The Growing Need for Financing Options
In today’s competitive aesthetic market, offering financing options is essential for medspas to cater to a broader range of clients. Two popular – and most common in medspas – financing solutions are CareCredit and Cherry Financing, each offering unique benefits for medspa owners and clients alike. But how do these options differ, and which one is the best fit for your business?
CareCredit: A Long-Standing Financing Solution
What is CareCredit?
CareCredit is a healthcare credit card that has been around for years, offering clients the ability to finance their treatments with flexible payment plans. Clients can use CareCredit to cover a wide range of medical and aesthetic services, making it a versatile option.
Key Benefits for Medspas:
- Established Trust: CareCredit is widely recognized and trusted, giving clients confidence in using it for their treatments.
- Flexible Terms: Clients can choose from various payment plans, often with low or no interest if paid within the promotional period.
- Increased Spending: Clients with CareCredit are more likely to invest in premium services, boosting your medspa’s revenue.
Client Experience: CareCredit is particularly appealing to clients who are familiar with traditional credit card-style financing. It allows them to finance large purchases over time, making it easier to budget for treatments.
Cherry Financing: A Newer, No-Cost Option with Allergan Partnership
What is Cherry Financing?
Cherry Financing is a relatively new player in the financing space, offering a unique model where the medspa incurs no cost. Cherry has recently partnered with Allergan, further enhancing its appeal to medspa owners.
Key Benefits for Medspas:
- No Cost to Medspas: Unlike other financing options, Cherry doesn’t charge the medspa for offering its services, making it an attractive option for businesses looking to reduce overhead.
- Fast Approval Process: Cherry boasts a quick and easy approval process, with clients often getting approved in seconds.
- Integration with Allergan: The partnership with Allergan allows medspas to offer financing specifically for Allergan products, enhancing client options for popular treatments like Botox and Juvederm.
Client Experience: Cherry Financing is designed for clients who prefer straightforward, no-cost financing options. With a fast approval process and clear terms, it’s an excellent option for clients looking to finance smaller purchases or specific treatments.
Which One is Right for Your MedSpa?
Both CareCredit and Cherry Financing offer valuable benefits, but the right choice depends on your medspa’s needs and your client base. If your clients are looking for a well-known, versatile financing option with flexible payment plans, CareCredit may be the way to go. On the other hand, if you want to offer a no-cost solution with a fast approval process, especially for Allergan treatments, Cherry Financing could be the perfect fit.
Offering the Best of Both Worlds
Ultimately, offering both CareCredit and Cherry Financing can provide your clients with the flexibility they need, catering to different preferences and financial situations. By integrating these options, you can attract a wider range of clients, increase your revenue, and set your medspa apart from the competition.
