Frequently Asked Questions

Why should my practice offer a payment plan through VetBilling.com?

With the rising costs of veterinary care, there are times when clients are unable to pay their bill in full, and they need alternative payment options. While third-party financing plans like CareCredit®, can help, they are not the right solution for every client. Just because your client was turned down by a third party financing company does not necessarily mean they are a poor risk for a payment plan. We are a much better alternative to CareCredit® or those other financing companies. Why should you lose that 5% to 15% third party financing companies charge your practice?

VetBilling.com provides another payment option that will help you capture revenue from clients you might otherwise lose, or who may not have another means of payment at their disposal. We optimize your practice’s ability to collect from these clients through our Credit Score Recommendation (CSR) tool, automatic drafts and complete customer support for you and your clients.

We like to think of our system as something that allows veterinarians to focus on the passion that inspired them to enter veterinary medicine to begin with.  We firmly believe that veterinarians can get fairly and fully compensated for their services by offering a payment plan option that enables them to demonstrate their compassion, without sacrificing the financial health of their practice.

How much does VetBilling.com charge for payment plans?

Your clients simply pay a modest one-time enrollment fee to set up the payment plan, and a nominal convenience fee is added to each recurring payment until their balance is paid in full. The practice does not pay anything to offer our payment plans. Credit card payment plans will incur credit card merchant fees.

How hard is it to set up a payment plan?

It’s not hard – it’s really easy!  Your client completes a simple payment plan agreement, including their bank information.  They sign the form, you collect their down payment, then submit the balance to VetBilling.com by faxing or securely e-mailing the form to our data center. Upon receiving the payment plan agreement we will debit your client the processing fee and enter the plan into production.

What happens if the payment doesn’t go through, or the client stops making payments?

If for any reason a payment is returned or declined, VetBilling.com will contact the client to collect the funds. We use phone calls, e-mails and paper notices to advise clients of late payments, and we’ll continue to provide follow-up for up to 120 days or longer, according to your preference. They can receive up to 20 collection contacts per month. We work your accounts in a professional efficient manner.

Clients cannot “turn off” or cancel their automatic drafts.  Any cancellation of a payment plan contract must be authorized by your practice.

Our professional support staff works tirelessly to ensure you get paid.

We make polite and understanding calls addressing why a client’s payment might have returned. We update expired cards, correct inaccurate billing information, and request payment on outstanding balances. Our effective, 5-phase program for collecting payments extends to 120 days and beyond.

We employ several methods* to keep clients on track with their payments:

  • Immediate response when a payment returns or declines
  • Variety of contact methods: telephone calls, e-mail reminders and late notices
  • Constant, consistent and courteous customer contact, up to 20 contacts per month if necessary
  • After 90 days, we will affect the client’s credit if you authorize us to do so

Our goal cannot be overstated: we want to collect your money and keep your client current on their payment plan, without jeopardizing your relationship them.

* Our methods comply with the Fair Debt Collection Practices Act

 

 

What if the client needs to make a change to their payment plan after it’s been set up?

That’s easy too.  Just re-submit the payment plan agreement with the new charges noted, and VetBilling.com will adjust the balance at no cost to you or your client.

How do we know our client is paying?

VetBilling.com has an online client portal that can be accessed 24/7, containing all the financial information relating to your clients’ payments. You can view each client’s individual payment history, see when their next payment is due, identify failed transactions, and much more.  You can export this data for easy posting to your accounting and practice management software. We’re also just a phone call away whenever you need assistance during business hours, Monday – Friday, 9:00 am to 6:00 pm ET.

How do our clients keep track of their payments?

Clients also have an online portal which can be accessed at any time, to view or print their individual payment history, and update personal or banking information.  The client cannot, however, cancel their payment plan.  Cancellations, as well as changes to the payment plan, must be authorized by the practice.

Does VetBilling.com guarantee the payments?

Our professional support staff works tirelessly to ensure you get paid. We do not take the 5% to 15% of your practice fees like other third party financing companies. When payments are processed they are remitted to your bank account twice per month.

We make polite and understanding calls addressing why a client’s payment might have returned. We update expired cards, correct inaccurate billing information, and request payment on outstanding balances. Our structured program for collecting payments extends to 120 days and beyond.  We employ several methods to keep clients on track with their payments*:

  • Immediate response when a payment returns or declines
  • Variety of contact methods: telephone calls, e-mail reminders and late notices
  • Constant, consistent and courteous customer contact, up to 20 contacts per month if necessary
  • After 90 days, we will affect the client’s credit if you authorize us to do so

Our goal cannot be overstated: we want to collect your money and keep your client current on their payment plan, without jeopardizing your relationship them.

* Our collection policies are in full compliance with the Fair Debt Collection Practices Act

What is Credit Score Recommendation (CSR)?

The optional Credit Score Recommendation (CSR) is a very powerful tool a practice can have at their finger tips. Stop guessing if you want to extend your clients a payment plan. Make educated decisions based on their credit history.

Once the practice receives the authorization from your client to review their credit history our CSR will instantaneously return a recommendation. Our CSR will return a letter grade from “A” to “G”, (“A” being the best), based on their past credit history. This will allow you to determine the length of the payment plan you should offer and the amount of the down payment you should collect.  It is a recommendation, your practice can design your own procedures based on the letter grade and/or your clients credit information. We will process any payment plan regardless of your clients credit history.

What is your success rate when collecting payments?

We have a success rate of 97% – 100% when processing payments through our secure, PCI-compliant network. For our clients that use our optional Credit Score Recommendation (CSR) tool we have  ZERO delinquency for clients that have a credit rating of “A” to “D” from a scale of “A” to “G”. Our collection rate is far above the industry averages. We have been processing payments since 1986 and have all the necessary tools to make sure we achieve the highest payment compliance.

What if the client wants to pay off their balance before the payment term ends?

There is no penalty for your client paying off the balance early. Your clients are not locked into their payment plan, so if they wish to pay off their balance prior to the plan end date, you will get your money more quickly and that is always a good thing.

How does the practice receive the funds?

Funds collected from client payment plans are electronically deposited in the practice’s bank account.

How much control do I have over the payment plans?

The practice is in complete control of how the payment plans are structured. 
VetBilling.com will set up payments for any client, for any amount, for any length of time.  There is no minimum or maximum.  This means that you can customize a payment plan according to each client’s particular needs.

VetBilling.com will not turn down any payment plan you send us.
Practices using the CSR tool may override the system’s recommendation against offering a payment plan to a client with a low credit letter grade.  Perhaps this is a longtime client for whom the practice wishes to make an exception, due to extenuating circumstances known only to the practice.  VetBilling.com will process and administer any payment plan you forward to our office regardless of your clients credit rating or lack thereof.

 

Do you offer collection services?

VetBilling.com provides collection services and credit bureau reporting (optional).

The practice can decide whether to have VetBilling.com handle collections activity for up to 90 days or longer, according to your preference. There is no additional costs to have us handle the collection work from 1 to 90 days delinquent. We will report delinquencies to the credit bureaus if the practice authorizes us to do so.

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