Client Financing
Payment Plan Options for Veterinary Clients
If you’re like most veterinarians, dealing with invoices and answering client questions about fees is one of your least favorite components of running a veterinary practice. Offering client payment plans can help take off some of the pressure, increase treatment compliance, reduce accounts receivables and provide practical financing solutions for clients with larger invoices.
Over the past year, OVMA has investigated a number of financing products and is now introducing GE Money CareCredit as our selected Official Member Service provider.
What are the GE Money CareCredit Client Payment Plans?
Client Payment Plans offered by GE Money allow veterinary practices to offer a number of payment/payment deferral plans to pet owners through the “CareCredit Program”. The CareCredit Program provides veterinarians with payment for invoices within 2 business days and at the same time, provides veterinary clients with the flexibility they sometimes need to be able to access veterinary care when a pet becomes ill or injured.
How does the CareCredit Program work?
GE Money CareCredit offers No Interest and Extended Payment Plans*. The No Interest plans allow clients to take 3, 6, 12 or 18 months to pay and, if paid, no interest will be charged**. The Extended Payment plans allow clients to divide the treatment cost into 24, 36, 48 or 60 equal monthly payments*.
The CareCredit Program provides all approved clients with a credit card, which allows them to use their available credit limit for their next visit, without the need to reapply, provided their account is in good standing.
Are there choices re: which plans can be offered to clients?
Since GE Money CareCredit offers a wide selection of payment plans for veterinary clients, you can choose which one makes the most sense - and you will be provided with tools that can help you present the best option for any client.
How much will it cost an OVMA Member?
The CareCredit Program comes with two areas of cost to the practice. The first is the enrolment fee and the second is a cost-per-transaction.
1. Enrolment fees (one-time program access fee)
OVMA members who have not yet enrolled with GE Money CareCredit will pay an OVMA member reduced enrolment fee of $95 (veterinarians who are not OVMA members would typically pay $395 in enrollment fees.)
2. Transaction fees
OVMA has negotiated special pricing for the GE Money CareCredit Program to ensure competitive rates for OVMA members. Cost-per-transaction fees vary depending on the length of the repayment term that the veterinary practice chooses to offer to clients.
In addition, GE Money offers a variety of low-transaction cost promotions that may even cost you less that your current credit/debit transaction costs.
How quickly will clients be approved?
The CareCredit Program’s application system allows fast, automatic credit approvals, which means that even in the middle of the night, a client can be approved for a payment plan. This was an important consideration in OVMA’s selection process, as we know that it is vital for emergency clinics to have 24-hour access to submit client applications. GE Money CareCredit also provides a convenient toll-free phone number for credit applications for veterinarians during on-farm consultations or for mobile practices (phone applications are not available in the province of Québec).
GE Money CareCredit – an Ontario-based team!
GE Money currently works with over 70,000 medical practices in North America.
The CareCredit Program is a program offered by GE Money in Canada with sales and marketing teams based in Ontario – so when you contact GE Money CareCredit, your Ontario sales rep is there to help!
Get started today!
To enrol in the GE Money CareCredit Program or for more information, OVMA members may call 1.877.425.4089 or visit www.gemoneycarecredit.ca/ovma
To speak with OVMA about this new Member Services Program, please call Cheryl Coulombe at 1.800.670.1702, ext. 27 or ccoulombe@ovma.org
*Some conditions apply. Subject to credit approval by GE Money.
** If the purchase price and optional credit insurance premiums are paid in full by the due date, the client will not be required to pay the accrued finance charges.