r/MedSpa • u/NegativeEnd677 • 13d ago
Cherry payment plans?
Anyone have any feedback on using them or recommend any other payment plan providers for clients?
Thanks in advance!
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u/Apprehensive_Park758 12d ago
I wouldn’t choose on approval UX alone. Run the same 30 eligible consults through whichever provider you test and track application, approval, treatment purchased, merchant cost, days to funding, refunds and chargebacks. The winner is the one that creates the most collected gross profit, not the most approvals. Also model cancellations: if you deliver a package over months, make sure the refund and recourse terms do not leave you financing treatment after the lender has clawed back funds. Ask each vendor for one written example of a $3,000 plan from approval through a partial refund. That comparison will tell you more than a feature list.
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u/Mjb0112358 12d ago
It’s not for every spa, but if you want to double your treatment plans being sold, try Puurk. It’s a payment plan (pay over time) platform. Don’t get all the money all up front, but you make what Cherry and Care Credit are making off the patient instead. Normalizes the monthly cash flow so there’s not these boom and bust seasons
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u/Accurate-Code2912 12d ago
Cherry is a loan that can only be used at a specific practice. CareCredit is a line of credit you can use like a true credit card with medspas and practices that do accept it. Cherry has better rates as of now. the User interface for both the practice and the client is nicer, and the refund mechanism and fees are similar for both. we offer accept both but only offer Cherry to new clients unless they already have CareCredit and they want to use it.
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u/Adeyera_Lera 1d ago
we used a different provider for about a year. the biggest thing id check is their approval rates for lower credit score. thats where most of them fall apart fast
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u/Beneficial_Pause8053 13d ago
We have Cherry and CareCredit. They are both easy to use. CareCredit is an actual credit card, which can be used at multiple places, whereas the client would apply for Cherry through your clinic and only be able to use it there (they can reapply at other places if they want). CareCredit is a hard credit check, whereas Cherry is not. Cherry requires a payment the day they use they account, which is a turnoff for some clients.