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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.
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The average Retail Finance order for UK sports and fitness products reached £1502 in 2024, up 111% from £709 in 2023. Read the full report.
Why Zopa Bank is the Retail Finance partner you need right now
Traditional lending options can be restrictive, and many lenders are facing internal challenges. At Zopa Bank Retail Finance, we’re in a strong position to offer stable, long-term support.
Does your Retail Finance journey inspire confidence?
Does your Retail Finance journey inspire confidence? The customer experience needs to engage your shoppers before, during, and after their Retail Finance purchase. It’s not just about the transaction. It needs to create trust, convenience, and, obviously, a reason to shop again.
Millennials and high earners drive surge in garden product finance
The average Retail Finance order for UK outdoor and garden merchants reached £1095 in 2024, up 23% from £891 in 2023. Read the full report.
Interest free credit agreements provided by Zopa Bank Limited trading as DivideBuy that are 12 months or less in duration are not regulated by the Financial Conduct Authority and do not fall under the jurisdiction of the Financial Ombudsman Service. Zopa Bank Limited trading as DivideBuy 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). Zopa Bank Limited (10627575) is incorporated in England & Wales and has its registered office at: 1st Floor, Cottons Centre, Tooley Street, London, SE1 2QG. VAT Number 281765280. DivideBuy’s trading address is First Floor, Brunswick Court, Brunswick Street, Newcastle-under-Lyme, ST5 1HH. © Zopa Bank Limited 2025. All rights reserved.
Closing Date: Sunday 20th April 2025
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