Payment Options for Financing Services

Payment Options for financing Services

With so many lenders being available for medical financing, have you ever thought of what options they might offer to you?

In the world of medical financing, it can be tough to figure out what form of financing will work best for practice and patients. There are different types of loans, credit cards, and payment plans that each company uniquely specializes in. All of them have their pros and cons, and all offer unique things to each patient that could borrow from them.

Personal Loans

Many medical lenders offer personal loans as a way for you to finance any procedure you need. Some lenders that offer loan options are ClearGage, Lending USA, and Ally.


Cleargage is a company that offers patient financing through software built for payment processing and payment plans. They handle a lot of the financial burden because they help with the collection of payments and only charge interest rates starting around 9.99%.

Cleargage offers a lot of software options to help your practice finance easier and keep everything organized. For example, their software allows you to save the patient’s card information on their profile, making it easy to charge their payment when it is due.

Even with the soft credit check, they claim that 100% of people are approved.

Lending USA

Lending USA is a point-of-sale financing company, mostly focusing on medical procedures for patients. They will handle all the payment planning and point of sale operations for you, getting rid of financial burdens that your practice might take on if you offered to finance on your own.

Lending USA focuses on helping patients get a low-interest rate and smaller monthly payments so they can worry less about the money and get what they need. Their loans focus on helping patients get the care they need and help the practice get the money they are owed.


Ally is a popular lender that has started offering loans in the medical industry. Ally offers 0% APR if the patient finances with one of the partnered medical providers. Ally offers a great loan, but only offers them for specific procedures and will charge interest if used outside of a partnered provider. The patient must also apply for Ally’s loan through the provider, which can cause issues for patients who need financing quickly and want to get it on their own.

Credit Cards

Another option for medical financing is credit cards. Some credit card options include CareCredit, Chase’s Freedom Unlimited, Wells Fargo’s Reflect card, and the U.S. Bank Visa Platinum card.


CareCredit is a medical credit card specializing in helping patients pay for out-of-pocket medical expenses. Their system works the same as a typical credit card would, providing payment terms and different annual percentage rates when financing.

An upside for any business that uses CareCredit is that they will get all the money upfront. This means no waiting for customers to pay them back and they can have the money they need to keep operating. CareCredit would then handle all the payments and collect money when needed, so the business would not have to worry about anything.

Just like any other credit card, the practice has to accept CareCredit as a payment method. This is not that different since businesses have to accept any other credit card type the same, but will potentially cause issues for those who need quick financing and already have a CareCredit card.

Chase Freedom Unlimited

The Chase Freedom Unlimited is a normal credit card that is offered by Chase Bank. Therefore, you can use it for anything, but it could benefit you if you use it to finance large medical purchases. This is because Chase is offering an extra 1.5% cashback if $20,000 is spent on the card in the first year and many other rewards for using the card. They also offer 0% APR in the first 15 months of having the credit card.

All of this could be beneficial if a patient needs to finance a large medical procedure or general care. Not only will the patient be able to get the financing needed, but there is low interest at first and rewards for the larger transactions.

Wells Fargo Reflect

The Wells Fargo Reflect card is another credit card being offered from Wells Fargo bank. This card does not have as many cashback offers as the Chase card, but it can still help you. This is because it offers 18 months of interest-free financing when you open the card. This is huge if you have a large procedure to finance and need a long time to pay it off. You can open the card and charge it, and then pay it off over 18 months. The payments can then be smaller and will allow you to avoid paying any more than necessary.

U.S. Bank Visa Platinum

The U.S. Bank Visa Platinum card is another good credit card choice being offered by U.S. banks. This card is more similar to the Wells Fargo Reflect than the Chase Freedom Unlimited. It does not have as many cash-back advantages as Chase, but it too will allow the cardholder to 20 billing cycles without paying any interest upon opening an account. This is also very helpful to those who need to finance large procedures because it allows for smaller monthly payments and no additional money to be paid on interest.

Payment Plans

An easier and less-traditional form of lending is payment plans. Payment plans are not necessarily considered lending because there is no money being lent.

Payment plans are often provided directly by the practice. This can cause a lot of stress to a practice that is not equipped to handle the process of setting up a plan with a patient. This can also cause an issue because if a payment is late or missed, most practices do not have the staffing available to go track them down outside of calling or emailing them. While payment plans are beneficial to patients, they can often be difficult for practices.

One of the best options for payment plans is Denefits. Many lenders offer loans, but Denefits is different by only offering payment plans. Payment plans are different than loans because no money is being loaned, but the borrower is simply paying off the money they owe. The biggest difference and benefit of payment plans with Denefits is that there is no credit check, meaning everyone is automatically approved. This can be hugely beneficial to patients who are not able to get approved for one of the loans or credit cards previously mentioned.

This is a great solution for practices that want to offer payment plans but do not want to worry about handling the complicated aspects of setting up and managing the money. Denefits takes over any practices accounts receivable and will handle all the payment processing. This allows all patients to receive financing and a stress-free experience for the practice.

Integrate Denefits With Your Practice

Denefits is ready to work with your practice today! Between handling all accounts receivable, approving everyone, and providing a new kind of financing for your patients, Denefits is ready for you. Contact Denefits today to learn more!

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