A “Spectrum of Payment Options”?
This year’s survey by USA TODAY Blueprint shows that 91% of pet owners have endured financial stress due to pet care costs.
But this isn’t news. It’s a daily battle. How can we help make care affordable so everyone leaves happy at the end of the day—the pet, the owner, and the team?
The “spectrum of care” approach, which tailors high-quality, evidence-based care to each pet and its owner, is a logical first step. Costs are high; let’s reduce those costs. There are downsides, though, including frustrated veterinarians and technicians who want to do more, and profitability concerns. There is another solution to address cost barriers – offering a spectrum of payment options.
The Spectrum of Payment Options: A New Way Forward
Insurance is always the first line of defense in payment options, and charity the last. In between, there are third-party payment providers. By offering all third-party payment options, including the All Pet Card, you can improve the odds of a pet owner being approved and able to afford your recommendations.
However, you should avoid offering all third-party payment options at once to a client. You want to select the best one to lead with – so you don’t overwhelm your clients with decisions.
A dedicated trial is a practical approach to finding your “go-to” financing company. For two weeks, offer only one option and compare the results. Track the number of approvals versus declines, the average credit limit/loan amount, and get feedback on how smooth the process is for everyone involved.
With this data in hand, choose the option that approves the most people and provides enough funding for their needs. Starting with the company that approved the most clients reduces the chances of clients being disappointed when declined and the hassle of applying with one lender after another while you wait on the sidelines to move forward.
Transforming Financial Conversations
Today, many practices wait until a pet owner asks about payment options before bringing up insurance, third-party financing, or charity. Once you have your partner, incorporating a “spectrum of payment options” into your daily discussions with clients can truly transform your practice.
Proactive Conversations: Encourage your team to discuss insurance with every new client, especially the puppies and kittens. When presenting treatment plans and estimates, always mention the availability of no-interest payment options to make care affordable. Remind your team to offer financing regardless of the cost or the client, and soon, it will become a habit for them.
Utilize Marketing Materials and Tools: In your clinic, display brochures, table tents, and posters about insurance and financing options. These materials educate clients without adding to your staff’s workload. Don’t forget to promote affordability on your website, social media, and on-hold messages too.
Continuous Education: Role-playing exercises at staff meetings and a simple, prepared script make these conversations smoother and less awkward. For example, with third-party financing options: “The estimate for care is $456. Many clients take advantage of our payment plans, which allow you to pay over six months. It only takes a minute to see if you prequalify, and it doesn’t impact your credit score. Is that something you’d be interested in?”
By adopting a spectrum of payment options, you can make pet care more affordable and accessible for all. If your practice hasn’t yet enrolled with All Pet Card, now is the time. Contact us today to learn more and keep pet care affordable for all.
