Looking for a better Patient Financing Program?
Dr. Biz Boom has recently partnered with Credit Technologies / Finance Your Care to provide your practice with a complete patient financing program. Here are some of the details and an enrollment form at the bottom.
About the lending platform offered by Finance Your Care
Credit Technologies / Finance Your Care has connected to a platform of lenders ranging from finance companies to a network of credit unions. When you submit an application, it is instantly reviewed in a "waterfall format" starting with the lenders looking for people with very high credit and going down to people with very poor credit. As soon as a lender approves the request, the waterfall will stop, and the offer will be displayed. At that point, there will not be any better offers. If the Applicant wants to accept the offer, they will be required to upload a photo ID. Once they do, the deal will be considered as "closed" and the funding will be directly to your office in 24 to 48 hours. The rates and fees on each approval will be shown upon the offer being displayed. The current lender fees are as follows:
- Prime Credit (700+ credit scores) / The lender Merchant fee ranges from 3.5% to 8.5%
- Average Credit (640 to 699 scores) / The lender Merchant fee is 9.5%
- Poor Credit (scores down to 500) / The Lender Merchant fee is 19.9%
Fees for Service:
Credit Technologies / Finance Your Care DOES NOT charge you a direct fee for using the technology. The lenders in the platform will charge you a fee based on the risk of the loan as shown above. Those fees will be outlined in your lender enrollment on the following forms.
The only fee Credit Technologies / Finance Your Care charges is to the Applicant/Borrower. The fee is only charged if they get approved and they accept an offer. That fee is financed in the new loan.
The fee is based on the following.
Loan amounts up to $2499.99; Our fee will be $175
Loan amounts of $2500 to $9999.99; Our fee will be $375
Loan amounts of $10000 to $25000; Our fee will be $575
Loan amounts of $25000 and up; Our fee will be $775
PLEASE NOTE: It will be your obligation to add the fee to the amount "to finance" as we will charge your practice back for our fee. See the next section regarding how we collect our fee back from your practice.
How we collect our fee:
Since our fee is financed, it will be paid to your practice when you are funded. Five (5) days after we are notified from the lender that your practice was paid, we will automatically charge the card you list below to collect our fee back unless you notify us that the patient cancelled their procedure. Once charge, the fee is NO REFUNDABLE. If our charge does not go through, we will suspend your service in 10 days if the fee is not paid within that 10 day period. If suspended, there will be a $100 re-start fee to turn the service back on.
After you complete the form below...
After you complete the form below, you will be shown a "thank you message" which has the link to enroll with our lender onboarding platform. There are over 3600 lenders in the platform, but only one simple enrollment. Having stated that; the lender acceptance into the platform may take 10 to 14 business days. If you have any questions, please call (844) 995-4657.