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Making Finance a Success in Your Practice

Finance is a great way to help increase your practice income. By allowing your patients to break down the cost gives them the option to consider more expensive treatments.

Offering finance is also an excellent marketing tool and is a proven way of increasing patient enquiries to the practice.


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Frequently Asked Questions

What do I need to get started?

To be able to offer our full finance package (i.e. interest free credit up to 36 months and any interest bearing loan), you will need to be authorised by the Financial Conduct Authority with “limited permission credit brokerage”.   As you will be offering credit in a brokering capacity, you will need “limited permission” on a new licence.  The FCA’s licence application charge is £100 for a firm whose subsidy charges (defined as “income from credit activities”) does not exceed £50,000 and £500 for those whose subsidy charges do. Unlike the OFT where a credit licence lasted 5 years, the FCA will renew them annually. Currently for a licence holder whose credit income does not exceed £50,000 (the subsidy charges) the annual fee is approx £161.  The FCA are far more complex and applications can take up to six months although in our experience the average is 4 weeks.  We are more than happy to apply on your behalf.   More information can be found by logging on the FCA website.   Alternatively, you can become one of our Appointed Representatives and use our FCA licence.  WE DO NOT CHARGE FOR THIS.

If you wish to offer interest free credit on loans of 12 months and under, you will not require an FCA licence to use our facility.

Are there other costs involved?

We do not charge any set up costs, any administration costs or any training costs.  Our credit providers do not charge you to have an account or any monthly service charges (unless you are an Appointed Representative).  The only charges you will pay after your initial FCA licence outlay will be the annual FCA fee and any subsidy charges (if applicable) on loan amounts.

What is a subsidy charge?

With some credit options, and always with interest free credit, as the patient is paying no or little interest, the interest charge cost is borne by the practice by way of a subsidy.

A subsidy is charged at a percentage calculated on the patient’s borrowing amount. These subsidies will vary depending on the loan amount and the term of the agreement.

To calculate your subsidies use the following calculation;
Amount borrowed x subsidy percentage = subsidy amount payable.

I have my licence, what next?

Once you have your licence, all we need to do is register the practice with our credit provider. We will require sight of your GDC certificate, the FCA approval (if applicable), Professional Indemnity Insurance certificate, your ICO registration number and the bank paying in book. Once we have this information we will provide you with a contract and a GDPR contract and once you have signed and returned this, your account will be up and running in a matter of days.

What finance is available to the patients?

We have interest free loans and interest bearing loans.

0% Interest Free Credit
Interest-Free Credit is an extremely effective sales and marketing tool and when used in advertising is a great way to encourage enquiries and new patients to your practice.

Interest-Free Credit is available on balances of £300 – £25,000, from 6 months to 3 years, flexible enough to suit everyone’s budget and a variety of treatments. Contact us for our current subsidy charges.

Interest-Bearing Credit
The most cost effective form of finance for your practice. Our Interest-Bearing Credit products has an APR that is lower than most major credit cards and offers an excellent option to the patient.

Interest-Bearing Credit is used when the subsidy charged to the practice for Interest Free Credit becomes financially unviable. We have several interest bearing offerings which range from repayment period of 12 months to 60 months.

How does a patient apply?

Applications are completed either at home by the patient in their own time or by the practice online at a convenient time to the practice either with or without the patient present. The on-line process takes minutes and your patient’s application can be accepted immediately. Once the application has been accepted the patient can be booked in to commence treatment and you will receive payment, directly into the practice bank account via BACS.

How do we get paid?

You will be paid direct into your bank account in full less any subsidy charges if applicable. Payment is made by BACS and so will take three working days to show in your account once the money has been released. You will receive a remittance advice by email when the loan has been released into your bank account.

What training do you provide?

We will come to the practice and fully train your staff not only how to use the system, but how finance works, and how to use the products available correctly.  We will advise you on advertising guidelines and how to market the finance within your practice.  We will provide literature and advertising material for your practice.  Help is only ever a telephone call away and you will have a personal relationship with one of our team members.

If you would like a call back then please call us on 01844 396990 or use the contact form and we will call you at a time convenient to you.

If you would like to join us, then please request a registration form from us for the most suitable provider for your practice.

Any Other Questions?

We appreciate that you may have further questions so please do get in touch with one of our team and we will be more than happy to help.

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