Customer financing: Meet expectations

Q. How can I offer a better financial experience for my customers?
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Tuesday, September 3, 2019

A. Today’s consumers bring high expectations to health and wellness purchases. In a recent study we conducted, we learned that while most consumers are ultimately satisfied with their health and wellness purchase decisions, they are less satisfied with the decision-making process and their financial experience. Improving the financial experience can be a good way to help increase customer satisfaction and grow your business.

Understand their financial needs

In the transactional environment of medical equipment purchases, it may be challenging to fully understand the financial needs of your customers. However, the data you capture can provide clarity and offer insight. What is the preferred payment method?  What does the average insurance cover? Are customers abandoning their purchase at some point during the buying process?

Simplify their financial experience

Simply stated, walk a mile in your customers’ shoes. Spend time understanding every step of their buying process and ask them for their feedback. How does their experience differ in-person, online or by phone? This will offer great insight into what’s working, what challenges they may be facing, and how you can simply their experience.

Provide payment options

Because medical equipment and supplies may not be fully covered by insurance, consumers may delay or decline a purchase due to budget concerns. One way to help ease these concerns is to offer financing, allowing customers to make monthly payments over time, rather than covering the full cost up front. By offering a third-party financing option, like a dedicated health, wellness, and personal care credit card, HME dealers can give customers new and appealing payment options, leading to a better financial experience and empowering them to get the equipment they really want and need without delay.

Tim Donovan is senior vice president, Synchrony, and chief marketing officer, CareCredit. To learn more visit carecredit.com/HME2019.