Explore various alternatives to Sunbit, including customer financing options and Credee payment plan management software. Get details here!
Medical treatments in the U.S. are becoming increasingly expensive. In fact, healthcare spending was at a staggering $4.3 trillion in 2021.
Moreover, the U.S. economy is experiencing a challenging period with rising unemployment. As a result, many are unable to get the treatments they need as they avoid visiting medical professionals due to the high costs.
Therefore, many healthcare providers have started offering customer financing options and flexible payment plans via platforms like Sunbit.
WHAT IS SUNBIT?
It is an innovative technology that offers point-of-sale lending solutions for everyday expenses. It has over 20,000 partnering merchants nationwide.
With a Sunbit Card, (which is like a credit card), approved customers can enjoy flexibility and personalized APR. Cardholders can choose to pay in full or opt for payment plans of three, six, or twelve months.
Moreover, it has a 90% approval rate. Hence, it helps healthcare providers boost conversion rates by offering healthcare services to more patients. Additionally, there are no hidden charges, annual fees, application fees, or penalty fees.
However, while Sunbit aims to give customers control over their payment options, it has some limitations. For instance, it requires a soft credit check, which may not be suitable for individuals with poor credit scores.
Thus, considering the growing market demand for payment plans, there is a need for alternative options to Sunbit. Healthcare providers need alternatives that can cater to individuals with varying credit scores.
So, if you are looking for alternatives to medical credit cards and payment options like Sunbit, you’re not alone.
WHAT ARE THE BEST ALTERNATIVES TO SUNBIT?
Here are the top options to consider:
- CareCredit
CareCredit is an alternative to medical credit cards. It offers customer financing options for medical expenses not covered by insurance. With CareCredit, you can choose to pay your medical expenses for a set duration (6, 12, 18, or 24 months) on purchases above $200.
Here’s an overview:
- Over 225,000 providers accept
- Easy payment plans directly with providers
- Deferred interest with 0% APR (for a limited promotional period)
- Varying interest rates depending on the repayment term
- Requires fixed monthly payments
- Lower-interest options for longer-term financing
- Afterpay
It is among the most popular customer financing options. It lets patients pay for medical treatments in manageable installments. It is ideal for individuals looking for an alternative to medical credit cards.
The benefits of Afterpay include flexibility in budgeting, no interest fees for on-time payments, and simplified transactions for both customers and businesses.
Here’s an overview of the Afterpay process
- Customers select Afterpay as their payment method at checkout
- The total purchase amount is split into four equal payments
- The first payment needs to be made at the time of purchase
- The customer must pay 25% of the amount upfront
- The remaining three payments are made over 4-6 weeks
Benefits of using Afterpay for providers
- Providers receive the payment within days.
- Less risk for providers.
- Transactional data is available for financial reconciliation.
- Credee
Credee is gaining popularity among healthcare providers and patients due to its 97% approval rate and distinctive features. Unlike Afterpay, CareCredit, and Sunbit, Credee has a “No Credit Check” policy. Hence, it makes healthcare more accessible to all patients, regardless of their financial status.
It is a unique payment plan management software. Providers can use it to offer instant payment plans to their patients. From payment reminders to receiving payments and maintaining financial records, it can do it all.
Most importantly, it provides payment protection, ensuring healthcare providers receive risk-free payments.
The key benefits of using Credee include:
- Quick approval
- Boost in conversion rate
- Recurring revenue with monthly payments
- Flexibility in creating custom payment plans
- Boosts patient satisfaction and loyalty
- Protects your payments
- Easy web and API integrations
- Automated monitoring of payment plans
- CarePayment
CarePayment offers patient financing solutions for medical expenses. It eases the financial burden of medical bills for patients through convenient payment plans. CarePayment is widely available with over 2000 participating partners across the United States.
Here’s an overview of CarePayments:
- Offers flexible repayment options
- Interest-free financing
- Low monthly payments
- Extended payment plans availability
- No impact on patient’s credit scores, available regardless of their credit history
Benefits for healthcare providers:
- Enhances the patient experience
- Increases patient retention and revenue
- Reduces the chances of missed payments
A brief comparison of Sunbit, CareCredit, Afterpay, Credee, and CarePayment
| Features/Criteria | Sunbit | CareCredit | Afterpay | Credee | CarePayment |
| Approval Rate | 90% | Low approval for those with poor credit scores | Approx. 70% or less | 97% | High Approval rate |
| Credit Check | Soft credit check | 640 or better credit scores required | Soft credit check | No credit check | No hard inquiry |
| Interest | Varies based on creditworthi-ness | Varies based on the repayment term | 4 interest-free installments | Low-interest rates | Interest-free financing |
| Upfront Payment | Down payment required | Depends on the purchase amount | 25% upfront payment | Flexible options | Flexible options |
| Plan Duration | 3-24 months | 6, 12, 18, 24 months, and longer terms available | 4-6 weeks | 3-48 months or more | Extended payment plans available |
| Other | – | Providers may not accept CareCredit in all areas | – | Payment Protection Approval within secondsWeb and API Integrations |
Final Thoughts
Most patients seek flexible payment options. Hence, healthcare providers must choose the right payment plan software.
Sunbit, CareCredit, Afterpay, Credee, and CarePayment are all excellent choices for providers. However, among these options, Credee stands out the most. It offers the best approval rates, flexibility, easy integration, and inclusivity options. So, make sure to check out Credee.
Schedule a demo and start offering convenient and hassle-free healthcare to your patients!
