In 2022, 66% of U.S. adults exhibit greater interest and need for buy now pay later systems of payment than before the Coronavirus pandemic. A result of the worries induced by COVID-19, two-thirds of U.S. adults report concerns about unaffordable vet costs as a predominant reason, while 69% cite fear regarding the affordability of future healthcare expenses as their reason for preferring to buy now and pay later.
Dentistry and veterinarian charges take time to pay in full as fees often come quickly, unexpectedly, and/or higher than predicted. In light, 30% of U.S. adults use credit or debit cards to cover dental visit costs. Additionally, a minority of American dental patients, only 30% are able to pay the full costs out-of-pocket. Among pet owners, 49% need one month, at the least, to cover the cost of one vet visit. A net is needed to give consumers the time and peace of mind they deserve in gathering the capital to pay for healthcare – a necessity.
A demographic survey revealed Millennials to be the age group most interested in the implementation of buy now pay later payment systems. A generation that comprises America’s rising workforce and adult generation, dental and veterinary practices should reevaluate the way they ask customers to pay and meet the inclination of the people. It’s time to reduce the strictness of payment dues and offer the forgiving cushion of buy now pay later.