Higher approval rates, Fewer headaches. Introducing Scratchpay’s Take 5 Plan!
Scratchpay’s most friendly payment option yet is now available to all our partners! With Take 5, your clients will have access to simple, interest-free medical payment plans for any amount between $35 and $1,000. It works the same as all of our other plans (no change in your process needed!), and as always, the funds are fully guaranteed once finalized!
Designed to lend a helping hand to those who need a little more time to cover their medical costs, Take 5 aims to let patients from a wide variety of financial backgrounds gain access to easy, ongoing payment plans–whether for an eye exam or an emergency pet procedure.
What’s Take 5?
Take 5 is Scratchpay’s latest payment option, which breaks medical treatment costs down into 5 equal payments with no deferred interest or hidden costs, along with 0% APR.
Getting started is easy! If approved for Scratchapy, the client will need to put down 20% of the total cost of treatment during their initial visit through our easy online application to move forward with Take 5 plan. From there, they’ll pay Scratchpay the remaining 80%, split into 4 equal payments, due every two weeks from the date of their first visit.
Please note that you do not collect this down payment (it is faciliated by us through the application), and same as our other plans, your Take 5 funds are still fully guaranteed & deposited in your bank account in 2-3 days after the Take 5 plan is finalized.
Here are just some of the many reasons to love Take 5…
It works the same as our other plans: you are guaranteed the Take 5 funds (once you finalize the plan for the confirmed amount) in 2 - 3 business days, and we take full risk of client default. Our flat fee remains the same on Take 5 plans (5% for all medical and 7% for dental).
Higher approval rates: With our Take 5 payment plans, our #1 goal is for more applicants than ever to get approved for Scratchpay. And we’re excited to report that participating practices have already seen an uptick in approval rates and payment plan volume!
0% APR: We pride ourselves in providing patients with transparent payment options. That’s why all Take 5 plans have zero deferred interest, no hidden costs and no surprises.
No hard credit checks: Applying to Take 5 will never include any hard credit inquiries–making it risk free for the patients you serve!
What Does This Mean For Your practice?
Please note that Scratchpay’s Take 5 plan won’t change anything about the payment plan application process for you and your practice. Just keep offering Scratchpay, sit back and watch your approval rates skyrocket!
additional resources to help you out:
Sample Social Media Posts: Let patients Know You Offer Take 5!
Drum up patient excitement about Take 5 by sharing these social media posts across your preferred channels. Just click save on the image below, and copy & paste the sample post text to start spreading the word today.
Sample Post 1:
Attention all [your practice’s name] clients–we have exciting news! Our friendly financing provider, Scratchpay, has recently released a brand new payment plan called Take 5.
With Take 5, Scratchpay is approving more applicants than ever before. Best of all, Take 5 plans have 0% APR, no deferred interest, and zero hidden fees.
Next time you’re at our practice, feel free to ask us about Take 5 to see if it’s the right option for you!
www.scratchpay.com
Sample Post 2:
Scratchpay’s new Take 5 plan is live at [your practice’s name]!
Higher approval rates, no hard credit checks, and 0% APR–with Scratchpay’s Take 5, you can get the care you need now and worry about the costs later.
www.scratchpay.com
Frequently Asked Questions
Q: Will Take 5 change the way I use Scratchpay?
A: The Take 5 plan won’t affect the way your practice uses and interacts with Scratchpay. From here, the only thing to do is get familiar with how Take 5 works, and watch your approval rates surge!
Q: Will Take 5 increase my practice’s approval rates for Scratchpay?
A: One of the main reasons behind developing Take 5 was to help approval rates dramatically increase for Scratchpay applicants. After running a beta test for Take 5, we’re proud to report that participating practices have already seen a sizable increase in both approval rates and payment plan volume.
Q: When should I offer Take 5 to my patients?
A: While the value for Take 5 spans far and wide, we recommend first offering it in the situations where clients express pushback on recommended care–whether that hesitation is for emergency treatment, overall wellness, prescription medication, or any similar medical cost.
Below is a sample scenario where Take 5 would be a seamless solution for one of your patients:
Q: Will applying to Take 5 effect an applicant’s credit score?
A: Nope! Scratchpay’s Take 5 plan doesn’t require any hard credit checks, so your patients can rest assured that reviewing their payment plan options won’t hurt their credit score.
Q: Is Take 5 available to all Scratchpay partners?
A: At this moment, Take 5 is only available to Scratchpay partners based in the United States. Hang tight though! We are working on getting our Canadian partners up and running with Take 5 shortly.
Q: Is an initial deposit required for all Take 5 plans?
A: Yes. The client will need to put down 20% of the total cost associated with the procedure (within our Scratchapy application process). From there, the patient will pay Scratchpay the remaining 4 payments (equal payments of 20% each) over an 8-week period.
Q: What does the application process look like for my patients?
A: At Scratchpay, we strive to make the patient application process as straightforward and simple as possible. The images below illustrate what patients will see when applying to Take 5.
Q: Are there any differences in the payment plan application process for Take 5 that my patients should know about?
A: There are two minor changes between Take 5 plans and other Scratchpay options that patients should be aware of. First, patients will have 13 days to finalize their plans in the Scratchpay system as opposed to 30 days for other plans. Second, because 20% of the total treatment cost is due during their initial visit, patients will be prompted to enter a valid credit or debit card number in our system upon applying for Take 5.
Q: My patient said they received an adverse action email after being approved for Take 5. What does this mean?
A: Not to worry! After applying to Scratchpay, if your practice is only approved for a Take 5 plan, they may still receive the adverse action notice related to our other payment plan products. They can disregard this adverse action email as this notice doesn’t affect the patient’s Take 5 eligibility.