Scratchpay Reports Increased Loan Volume Despite COVID-19 Downturn
Despite these circumstances, using its advanced underwriting engine that looks beyond FICO scores, Scratchpay managed to continue approving more applicants for its payment plans. In fact, 86% of partner clinics experience their highest client approval rates using Scratchpay.
A key to this success was the strategic hiring of credit veteran, Brian Briggs. Prior to Scratchpay, Briggs was a senior credit leader at Alliance Data and helped build Klarna into a global fintech powerhouse. Briggs also played an instrumental role for Scratchpay in launching Take 5, an innovative BNPL (“Buy Now, Pay Later”) product with industry-leading approval rates and 0% APR.
“At Scratchpay, my goal is to keep improving our credit model and our product offerings so that we can say yes to more customers and get them the care they need,” said Briggs. “I love Scratchpay’s culture of innovation. They’re always looking for ways to improve upon the status quo, or blow it up entirely.”
Some key features of Scratchpay include:
- Patient-friendly: Because Scratchpay only performs a soft credit check on an applicant, applying for and accepting Scratchpay plans does not affect the applicant’s credit score. Plans start as low as 0% APR, and have no prepayment penalties, hidden charges or deferred interest.
- Higher approval rates: 5 out of 6 partner practices experience their highest client approval rates using Scratchpay.
- Simple and transparent for providers: Scratchpay has no setup costs or long term contracts.
- Comprehensive suite of payment solutions: Payment processing, appointment scheduling, text-to-pay features and more are now available in Scratchpay’s all-in-one platform.
When asked how Scratchpay has been able to keep approval rates high over the course of the pandemic, Briggs stated, “The COVID-19 downturn continues to demonstrate how unique everyone’s financial situation is. At Scratchpay, we want to meet all users where they’re at and be accommodating to their specific situations. By tailoring our products this way, we’ve been able to continue increasing access to medical care.”
Scratchpay is now available at over 11,000 practices across the U.S. and Canada, from veterinary hospitals to dental offices to cosmetic surgery clinics. It’s free to sign up and start offering, and takes less than 2 minutes. For more information, please visit get.scratchpay.com.
About Scratchpay: Scratchpay is a Pasadena-based fintech company that offers simple, friendly payment plans for medical treatment costs, ranging from routine eye care visits to emergency pet operations. The startup is the fastest growing financing provider in the veterinary space and now offers a suite of payment solutions through its platform, including payment processing, appointment scheduling, text-to-pay and more. Scratchpay is now offered in 11,000+ medical practices across the United States and Canada.
SOURCE Scratchpay
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