Why vets should be purrrfecting their payments in 2024

In the fast-paced and dynamic world of veterinary medicine, every aspect of running a practice demands attention, including payment solutions. As we step into 2024, the need for veterinarians to optimise their payment processes and veterinary payment systems has become more crucial than ever. Despite this, our recent research showed 69% of veterinary practices are still using traditional acquirers, usually the payments provider recommended by their high-street bank that they set up their business with, meaning they are often missing out on better systems, technology, and value, impacting not only their business but their customers too.

Enhancing Client Experience

A seamless payment process contributes significantly to the overall client experience. Veterinary practices that prioritise efficient and user-friendly payment solutions create a positive impression on pet owners. With 44% of vets reporting they take face-to-face payments, &1% via online card payment, 51% via link, and 62% via cash, it’s clear that veterinary customers use a range of payment options and an omnichannel approach is key. Having options such as Pay By Link, meaning you can embed links to payment in invoices, or Virtual Terminal to enable your customers to pay over the phone, or enabling mobile payment options like Apple Pay and Google Pay, demonstrates to your customers that you care about providing the choices that they want and expect. In an industry where compassion and care are paramount, a hassle-free payment experience reflects the dedication of the veterinary team to every aspect of pet care.

Improving Operational Efficiency

Efficient payment solutions can streamline the administrative side of veterinary practices, which is particularly important for practices experiencing a shortage in management staff. Automated billing, quick payment processing, and integrated financial systems can help reduce the administrative burden on vet staff, allowing them to focus more on providing quality care to furry patients. Our research showed that 51% of veterinary business consider easy integration into business software a priority when switching payment providers and 48% prioritise reconciliation, reporting, and analytics. Payments providers should be able to ensure practices have access to simple integrations and a comprehensive dashboard with real-time reporting to make admin easy and allow them to grow. Easy payment options, such as embedding payment links in invoices can also reduce the administrative burden, meaning no need to chase customers to come in to the practice or call up to make payments.

Embracing Digital Trends

The world is rapidly moving towards digital transactions, and veterinary practices should not be left behind. Perfecting payment solutions involves embracing digital trends, such as online payments, mobile apps, and contactless transactions. Offering a variety of payment options enhances convenience for pet owners and keeps the practice aligned with modern expectations.

Building Trust and Loyalty

A better payment experience builds trust and loyalty among clients. When pet owners have confidence in the reliability and security of the payment process, it contributes to a positive relationship with the veterinary practice. Trustworthy financial transactions foster a sense of security and satisfaction, encouraging clients to return for future veterinary needs.

Adapting to Changing Consumer Habits

The way consumers make payments is constantly evolving. Vets need to adapt to changing consumer habits by offering a range of payment options, including online and mobile solutions. This adaptability ensures that veterinary practices remain relevant and accessible to a diverse clientele.

Staying Competitive in the Market

In a competitive veterinary landscape, staying ahead requires a commitment to excellence in all aspects of service, including payments. Practices that prioritise their payment solutions gain a competitive edge, attracting clients who value convenience, efficiency, and a modern approach to pet care.

As veterinarians navigate the challenges and opportunities of 2024, the importance of perfecting payment solutions cannot be overstated. From enhancing client experience to adapting to digital trends, the benefits of prioritizing efficient and secure payment processes are numerous. Veterinary practices that embrace these principles not only position themselves as leaders in the industry but also contribute to the overall well-being of their clients and their beloved animal companions. Improving payments is not just a financial consideration; it's a commitment to providing the best possible care for pets and their owners.

At Cashflows we understand the importance of vets being able to deliver a high standard of service to their customers across the board, including a seamless payments experience and a choice of how to pay. We prioritise simple switching with minimal downtime to ensure that business is not disrupted and continue to support growth, with next-day settlement meaning you can access your funds quickly, and Merchant Cash Advance enabling fast and simple pre-approved funding for eligible customer.

Find out more what Cashflows can offer your veterinary practice here.