By Gary M. Freestone, OD, and Charla Thrash
Offering financing on optical goods and eyecare services is a practice-builder—if you present it to all patients as an extension of their purchasing power.
In our high-volume practice, in which we see 40 patients per day, patient hesitancy to make purchases in our optical is a common occurrence. In uncertain economic times like these, many patients think twice about getting that second pair of eyeglasses or luxury pair of sunglasses–even if they can afford it.
For that reason, for the past two years we have been offering CareCredit patient financing on products such as eyeglasses and contact lenses. Since then our opticians are making at least 
five to 10 additional sales per month averaging about $200 each, with at least 10 to 15 patients per month using financing to make their purchase. Those additional purchases equal at least $2,000 in additional optical revenue per month. The key is presenting financing as a way to increase purchasing opportunities rather than as an option for those in financial distress. Here are some of the ways we take a positive approach to presenting financing options.
Offering Financing: A Case History
Began two years ago
Enables Five to 10 additional sales per month
averaging about $200 each.
Additional $2,000 in optical revenue per month
Don’t Pre-Judge; Offer Financing to Everybody
A key to making financing work is to offer it to everybody. Financing is introduced as an option for all of our patients, not just those who express that they have a financial concern. At least half of our patients who opt to make their purchase via financing do so to buy even more than they would before. In other words, it isn’t just for patients who could not otherwise afford to buy anything without financing. Frequently, the ability to finance a purchase means a patient can purchase eyeglasses of a higher quality with a more expensive frame or a pair of sports eyewear for their son.
A Way to Better Manage Payments
When offering financing as an option for making a purchase, our opticians de-emphasize the word “financing,” and instead stress the ability to better manage payments. We often talk in terms of our own purchasing decisions, pointing out that the financing option gives you the ability to receive products immediately yet pay for them over as long as six months with no interest (as long as payments are made on time).
We find that patients understand better the role financing can play if the optician explains how she has used financing in her own life to make a purchase. For example, we might explain how the competing needs of a growing family can make purchases like a second pair of eyeglasses or an annual supply of contact lenses difficult, but that financing eases the burden by allowing you to extend payments at no interest over six months.
Not Just Another Credit Card
Provide POS materials like posters and counter cards to make all patients aware of financing options.
We mention financing as an option to all of our patients as they begin to browse through our optical shop. In addition, we have CareCredit point-of-sale materials such as posters and counter cards that explain the financing option we offer. The POS and our conversations with patients emphasize that this is not just another credit card. We point out to these patients that the financing option we offer is different in that, unlike a credit card, there is no interest for six months as long as payments are made on time. The ability to take six months to pay for a purchase without worrying about interest peaks patients’ interest. Unless there is an added incentive to use one of their existing credit cards, such as the ability to add airline miles, it is hard to find a reason not to take advantage of financing.
Ability to Use at Dentist and Vet
The financing option we offer through CareCredit can be used at some dentists and veterinarians. We explain to patients that becoming approved to use financing in our office will enable them to also use it for other family expenses, as well.
Easy Approval Process
Another red flag that goes up for patients is the approval process. For example, some patients struggling with mortgage debt or other kinds of debt may assume they will not be approved for financing. It helps that we take them through the process right in our office and that the whole process takes less than 20 minutes. We have a CareCredit touch-screen kiosk set up in a private corner of our optical shop in which patients enter information such as their name, income and social security number and then find out whether they were approved within about 10 minutes.
More Options = More Satisfied, Loyal Patients
Patients who make a purchase at your office they did not think they would be able to make via financing are likely to leave satisfied. You will have provided them with an option they did not think they had, and that’s something worth talking about with friends and family.
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Gary M. Freestone, OD, is the owner of Freestone Optometric Center in Rialto, Calif., and Charla Thrash is an optician at the practice. To contact them: Garyfreestoneod@aol.com
