Somerset vet Stewart Halperin MRCVS has launched CarefreeCredit, a service designed to help pet owners pay for unforeseen veterinary bills, and take the burden of unpaid bills away from veterinary surgeons.

The new service is very simple. First, participating practices need to apply to CarefreeCredit and register with the Financial Conduct Authority (FCA). CarefreeCredit will hold your hand through the FCA registration process, which is currently taking about three weeks.

Thereafter, you can then offer CarefreeCredit to any client who is faced with an unexpected bill which they can't pay immediately. They'll need to make an online application which can be done at any time of day, 365 days a year - crucial for out-of-hours emergencies. The application takes 4 minutes and decisions are instant.

Loans repaid over 12 months are interest-free for the pet owner. Loans repaid over 24 months attract interest at 7.9% APR.

Once the loan is approved, confirmation is sent to the veterinary practice, which can then drawdown the funds into the practice bank account via the CarefreeCredit online dashboard. The practice gets paid within 5 days of requesting a drawdown.

The cost to the practice of all this is 7% of the bill. Offered strategically to the right clients, that seems like a small price to pay. According to CarefreeCredit, practice revenue increases by 22% and debtors decrease by 58% in practices where finance facilities are offered. But that is, of course, only half the story. This also offers a professional and businesslike 'way out' when vets are at the receiving end of emotional blackmail (or worse) from clients who find they don't have the money to pay for their much-loved pet to get the medical care it needs. 

Stewart, himself the owner of a six-practice business, said: "The only way a credit facility like this works is that if it is so simple to use that front office staff see it as a help rather than a hindrance - a tool to make their lives easier rather than just another piece of admin to do. In order to get to this point, we have been through discussions with a number of consumer credit institutions as well as major retail banks. The system we can now provide is the market leader by a long way. The great thing is, vets love it as they can do gold standard work, get paid properly for it and receive the funds straight away. Owners love it as they can spread the cost at no or very low cost to themselves - and of course, the pets get treated immediately!"

For more information, visit: www.carefreecredit.co.uk

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