Customer financing: Choose your partner wisely

Q. How do I determine if I need a customer financing partner?
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Monday, July 1, 2019

A. Perhaps recent customer payment experiences left you saying, “There has to be a better way.” Maybe you’ve been having challenges in your business with customers not being able to get the equipment they want or need due to cost or lack of payment options. If so, then it might be time to explore a healthcare financing partner. Here are some factors you should consider when making this important decision.

Does this financing partner add value to my business and my customers?

No matter what your objective, it’s important that the healthcare financing partner you choose adds value to your business and improves the customer financial experience. A financing partner should:

Give your customers an easy and convenient way to pay for the supplies and equipment they want and need, without spending cash up front, or tying up cards they depend on for other expenses.

Make it easy for customers to apply for financing.

Pay you quickly—some solutions even guarantee payment in two business days.

Provide you access to free online training, free marketing materials so customers are aware you’re offering a valuable service, and free educational resources to help customers understand their financial responsibilities.

Will I face recourse if a customer fails to pay?

Not all healthcare financing options are equal. There is value in choosing a partner who offers you a non-recourse solution. If you select a financing partner who holds you accountable for missed customer payments, not only could this discourage you from promoting this payment option with your customers, but it could have a negative impact on your business and your bottom line.

Are current providers, suppliers and customers satisfied with the financing company?

Provider and customer feedback can speak volumes. Companies who have a track record will openly share things like:

The increase providers see in A/R payment collections.

Their Net Promoter Score (NPS).

Their engagement rates including customer satisfaction.