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Stewart Halperin (pictured right), the vet who founded CarefreeCredit, said: "We originally started out by helping vets provide loans to treat pets needing medical attention which wasn’t covered by insurance, allowing them to provide the care needed, while also being paid immediately, improving cash flow and reducing bad debts.
"With this new service, vets can make their services better known in their local communities, which will also boost their turnover and allow them to care for even more animals."
Practices that use CarefreeCredit are given access to an online application process that takes around five minutes, providing loans from £250 upwards for use against any veterinary bills.
A range of credit terms are available from 0% APR upwards. They are also the only company to offer loan rates based on risk, which they say means more clients are likely to be accepted for finance.
CarefreeCredit practices that want to use the PR service need to contact the company, whereupon they'll arrange for an award-winning public relations consultant to provide the support they need - free of charge.
For further information, visit: www.carefreecredit.co.uk or call 0345 313 0177.
The company, which until now has only offered loans to practice clients for veterinary treatment, is now offering practice staff loans of £1,000-£25,000 for periods ranging from 1-5 years at an APR from 7.9%, with joint applications acceptable.
Stewart Halperin, BVMS, MRCVS, founder and CEO of CarefreeCredit (pictured right), said: "I first started the company to enable other vets to provide interest-free loans to clients facing large bills for uninsured pets.
"Since then, I’ve been thinking of other ways to help practice staff in our profession and realised a quick and simple low-cost loan facility would be a great way to go beyond helping their clients to helping the staff themselves in their daily lives.
"Now, with just a simple phone call taking just 5 minutes, veterinary staff can easily access the finance they want for whatever purpose they need."
For further information call 0345 313 0177.
CarefreeCredit, the loan company set up by Somerset vet Stewart Halperin so that practices can offer their clients interest free loans to cover emergency veterinary treatment, has embarked on a national PR campaign to raise awareness amongst pet owners about the service.
First out of the stalls was the Sunday Express, which covered the story last weekend. Further coverage is expected in other national newspapers over the coming few weeks.
CarefreeCredit provides loans from £250 to £25,000 for use against any veterinary bills. Credit terms offered by CarefreeCredit-enrolled veterinary practices, of which there are now more than 700, are normally 0% over 12 months or 9.9% over 24 months.
Practices pay £10 per month to enrol with CarefreeCredit, plus a small percentage of the amount of each loan made.
Stewart said: “Most vets usually end up discounting their invoices to enable pets to receive the treatment they desperately need when their owners aren’t insured and can’t afford to pay a large bill all at once. With CarefreeCredit, the owner doesn’t have to worry about paying the bill, the pet gets the treatment it needs and the vet is paid immediately and doesn’t have to worry about bad debts. Experience with this type of finance in the US shows that the average vet can reduce his debtors by up to 60%, improving his cash flow, while increasing his turnover by up to 22% per annum, so everyone’s a winner!”
For further information about offering CarefreeCredit to your clients, visit: http://www.carefreecredit.co.uk.
CarefreeCredit, the vet-run company we reported on back in October, has announced that it is working with its 600th practice in offering its interest-free or low-interest credit to clients that find themselves unable to pay for unforeseen veterinary treatment.
Stewart Halperin MRCVS, Managing Director of CarefreeCredit said: “2014 has been an incredibly busy but successful year for us. We’ve increased the take up of our service by over 500%, we have proudly cemented our partnerships within the corporate and buying groups and most importantly, we have become established enough to make a substantial difference to the pets and pet owners who rely on the help our service provides.”
Stewart added: “We know 2015 is going to be an even bigger year for us, with even more practices joining our system and the introduction of dependable and innovative business support services that will continue to save our practices time and money and help them increase sales and reduce debtors. With this in mind, we are introducing a very small monthly charge to cover our increased costs in software, training and office support services.”
From the New Year, practices that join Carefree Credit will be charged a flat rate of £10 per month for the duration of their membership. The £10 monthly fee covers support for FCA applications, unlimited training in-practice or online, use of the CarefreeCredit unique platform, CarefreeCredit office support, and point of sale materials. Practices that sign up before January 1st, will continue their membership without charge until at least January 2016.
For further information, visit: carefreecredit.co.uk or ring 0203 697 8439.
Somerset vet Stewart Halperin MRCVS has launched CarefreeCredit, a service designed to help pet owners pay for unforeseen veterinary bills, and take the burden of unpaid bills away from veterinary surgeons.
The new service is very simple. First, participating practices need to apply to CarefreeCredit and register with the Financial Conduct Authority (FCA). CarefreeCredit will hold your hand through the FCA registration process, which is currently taking about three weeks.
Thereafter, you can then offer CarefreeCredit to any client who is faced with an unexpected bill which they can't pay immediately. They'll need to make an online application which can be done at any time of day, 365 days a year - crucial for out-of-hours emergencies. The application takes 4 minutes and decisions are instant.
Loans repaid over 12 months are interest-free for the pet owner. Loans repaid over 24 months attract interest at 7.9% APR.
Once the loan is approved, confirmation is sent to the veterinary practice, which can then drawdown the funds into the practice bank account via the CarefreeCredit online dashboard. The practice gets paid within 5 days of requesting a drawdown.
The cost to the practice of all this is 7% of the bill. Offered strategically to the right clients, that seems like a small price to pay. According to CarefreeCredit, practice revenue increases by 22% and debtors decrease by 58% in practices where finance facilities are offered. But that is, of course, only half the story. This also offers a professional and businesslike 'way out' when vets are at the receiving end of emotional blackmail (or worse) from clients who find they don't have the money to pay for their much-loved pet to get the medical care it needs.
Stewart, himself the owner of a six-practice business, said: "The only way a credit facility like this works is that if it is so simple to use that front office staff see it as a help rather than a hindrance - a tool to make their lives easier rather than just another piece of admin to do. In order to get to this point, we have been through discussions with a number of consumer credit institutions as well as major retail banks. The system we can now provide is the market leader by a long way. The great thing is, vets love it as they can do gold standard work, get paid properly for it and receive the funds straight away. Owners love it as they can spread the cost at no or very low cost to themselves - and of course, the pets get treated immediately!"
For more information, visit: www.carefreecredit.co.uk