About 1 in 5, or 23 million, American households welcomed a new furry friend during the pandemic. However, the significance extends beyond the surge in pet adoptions. People are increasingly recognizing that furry companions occupy a special and cherished place not only in their hearts but also in their homes.
This sentiment is now used by CareCredita Synchrony product, in its recent partnership with Pet Destinationa provider of veterinary care and pet services.
With this partnership, CareCredit aims to offer its go-to financing solution at all Destination Pet locations nationwide, which include boarding, daycare, grooming, training, veterinary care, and pet resorts.
But why put doggie daycare, grooming, and training on payment plans? And why pet resorts?
To discuss the details of the partnership, PYMNTS spoke Jonathan WainbergGM of Synchrony’s Pet business.
“In our conversations with the executive team at Destination Pet — their customers are asking for it.”
Wainberg said working with Destination Pet was a natural fit, given their existing partnership. Wainberg noted that CareCredit has been accepted for veterinary payments at Destination Pet hospitals and clinics for an extended period.
Gaining Market Share in the Pet Category
“People are still bringing pets into their family and at higher rates. And they’re spending more,” Wainberg said.
Supporting this statement is the data that indicates that by 2022, the global pet care market will reach $235.32 billion and is expected to increase from $246.66 billion in 2023 to $368.88 billion by 2030. These numbers clearly indicate why Synchrony is seeking to expand its market share in the industry.
Along with the growing demand for pet essentials such as kibble and non-essentials such as pet fashion, the number of pets entering homes creates additional needs. Beyond health insurance, provided by Synchrony through Pet Best Pet Health Insurance — a service designed to prioritize the well-being of your furry companions during regular vet visits — there’s also demand for grooming and boarding options.
Regarding pet care, Wainberg pointed out that by 2021, spending will reach about $1.2 billion. With an expected compound annual growth of around 10% over the next five to six years, this market has huge potential.
“We always want to be where our customer needs help,” Wainberg said. Synchrony provides financing solutions and budget-friendly alternatives to help cover their pet-related expenses — whether it’s at the vet, groomer, or for pet insurance.
How CareCredit Provides Relief
In a previous interview with PYMNTS, Wainberg said, “Can you imagine as a person that you find out you’ve had a heart attack, and you’re told you can get a double bypass, but it costs more, so instead, you can get the single bypass. operation?”
The question describes unique terms used in the veterinary field and the impact of costs on such discussions.
Unlike human health care, when pet owners visit a veterinarian, they get treatment options and associated costs side by side. In human medical discussions, doctors usually don’t talk openly about costs during conversations.
As awkward as it may seem, Wainberg and his team believe this is an important conversation, but it can be made into something where pet owners can prioritize their companion’s health without having to first -worries about finances.
According to Wainberg, CareCredit is available at about 80% of vet clinics nationwide.
Read more: CareCredit Says Pets Deserve Everything That Matters, Not Just Kibble and Toys
And now, through an extended partnership with Destination Pet, pet parents can provide all of their pets’ needs with the assurance that they can pay with ease.
How to Use Synchrony Offers
According to Wainberg, taking advantage of Synchrony’s offerings through CareCredit includes getting a discount on insurance policies. This discount is available through a Synchrony QR code, placed at 190 Destination Pets locations, covering veterinary facilities, grooming and wellness centers across the United States, featuring the CareCredit logo. Customers can use these codes for payments and access exclusive offers.
Interested parties can check their eligibility for a CareCredit credit card in real time without affecting their credit score. They can apply using any smart device, at a veterinary practice or by phone, with an immediate credit decision. Approved users can use their account immediately to pay for veterinary services and pay with flexible financing options, including deferred interest.
Wainberg said pet parents can also expect to see an extensive marketing campaign that will share the benefits of the partnership with current and potential customers.
