Defining the Baseline for Good Payment
Options in eCommerce

Payment options are a hot topic in digital commerce, but what does it mean to have a ‘good’ set of payment options?

Here are three things to look for:

Third party financing versus internal payment plans

Third party financing products offer a few clear benefits for dental practices practices:

  • Number of payment options.

    It’s important to provide patients multiple ways to pay for your products.  56% of respondents expect a variety of payment options on the checkout page, according to Column Five Media. For big ticket items, we recommend at least 4-6 payment options across multiple use cases: pay at once, pay in installments, and apply for additional credit.

  • Ability to combine payment types.

    For products with a high out-of-pocket expense, many patients cannot afford to purchase the product with a single payment type.  Allowing the use of multiple payment types in a single transaction (for example, a credit card down payment plus an additional lender), can increase revenue by 5-10%

  • Simple user experience.

    As the payment process becomes more complex, it becomes critical to guide patients to the payment method best for them. A simple user interface for your patients — whether they’re on the phone or online — will improve their experience and increase performance.

FeatherPay is a payment platform that accelerates revenue and lowers operational costs for healthcare companies, while delivering a great experience for patients. FeatherPay consolidates all the different ways your practice enables payments into a single experience for patients and administrators.

 

Companies that use FeatherPay have seen 5-20% increase in their revenues as well as improvements in operational metrics such as patient satisfaction and sales rep performance. 

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