Scratchpay has announced the rollout of its latest payment option: Take 5. Designed to offer patients an affordable, interest-free payment plan, Take 5 gives its partners a way to serve more clients than ever before.
With Take 5, treatment costs are split up into 5 equal payments–an initial down payment and 4 deferred payments payable every two weeks, all with 0% APR. By doing so, Scratchpay hopes to lend a helping hand to patients who might need some assistance in order to get the care they need, while also supporting medical practices in boosting their bottom line.
“At Scratchpay, we’re always looking for ways to make our solution the most simple, fair and affordable financing option available to patients,” says Caleb Morse, co-founder and COO of Scratchpay. “Take 5 checks all of these boxes, and we couldn’t be more excited at the initial results we’re seeing since the product release. We’re helping a lot of people get the care they need.”
Some of the key features and benefits of Take 5 include:
- Higher approval rates: Participating practices are already seeing higher approval rates and volume.
- 0% APR: Take 5 plans have no interest or account opening fee.
- Simple and friendly: Take 5 breaks medical treatment costs into 5 equal payments (1 initial down payment and 4 deferred payments) for borrowers.
- No hard credit checks: Applying for and accepting a Take 5 loan never involves any hard credit inquiries for applicants.
Despite the product being launched just a couple weeks ago, borrowers are already seeing the benefits of Take 5. Katie–a Scratchpay borrower and proud dog mother–was recently able to afford emergency veterinary care for her pet, Bella, after the dog accidentally ingested a plastic cup. This resulted in costly X-rays, antimicrobial medicine and other procedures. Given the current economic climate, this vet trip was certainly untimely, and Katie was worried she wouldn’t be able to afford the care her dog needed.