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CareCredit and other Payment Services for Veterinary Offices

Posted by Jessica Beaudry | Mon, Jun 05, 2017 @ 06:45 AM

veterinary offices carecreditIn 2016, U.S. consumers spent a staggering $66.7 billion on pet industry expenditures, with veterinary care accounting for $15.95 billion, according to the American Pet Products Association (APPA). For veterinary offices, providing quality care at rates that satisfy both providers and clients remains a top priority. As veterinary costs and households with companion animals continue to rise, the CrossCheck editorial team decided to delve into the fine print of CareCredit.

In addition to veterinary care — projected to hit $16.62 billion for 2017 — consumers collectively spent $14.71 billion on companion animal medical supplies and over the counter medicine in 2016, APPA reports. Unforeseen costs such as an injury or medical diagnosis and routine costs can cause clients to experience difficulties when funding critical care for companion animals.

To offset the costs, medical credit cards such as CareCredit operate as a payment service option for veterinary offices to utilize in helping clients pay for expenses, depending on multiple factors.  

Overview

carecredit veterinary servicesCareCredit is a healthcare credit card that assists consumers in paying for a variety of medical services including primary care, LASIK and vision, chiropractic and veterinary care. This medical credit card provides alternative options that are not guaranteed by Visa or MasterCard. At CareCredit certified providers, cardholders can use CareCredit to fund treatments and procedures not typically covered by insurance, along with deductibles, co-pays and out-of-pocket costs remaining after insurance.

Required applicant information includes an individual’s name, doctor’s name, date of birth, address, net income and Social Security Number or ITIN. Prospective cardholders must be at least 18. Take note that all candidates are subject to a credit report and must meet the credit check criteria.

Terms and Conditions Will Apply

Specialized promotional financing offers cardholders short-term, no-interest payments on purchases of $200 or more. Minimum monthly payments must be paid in full within the specified promotional period of 6, 12, 18 or 24 months to avoid interest charges. Extended payment periods of 24, 36, 48 and 60 months are available for minimum purchase amounts of $1,000 with interest rates starting at around 14.9 percent. Cardholders can consult the account agreement for a complete list of enrolled providers and retailers that accept promotional financing options.  

veterinary offices carecreditThe fine print: accounts with a remaining balance at the end of the promotional period will receive interest charges starting from the date of purchase. Furthermore, meeting minimum monthly payments may not cover the full balance due at the end of the promotional period. Cardholder credit ratings may be affected depending on the amount of debt remaining after a promotional period.

Within 30 days of making a purchase via CareCredit, cardholders will receive the first billing statement. All payments may be submitted before the end of term date without penalty. Payment methods include checking and debit accounts, ACH check payments, overnight mail delivery, online and over the phone which accumulates a fee. Refer to the online payment calculator to explore individual payment plans.

CareCredit for Veterinary Offices

The 2017-2018 APPA National Pet Owners Survey found that annual expenses in 2016 for clients included surgical veterinary visits averaging at $474 for dogs and $245 for cats and routine vet visits averaging at $257 for dogs and $182 for cats. The State of Pet Health Care in 2017 Infographic by Pet Life Today illustrates multiple 2016 studies including APPA’s findings with a breakdown of companion animal healthcare spending, citing, “Emergency vet visits cost owners a yearly average of $349 for dogs, $154 for cats, $107 for birds, and $471 for horses.”

To help cardholders plan for veterinary costs, CareCredit provides an outline of average service fees from kitten vaccination shots to dog chemotherapy treatments. A sampling of procedures available for payment with CareCredit include:

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  • Annual check-ups
  • Teeth cleaning
  • Medication
  • Care of chronic pet diseases and conditions
  • Vaccinations
  • Microchipping
  • Spay and Neutering
  • Emergency services
  • Surgical procedures
  • Pet food and nutrition

Client Payment Plans

To ensure necessary care for pawed patients and to help prevent clients from making a heartbreaking “stop-treatment point” decision, veterinary offices may consider implementing CareCredit. Clients with a CareCredit approved credit score who meet all cardholder terms may benefit from the healthcare credit card’s services.

For clients who do not satisfy CareCredit cardholder requirements, CrossCheck’s Multiple Check payment plan offers a simple payment plan solution without a credit check. 

Our Multiple Check services allow veterinary offices to create individualized payment plans that satisfy both provider and client needs. Clients will write 2 – 4 checks that will be deposited over a 30-day period while merchants will receive guaranteed funding by CrossCheck after each check is deposited. Our payment plan provides clients with additional time to fully fund pawed patient care. To learn more, download our free guide.

Multiple Check Insider's Guide

 

Topics: Veterinarians

Written by Jessica Beaudry

Inbound Marketer at CrossCheck.