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Published on 19/01/2024
Payment in instalments for veterinary bills
The challenge of caring for animals
Keeping our animals healthy is a top priority, but it can also be a source of financial stress for many pet owners. The landscape for veterinary expenses has changed significantly in recent years.
The average household spends 1,200 euros a year1 on pets (all costs combined). UFC-Que-Choisir reports an estimated 440 euros1 in veterinary fees for the first year of owning a cat, 660 euros1 for a small dog (such as a Chihuahua), and 742 euros1 for a large dog breed (such as a Labrador). Prices for these services are subject to recent inflation, and advancements in medical technology contribute to increasing vet bills.
While these fees are racking up, you may be surprised to learn that only 5% of French owners have pet insurance. For comparison, 20% of owners in the United Kingdom and 80% in Switzerland have opted to insure their animals.
This low coverage rate has consequences. Unexpected vet costs cause many pet owners to delay consultations, ignore vaccine schedules or even put off spaying or neutering their pets. These decisions are often made in times of financial stress and could have devastating impacts on the animal’s health.
These financial burdens can also cause emotional distress or feelings of guilt, leading some owners to go into debt. Ultimately, the animal may end up abandoned. According to the French humane society (SPA), more and more owners are having to abandon their animals due to financial reasons. As a result, during the first quarter of 2023, the number of abandoned pets rose by 15%1!
Payment in instalments | A strategic move for veterinarians
In the current economic climate, many pet owners are looking for solutions to help finance their veterinary fees. Animal health professionals are often confronted with customers reluctant to pay for treatments. Payment in instalments2 (or Buy Now Pay Later3) provides much needed breathing room, allowing customers to spread out their costs.
Split payments offer several advantages for pet owners:
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easier access to quality care
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more flexibility to spread out expenses over multiple payments
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a simple process, as easy as paying with a bank card
For veterinarians, it offers an excellent solution to:
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Improve access to care
Thanks to this option being available, pet owners with tighter budgets no longer need to delay or forgo treatments, thus ensuring better care for their pets. -
Increase revenue
Payment in instalments may encourage customers to opt for more costly treatments or procedures which they would otherwise not consider. If offered a simplified payment option, pet owners may be more open to preventive or regular treatments, thereby increasing the volume of consultations. -
Boost customer loyalty
Offering flexible payment options makes customers feel like they are being listened to and like their financial constraints are understood. This strengthens customers’ trust and satisfaction, both of which are key contributors to long-term customer loyalty. -
Stand out in a competitive market
With an increasing number of veterinary clinics opening their doors, offering payment in instalments can give you a competitive edge. It shows a willingness to innovate and adapt services to meet customers’ current needs. -
Reduce administrative burdens
By teaming up with a partner like FLOA, veterinarians can outsource split payment monitoring and debt collection. This way, they can focus on their area of expertise, all while ensuring a streamlined and secure financial management.
FLOA is a market frontrunner with many established partnerships:
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Argos Vétérinaire: a network of 98 veterinary clinics across France.
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Vet Family: 716 veterinary clinics in France (and 5,000 worldwide, in 12 countries).
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Univet: more than 130 clinics and 700 veterinarians and veterinary assistants in France.
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Tom&Co: a world-renowned pet supplies brand which promotes animal well-being.
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