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.
Sales increase
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.
Book your free 20 minute online demo
Tell us about you
Buying Retail Finance: Choosing your provider
Whether you’re new to finance, or looking for a change, this practical guide contains key questions to ask – and successfully choose the right provider for your business.
Financial promotions guidelines – How to advertise compliantly
If you’ve added retail finance options to checkout, it’s time to let customers know! Here’s how to do it safely and compliantly – while spread the good news.
A buyer’s guide to retail finance – How to choose the right provider for your business
Offering retail finance options to customers can help increase sales and market share. Following this step-by-step guidance will help you make an informed decision that will benefit your business.
Shopify finance – How to make it work for your business
What are the retail finance options for Shopify businesses – and which one is right for yours?
Interest free credit agreements provided by Zopa Embedded Finance Limited trading as DivideBuy are not regulated by the Financial Conduct Authority and do not fall under the jurisdiction of the Financial Ombudsman Service.
Zopa Embedded Finance Limited trading as Dividebuy is an appointed representative of Zopa Bank Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and entered on the Financial Services Register (800542 & 993200).
Zopa Embedded Finance Limited (14602085) is incorporated in England & Wales and has its registered office at: First Floor, Brunswick Court, Brunswick Street, Newcastle-under-Lyme, ST5 1HH. VAT Number 439973733.
Copyright © Zopa Embedded Finance Limited 2023. All rights reserved
Ends 31st of December 2023
