Aesthetic services at a medical spa or cryotherapy center can be pricey, which can deter some people from getting treatments as often as they’d like or even at all. That’s where Cherry comes in—a point-of-sale financing company that offers patients the option of receiving services now and paying over time through equal monthly payments.
How Does Cherry Work?
Cherry performs a soft credit check—which doesn’t harm your credit score—to verify applicant identity and determine an approval amount and contract type. The only requirements to apply are that the patient must be 18 years of age, have a valid U.S. state driver’s license, and have a valid bank-issued debit card.
Patients can get approved for up to $10,000 in under 30 seconds. After customers make their initial down payment and set up their payment plan, they can receive their first treatment at their earliest convenience. The customer will choose from 3, 6, 12, 18, or 24-month payment plans, with some people qualifying for 0% APR.
What Are the Benefits of Offering Customer Financing with Cherry?
Offering customers financing with Cherry is a win-win for your medical spa and your customers. Let’s take a look at the benefits of offering financing options.
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Book more appointments
As a med spa, booking more appointments is a top goal. The more appointments you book, the greater your revenue. When your customers know that an affordable, scheduled payment option is available, they feel more freedom to book services with you, as they aren’t required to pay the full amount upfront. Plus, with Cherry, customers can expect financing rates 20-50% less than other financing companies.
This “buy now, pay later” approach gives your patients the ability to enjoy aesthetic services without the worry of disrupting their monthly budget.
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Increase average order value
In addition to booking more appointments, offering financing with Cherry enables your customers to purchase more costly packages. Giving your clients the option of easy, affordable monthly payment plans can make them more comfortable adding additional services on to their purchase, increasing your med spa’s average order value.
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Maintain consistent cash flow
Med spas rely on prompt payment to support business growth and day-to-day operations. Partnering with a financing company like Cherry gives you the peace of mind that you’ll consistently receive payments on time.
Customers make monthly payments through the easy-to-use Cherry Patient Portal. You, as the merchant, receive payment for all services upfront (within 1-2 business days) and are not responsible if customers don’t submit their monthly payments. Cherry takes on the credit risk of every contract, so your only job as a business is to provide high-quality and timely services.
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Make self-care possible for more people
Med spas have the unique opportunity to provide their clients with self-care services that make them feel beautiful, confident, and rejuvenated. Low credit limits and a lack of upfront cash, however, can prevent some of your potential clients from receiving the treatments they desire.
Cherry approves more patients than any other financing company, with an 80% approval rate. This allows people from more diverse financial backgrounds to enjoy self-care and esthetic services that can significantly enhance their life and well-being.
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Save resources
Many med spas attempt to set up an in-house financing program to reap the above-mentioned benefits, however, executing a successful in-house financing program can be very time-consuming. Running an in-house financing program often requires hiring another employee to oversee the process, which is not always financially feasible. As such, current employees often take on the responsibility, which can take away from their regular duties.
When you partner with a financing company like Cherry, however, you enjoy the benefits of offering financing without the stress and time associated with running the program yourself.
Boost Your Sales and Customer Satisfaction with Cherry
With all of these impactful benefits, offering customer financing with Cherry is a no-brainer for med spa businesses. Rather than needing to pay a large lump sum upfront, customers can pay over time through equal monthly payments. Not only does this approach provide comfortable and inclusive flexible payment options for your customers, but it also opens the door to increased revenue for your business.
The Spa Butler has partnered with Cherry to provide med spa businesses with the opportunity to support their customers by offering them flexible payment plans. If you’re interested in increasing your med spa sales with flexible payment options and reaping the benefits of Cherry payment plans, click here to set up a demo. A Cherry representative will reach out to help you find a time that works for you.