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.