call your counterparts from other cities to find out who they use.  This can help you narrow down your selection of companies.

5.     How fast can patients be approved?  This is important because you want to be able to present payment options at the time of the initial consultation.

Finding a good financing company for your practice can be a lot of work, but well worth the time invested.  You want to be able to give your patients a way to finance their treatment while they are in the office with you so you can close the sale quickly.   Otherwise, you run the risk of them leaving your office and going to your competitor.

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For a Free Marketing Checklist, Visit www.CosmeticImageMarketing.com or call Catherine at (877) 339-8833.  Her firm specializes in creative patient attraction – conversion – retention strategies to drive aesthetic profits.