What loan programs are available to me?
General Program Features
- $0 merchant fees
- 12 to 72 month terms
- 9.99% APR
- Approvals up to $60,000
- Volume discounts available
Principal Only Payment (POP) Program
- 6 to 24 month promo period
- Principal only payment
- No deferred or accrued interest
- 18.99% APR
- Some exclusions may apply
How does the Principal Only Payment (POP) program work?
Our Principal Only Payment (POP) program is an opt-in program available for all healthcare verticals except fertility and bariatrics. See the previous question for highlights on the POP program and contact your sales representative for more information. To offer the program, call or message your representative by phone or online via the vision portal and request access. Once approved, log into your vision portal and the program will appear in the deal selection page of each application. If you no longer wish to offer POP after you have enrolled, simply contact your representative and they will turn it off.
When and how will my practice get paid?
Once the loan has been approved and finalized, providers will receive instant electronic payment via ACH within 48 hours. You will receive the agreed upon funding 2-4 weeks prior to the scheduled procedure. You will never be penalized if your patient pays us late.
Why wasn’t my patient approved for their loan?
Your patient will receive an email describing why their application has been declined. Some common reasons could be a low credit score or bad credit history, a high debt to income ratio, employment history, or missing and inaccurate documentation related to identity or income. Another reason could be that the applicant’s account has a credit hold or freeze, which prevents us from reviewing their credit until it is lifted. It’s easy to lift the hold – simply call: Experian 888-EXPERIAN (1-888-397-3742), Equifax 1-888-298-0045, TransUnion – 1-888-909-8872.
How will my patients know I offer healthcare financing through PowerPay?
We offer free marketing materials, including training and customized links for your website, to help you make your patients aware of our healthcare financing programs. Additionally, our customer service team is available from 8AM to 12AM to assist your patients.
How fast is the approval and payment process?
Our application process offers instant approvals, which allows for funding to be sent as early as the day of consultation.
Can my patients use auto withdrawal?
Yes. PowerPay offers a tutorial video for setting up automated payments, as well as an easy to navigate patient portal to manage the payment process online.
What if a procedure is delayed, canceled, upgraded, or downgraded?
If a patient delays you can simply keep the funds and reschedule as you normally would; if a patient cancels, we will require funds to be returned. Any general changes to the procedure plan will need to be updated and approved by PowerPay. If a patient decides they want an additional service on the day of surgery, simply update the patient’s profile on your personal PowerPay login page and funds for the new procedure will be sent over as soon as they are approved.