8 Most Common Questions about Pet Finance
Wednesday February 10th, 2021
Pet finance plans – and specifically requests for vet loans – are an increasingly busy area of the consumer finance market. Rapid advances in technology and availability mean we can now provide our beloved pets access to continually improving medical care, with better results and quicker recovery times than ever before.
However, surgeries and long-term treatments for animals are seldom cheap for owners, more and more of whom are currently on the lookout for more versatile, less intimidating ways to handle payment. Vets that offer flexible payment options in the UK are quickly finding that it’s a hugely popular option with a wide range of clients and customers.
If you’re considering setting up a range of pet finance plans for your vet clinic, you’ll likely have a few questions about exactly how vet loans work in practice. Below are answers to 8 of the pet finance FAQs we’re most often asked.
1. Why should your vet practice offer customer payment plans?
Among the most popular customer searches relating to petcare finance are numerous variants on ‘vets that do payment plans’. Being able to offer your clients a range of flexible payment options puts your business directly in the spotlight for the millions of UK customers looking for a more manageable solution.
2. How many clients prefer to treat pets using customer finance?
With an estimated 9 million dogs and 10 million cats living domestically in the UK, we’re certainly an island of animal-lovers. Recent wide-scale surveys in the retail finance sector indicate that roughly 1/3 of customers routinely seek out businesses that offer finance deals as the first port of call. Moreover, 78% of buyers who’ve had a good experience with customer finance are likely to return to that retailer in future.
3. Will offering vet loans interrupt cash flow to my business?
No. Vets that offer payment plans with Duologi receive their full payment up front. Our seamless integration with your existing business model means there’s no interruption to payment at your end – meanwhile, we handle the repayment plan with the client on your behalf.
4. How can pet finance help secure repeat business in future?
Simply put, a better customer experience is a huge driver in terms of loyalty and repeat trade. Using vet loans to spread the cost of pet treatment makes clients feel more empowered in their own financial management than suddenly having to make a large and unexpected payment all at once. In both the retail and healthcare sectors, this is known to have a significant impact on improving buyer perception of the overall experience.
5. Do I need a license to offer pet finance plans and vet loans?
Not all credit arrangements strictly demand full FCA authorisation. Whether or not they do is usually defined by which pet finance packages you choose to offer, and the specifics of how each one works If a Buy Now, Pay Later type plan extends beyond a one-year repayment period, or if you’ll charge interest on instalments, then you will need FCA approval.
Our plans can be tailored to cover anywhere from 0-60 months, and amounts ranging from £150 to £15,000. If you choose an option that does require an FCA application, your dedicated Duologi relationship manager will be able to guide you through this fairly straightforward process from start to finish.
6. What if I’m offering my clients interest-free, 0% finance vet loans?
If you choose to offer pet finance packages with repayment periods covering 12 months or less, and if they’re provided on a 0% finance basis (i.e. wholly interest-free), then you may not need FCA authorisation.
Being fully accredited can make your practice a more attractive option for customers, though – it confirms that there’s an appropriate business model and management structure in place for providing pet finance and that you’re fully compliant with guidelines set out in relevant sections of the Consumer Credit Act (CCA).
7. Will Duologi pet finance fit in easily with my current systems?
Yes. We’re a customer-focused, tech-forward team of finance professionals, digital specialists and marketing experts, and we pride ourselves on providing seamless integration between our customer finance products and your existing platforms.
We’re all about creating a better-end-to-end experience for both you and your clients, providing a range of easy-to-use systems designed to slot in effortlessly alongside both point-of-sale transactions and all major eCommerce platforms.
8. How do I point customers towards our pet finance offers?
As a Duologi client, your business benefits from the full support of our expert marketing team when you decide to offer a range of flexible payment options to your customers. We don’t just handle the repayments side of things on your behalf – we also provide a variety of online and in-clinic point-of-sale advertising materials, helping guide current and future buyers towards the vet financing options that best suit them and their individual needs.
If you’re new to customer finance ,or you’d like to learn more about vet loans and how pet finance can help your clinic or practice to grow, please feel free to get in touch with a member of our team any time.