As a small business owner, have you ever run into a situation where a client can’t afford your service cost upfront? Trying to run your own financing systems can also be a nightmare, and more headaches than you really want.
Luckily, there are amazing financing plan companies offering opportunities to help take that burden off of you! In this article, we will tackle one of the hottest providers in the industry called Cherry!
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How do Cherry Payment Plans Work?
You may be wondering how the Cherry Payment Plan works. Well, it’s a bit different from other loan services. You see, Cherry doesn’t charge any interest or fees and you don’t need to pay back the full amount of your purchase within a certain time frame.
Cherry does a soft credit check to establish approval amounts and contract types, as well as to verify applicant identity. This does not affect your credit score. In order to calculate approval amounts, Cherry may request more information from select borrowers.
How do you get Approved for Cherry?
Once approved by the company, you can set up a payment plan with each customer who wishes to make an installment purchase from you.
Once accepted into the program, there are three ways that customers can pay using Cherry:
- Payments can be made incrementally over time instead of all at once – like paying off a car or appliance over time instead of paying in full upfront
- Customers can also choose one-time payments if they prefer not to have any installments – such as paying off an item after receiving it but before using it (for example buying concert tickets)
Will Cherry Payment Plans Hurt My Credit?
- Will my credit be affected?
No, applying for Cherry only performs a “soft” credit check, which does not affect your credit score. If you are approved for a loan and then choose to make monthly payments over time via automatic withdrawal from your checking account, we will do an additional hard pull of your credit report to verify that the recurring funding source is still valid.
Does Cherry report to Credit Bureaus?
Yes, Cherry may inform Equifax, one of the major credit bureaus, about the status of our borrowers’ accounts.
What is Cherry Perfect for?
Businesses in the health and beauty space typically offer services that might be too expensive for individuals to pay for at one time. That is why with Cherry, your customers can make an affordable payment using their flexible payment plans.
Some of the ideal business types include:
– Dental Procedure Financing
– Advanced Skin and Body Solutions or Services
– Non-surgical, non-invasive body contouring treatments
– Fat reduction treatments
Cherry Financing Merchant Fees
As an additional benefit, we don’t charge any additional fees to merchants who accept Cherry Credit™. That’s right—they offer the same 3.5% flat fee for all transactions, whether it’s a credit or debit card transaction with your customer.
Cherry offers easy payment plans like AfterPay, but they cater to medical and beauty service providers.
As a payment processing company, Cherry is known for offering easy payment plans like AfterPay. They cater to medical and beauty service providers, but their services are available to everyone.
Cherry offers a wide range of payment options that you can choose from depending on your needs. In fact, they offer more than just one option; you can choose from multiple types of plans based on your business type or how much money you want to get from each sale.
For example, if you’re selling a product that costs $10 but only wants people with higher credit scores to buy it because they’ll likely be more reliable customers (and therefore likely to pay), then Cherry will let you charge their customers extra after the fact if their credit score isn’t high enough yet (like an interest-free loan).
What are the Patient Requirements to use Cherry?
What Are the Patient Requirements?
- The patient must be at least eighteen years old.
- A valid U.S. state driver’s license is required of the patient.
- A genuine bank-issued debit card is required for the patient.
Now is the time to apply.
Flexible payment options for your customers are now within reach! You’re now off to the races with your new knowledge about how Cherry Payments can help your small business land more customers!