Digital Point-of-Sale Financing Is Opening Access to Vision Care

Patients today are demanding mobile payment solutions, and pay-over-time options are an easy win for vision care practices.

Today's consumers have widely embraced point-of-sale (POS) payment systems and various digital payment platforms — not just for everyday purchases but for their health and wellness needs, too.¹ Increasingly, they expect the same convenience when visiting their vision care providers.

With optometry services often involving out-of-pocket costs, offering digital payment and financing options at checkout streamlines the process for your office staff and can expand patient access to quality optical care. In fact, digital pay-over-time solutions can also help attract and build loyalty among younger, tech-savvy patients who prefer flexible payment options.²

Solutions like CareCredit help ensure patients don’t delay getting vision care due to financial concerns.

Embracing digital payment solutions isn't just good for your patients — it's a smart move for your practice's efficiency and growth.

What Is Point-of-Sale Financing in Optometry?

Point-of-sale financing is a payment option available at checkout that allows the customer to split up the total payment amount over a set period of time rather than make the full payment all at once.³ In your optometry practice, offering that option may help make patients' out-of-pocket costs associated with their exam and eyewear more affordable.

This type of payment plan arrangement is not uncommon in other areas of retail, such as the option to finance furniture or appliances. It has also gained mass market appeal in recent years through digital third-party platforms that allow consumers to split up online purchases into three or four smaller installments. In health and wellness settings, many providers accept CareCredit, a health and wellness credit card that offers flexible financing options to help patients pay over time.

With an extended period to pay their bills, patients may be more inclined to invest in higher-quality eyewear that can ultimately improve their vision health. In fact, a Harris Poll found that among respondents who wear glasses, the majority are willing to spend more for features like scratch-resistance coating (85%), UV protection (82%) and antireflective coating (82%).⁴ Providing a patient financing option that can help assuage budget concerns can be a sound business strategy for optometry practices.

The Importance of Digital Financing Solutions

Over the last few years, there’s been a shift toward incorporating more digital financing solutions within the health and wellness space.⁵ Upgrading your in-office payment systems and solutions is an important way to keep pace with your competitors and capitalize on the growing need for vision care.

The fact is that the demand for optical services is growing. By the year 2030, it’s estimated that there will be approximately 53,000 full-time optometrists who will have an average of 2,400 patient encounters per year. This represents about 127 million patient encounters, a 12.8% increase from 2020 to 2030.⁶

A majority of patients (77%) have shared their preference for using private optometrists over corporate ones.⁶ However, given that the percentage of self-employed optometrists as of 2023 was just 16%, there is a lot of competition from large optometry centers.⁷ That's why it's important to stay agile and find opportunities to set your practice apart.

Here are a few ways a digital point-of-sale solution may help attract new patients and keep them coming to your optometry practice for regular checkups and services:

• It increases efficiency. Having an office that runs efficiently goes a long way. A digital POS financing solution built into your practice’s checkout process allows for a better patient experience and an improved vision care journey. It can reduce wait times and paperwork, is less prone to human error and can boost overall efficiency among your office staff.

• It can help remove financial barriers to treatment. According to CareCredit Path to Care - Optical Purchase Findings, about half (52%) of patients said an optical provider’s payment options play a role in where they choose to go for care.⁹ Integrating POS financing into your practice management software could be a differentiator that helps draw in more patients or empowers more of them to say yes to care.

• It shows you are forward-thinking. Patients appreciate — and eventually will expect — digital checkout enhancements. A majority of patients are used to using digital methods and their own mobile devices for retail checkout, according to a report by J.D. Power.¹ The report revealed that 55% of consumers have been using newer forms of digital payment methods, including digital wallets (36%) and buy now, pay later options (28%).¹ By making it easy for patients to review the repayment terms, apply for financing and pay via QR code or custom link right from their phone, you can demonstrate that your practice is ahead of the curve with fintech solutions and is keeping patients at the forefront.

Help Patients Move Forward with Vision Care

As an optometrist or optical care team member, you know that when patients delay vision care, they could be missing out on the opportunity for early detection of and intervention for potential eye conditions. For others, continuing to wear old prescription eyeglasses that are no longer effective could cause patients to have eye strain, headaches and impaired vision.¹⁰

Nevertheless, finances often influence whether patients stay on track with their eye care. When budgets are strained, vision care is usually not at the top of people’s priority list:

• A CareCredit study found that 1 in 3 (32%) survey respondents admitted they will postpone making an optical purchase if it’s not covered by insurance.⁹

• One in four people in a KFF poll said they avoid making vision care appointments altogether when they don’t have the money available, making it the second most likely type of health and wellness care people delay because of cost (dental being the first).¹¹

When looking at the average vision care costs, you can see why it might be challenging for people with a lot of financial obligations to squeeze in an optometrist visit:¹²

• The national average cost* of an eye exam without insurance is $136.

• Basic eyeglasses can range in cost from $93 up to $730 for designer frames.

• An annual supply of two-week disposable contact lenses can cost as much as $560.

Flexible payment options, such as point-of-sale financing, can encourage patients in these situations to stay current with their routine care schedules, whether it’s their yearly visit or updating their prescription glasses.

Help Patients Stay on Top of Their Optical Care

Maintaining a thriving optometry business when there are many vision care options available (including big box and warehouse stores) can be challenging. That’s why anything you can do to increase access to vision care can put your optical practice at an advantage. Digital point-of-sale financing can act as a differentiator while also serving as an important tool to help patients manage the cost of their care.

A Flexible Financing Solution for Optometry Practices

If you want to help your patients or clients manage the cost of the vision care solutions they want or need, you may want to consider offering CareCredit as a financing solution. CareCredit allows cardholders to pay out-of-pocket expenses over time (for needs such as premium frames, contact lenses, and vision care) while helping to enhance the payments process for your practice or business.

When you accept CareCredit, patients or clients can see if they prequalify with no impact to their credit score, and those who apply, if approved, can take advantage of special financing on qualifying purchases.** Additionally, you will be paid directly within two business days.

Learn more about the CareCredit credit card as a financing solution or start the provider enrollment process by filling out this form.

Author Bio

Dawn Papandrea is a journalist with more than two decades of experience covering personal finance and consumer issues. She has written for leading financial publications and organizations, including U.S. News & World Report, Investopedia, Bankrate and others.

Healthcare payment and financing solution

The CareCredit health and wellness credit card helps improve the payment experience for patients and clients, and your financial performance.

Get Started