With all the talk these days around health insurance and the exchange, one big thing that is sneaking in on merchants is pet insurance. Yep – insurance that covers the vet bills. This is great for pet parents, but for merchants who are now accepting pet insurance, you may be wondering if there are other services you can offer pet parents. Well, there is one major service you can offer – but you need to make sure that your merchant account provider is on board.
Veterinary consumer financing is one major service that all pet-centric merchants should look into. Those of us who own a pet know that whether or not you have pet insurance doesn’t matter when the bill is too costly to pay all at one time. It’s unfair to ask people to deny their fur babies care when they cannot afford thousands of dollars at one time – and this is where a veterinary consumer financing service comes in. Merchants, you can offer up financing over a few weeks, months, or even longer. While it is normal to do a “90 days same as cash” to help keep customers coming back and interest rates low, it is up to you on the terms of your financing.
Now, while this sounds like a great service to offer (and it is) a lot of merchant account providers will not allow you to do so. This is a travesty! It not only helps your business grow, but it helps out the public in their time of need. You need to make sure that your merchant account provider is equipped to handle these services – like FAM. If they are not, consider your options. Without the ability to offer veterinary consumer financing, your business will not be allowed to grow, leaving you in competition with a business that does offer this service. The choice is yours… and I hope you make the best one for your business – and customers.