Digital Payment Solution for your Clinic

Coronavirus has accelerated a lot of FinTech trends that were already in progress in 2020.  One of the most prevalent trends is the use of digital payment solutions in lieu of cash payments.  An increase in business’s dependence upon credit solutions is another, in part due to the uncertain economic situation we all find ourselves in.

Health clinics are saddled with the burden of continual investment in new technologies to remain competitive.  In addition, they must maintain a stock of in-date and clinically approved equipment and consumables.  Having to make large or mid-scale capital investment, whilst stocking up with disposable items makes maintaining a procurement budget challenging in uncertain economic times.

Several FinTech solutions have been developed in recent years to address this issue.  Companies such as Lumiere32 have developed Buy Now Pay Later (BNPL) services which allow clinics to pre-fund accounts, buy equipment and consumables, and pay for it them over an extended time period.   

A recent market report showed that over a third of US citizens have used a BNPL service.  Although the pandemic has resulted in a reduction of consumer credit, in part due to restricted lifestyles and expenditure, healthcare clinics can’t afford to stand still.  As the world opens up again, businesses need to maintain the competitive advantage of remaining modern and well-stocked.

There are numerous advantages to BNPL as an aid to business:

  • It allows capital expenditure when cash-flow might make buying equipment difficult.
  • It means you can budget more effectively, with predictable monthly outlay.
  • A lower APR% can be obtained than making such purchases using traditional credit.
  • Your credit rating is not adversely affected, as it would be with maxed-out credit cards.
  • It may be easier to sign up to these platforms than raise credit card limits.
  • Some providers, such as Lumiere32 provide interactive platforms to monitor expenditure and produce helpful reports, reducing accountancy hours and associated costs.

In a sense, BNPL is really a 21st century reinvention of Hire Purchase, a consumer-level system for defraying the cost of large purchases by spreading repayment over several months or years.  Where BNPL really shines, however, is in its integration of secure payment pathways (reducing fraud), multiple methods of payment, and a high degree of flexibility.

Lumiere32 provides its users with a payment wallet which can be funded at different levels, depending on the size of your clinic and the amount of annual expenditure you need.  Purchase up to S$50,000 of equipment with a 90-day term at 0% interest.  For larger capital investments, 12-month repayment terms are available 0% interest through our Equipment Financing Program.

No documentation is required to apply, and approval is usually given within 24 hours. 

The following additional benefits are provided with Lumiere32:

  • 3% Instant Cash Rebate upon subscription.
  • Account can be split across several clinics in the same group.
  • No bulk purchase is required.
  • 23 global suppliers on the platform and growing.
  • Over 125 brands available on the platform.

Whether you are a veterinary clinic, a dental surgery or general practitioner, services like Lumiere32 may be the perfect solution to the ongoing challenge of satisfying your customers and providing a competitive and cutting-edge service.

Visit our site and find out how we can help your clinic flourish.

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