CareFree Credit’s mission is to make vets lives easier, reduce stress for pet owners with unexpected vet bills, and improve the quality of pets’ lives by providing simple, quick and transparent finance for veterinary care. With over 1000 different practices across the UK, CareFree Credit uses third-party finance providers to broker solutions for its vet partners to offer them as many options as possible.
As a broker of finance solutions for vet, CareFree Credit partnered with multiple point of sale finance providers to service a range of treatments and products. However, it was facing some issues.
Low approvals rates
The company was looking to increase the number of customers being approved for finance, as making flexible payment options accessible was very important.
Low conversion rates
Cumbersome application processes and poor user experience meant customers weren’t converting at pace. CareFree Credit were looking for a better customer journey to improve this.
Sales and revenue
Point of sale finance options typically result in a significant uplift for merchants. The company wanted a finance solution that drove higher revenue for its practices.
DivideBuy came on board to partner with CareFree Credit, in an effort to enhance results for practices and patients. Within a short period of time, results began to improve for vet practices onboarded with DivideBuy, including:
Higher approval rates
DivideBuy’s agile credit engine and soft Eligibility Checker tool resulted in approval rates of 82% for CareFree Credit customers.
Higher conversion rates
DivideBuy’s seamless user experience and sub-two-minute credit journey from application to approval delivered an 11% increase in conversions.
Through adding DivideBuy’s interest free and interest bearing solutions to its existing portfolio, CareFree Credit saw a 92% increase in revenue year-to-date 2023.
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