4-Step Process
Unlike your traditional payment options, “Buy Now, Pay Later” (BNPL) lets you make small payments over time. In a BNPL plan, the patient or a family member makes scheduled monthly/weekly payments instead of coming up with the whole amount upfront. For example, if you have a medical procedure costing $10,000 and your healthcare provider is in Synthium BNPL Network/Plan, you can opt-in for a BNPL option and pay $2,000 every month for 5 months.
Simple 4-step process:
In order to qualify for the BNPL plan, your healthcare provider must approve your request. It is also important to note that the healthcare provider is responsible for offering the BNPL plans/options.
With the cost of healthcare increasing day by day, most families can’t afford to pay the large medical bills they incur all at once. In such cases, BNPL is a convenient tool to consider. A “Buy Now, Pay Later” (BNPL) plan greatly reduces the financial burden by dividing it into smaller installments that you can pay weekly or monthly depending on your payment plan. Besides medical procedures, you can also pay for various products, plans, services, etc using this option if your provider is participating in the Synthium BNPL plan. These plans don’t affect your credit score negatively in any way. BNPL options are becoming increasingly popular with more and more healthcare institutions are receptive to offering them.
There are plenty of benefits of using BNPL over a traditional payment plan. Some of them are listed below:
Split up a large expense – In most healthcare institutions in the US, the cost of a medical procedure can rack up a huge expense. Medical products and plans are usually quite expensive. With this new payment plan, you can just split up the price and cover the rest at a later date.
Easy to Use – After approval from a health care provider, patients only need to make an initial payment to get started with the plan. When the next payment is due, it will be automatically withdrawn from your payment instrument. It is simple and easy to use.
Interest Fees – While other BNPL companies may charge interest on their plans and/or services, Synthium does not.
Easy to Qualify – Unlike credit cards, Synthium’s BNPL offering is much easier to qualify for. They don’t require a minimum/ good credit score for you to get started, which means that someone new to credit or has a low credit score can still use this option.
Buy Now, Pay Later (BNPL) is a new payment process that allows patients to make portions of payment on their fees over time instead of paying the entire amount all at once.
Unlike other companies, Synthium does not charge interest, but we do charge a small transaction fee in line with the existing industry standards.
If you miss your payment, depending on the terms and conditions, there may be a penalty. In some cases, healthcare providers may send you to a collection agency to collect the balance owed. It is important to contact your healthcare providers to inform them of your condition beforehand so that you can work on a solution.
If you miss your payment, depending on the terms and conditions, there may be a penalty. In some cases, healthcare providers may send you to a collection agency to collect the balance owed. It is important to contact your healthcare providers to inform them of your condition beforehand so that you can work on a solution.
No credit checks are conducted by Synthium. One or more plans may be offered by your healthcare provider. The plan and the method of payment are your choice, though.
No… Synthium is not a provider of credit cards. Only those payment requests that you setup on behalf of the healthcare provider are processed by us..
One or more BPNL plans may be available from healthcare providers for specific procedures and services. Patients choose the appropriate procedure or plan after registering an account with Synthium and visiting with your healthcare provider.
Each transaction on Synthium is subject to a modest transaction fee. In the event that payments are not paid on time, we reserve the right to charge a late fee. Prior to and following each transaction, Synthium sends email notifications.
