CareCredit announced today its expansion into the day and medical spa markets—helping Spa providers drive growth by providing an additional payment option for consumers. The CareCredit credit card is a health, beauty and wellness card dedicated to helping people get the care they want and need.
As part of this new program, CareCredit has partnered with both the American Med Spa Association and the Spa Industry Association to help Spa industry professionals bring the benefits of CareCredit to their practices. Providers can now offer clients access to more treatments and services while also expanding their potential client base to CareCredit’s 11 million cardholders. Participating spas will also become a part of the CareCredit network of qualified providers, which receives more than 850,000 searches per month.
“Day and medical spas are an attractive growth segment for CareCredit. We’re excited to join this growing market and help spas grow their businesses by offering an easy way to make treatments and services more accessible for their clients,” says Dave Fasoli, CEO, CareCredit. “CareCredit helps people care for themselves and focus on their overall wellbeing, while also helping small business owners offer more payment options which, in turn, gives them more peace of mind while helping them meet their ambition of growing their business.”
“As medical spas and aesthetic practices continue to add new technology and services to provide the best possible results, it will become even more important for their clients to have a way to fit these new options into their budgets,” says Alex R. Thiersch, JD, Founder and Director of the American Med Spa Association. “Clients may be more likely to move forward with prescribed treatments if they know that an easy payment option is available.”
“The CareCredit offering means spa guests can get relaxation and wellness services they want, whenever they want, without having to worry about cost being a barrier,” says Allan Share, President, Spa Industry Association. “With CareCredit, spa clients can have greater access to services while spa owners have another tool to help grow and simplify their processing.”
Spa clients are increasingly seeking solutions for beauty, anti-aging, stress management and genuine self-care. According to the Global Wellness Institute Global Economy Monitor, wellness is a growing trend showing no sign of slowing down, having become a $3.4 trillion-dollar global industry as of January 2017. Over the next five years, the medical spa market opportunity is expected to grow at a rate of 8% year over year through 2022.
CareCredit works with more than 200,000 providers across a broad range of specialties including medical care, beauty, dental and veterinary services. By combining insights from those engagements with the company’s deep financial services expertise, CareCredit will help consumers move forward with various cosmetic treatments and aesthetic procedures at spas with the convenience of paying over time.
CareCredit offers a simple calculator for consumers to determine payment options and monthly payments amounts, while paying over time for their procedures. The company also gives consumers the ability to avoid accruing interest as long as they pay the complete amount in the promotional period. To learn more about the CareCredit spa offerings, please visit www.carecredit.com/spa.
For 30 years, CareCredit, from Synchrony Financial (NYSE: SYF), has helped millions of people pay for needed and desired care and health expenses. CareCredit is a health, beauty, wellness and personal care credit card accepted through a national network of more than 200,000 healthcare provider locations and select health-focused retailers. For more information on CareCredit, call 800-300-3046 or visit www.carecredit.com. For more information about Synchrony Financial visit www.synchronyfinancial.com.