Synchrony Expands into Pet Resorts with CareCredit Offering at Destination Pet
- None.
- None.
Insights
The collaboration between Synchrony and Destination Pet signifies a strategic move to integrate financing solutions across a comprehensive range of pet services. This partnership is poised to enhance customer loyalty and retention by offering a convenient 'first look' financing option, potentially increasing service utilization. The integration of CareCredit into Destination Pet's full suite of services may lead to a rise in average transaction values as pet owners are incentivized to purchase more extensive service packages.
From a market perspective, this move taps into the growing pet care industry, which has seen a consistent increase in consumer spending. By catering to the multifaceted needs of pet owners, from veterinary care to grooming and boarding, the companies are capitalizing on a trend where pet owners are increasingly seeking comprehensive care solutions. This could result in a competitive edge for both Synchrony and Destination Pet, potentially translating into increased market share and revenue growth.
The announcement of Synchrony's expansion of CareCredit to cover a broader range of services at Destination Pet locations can be expected to have a positive impact on Synchrony's financials. The 'first look' financing solution could drive higher usage rates of the CareCredit card, leading to increased finance charge revenues and interest income. Additionally, the move could potentially reduce credit risk through diversified lending across multiple services rather than single, high-cost veterinary procedures.
Investors should monitor key financial metrics such as net interest margins, charge-off rates and payment volumes in subsequent quarters to gauge the success of this initiative. The ability of Synchrony to leverage its existing relationship with Destination Pet to penetrate deeper into the pet care market may serve as a model for similar partnerships in other verticals, potentially opening new streams of revenue.
The partnership between Synchrony and Destination Pet reflects a keen understanding of modern consumer behavior, particularly the value placed on flexibility and convenience in financing. The option to pre-pay for service packages using CareCredit addresses a consumer preference for predictable budgeting and financial management. This could resonate well with a demographic that views pet care as a non-discretionary expense.
In the long term, the availability of financing options for pet services may influence consumer behavior, encouraging pet owners to invest in preventative and routine care, which could improve overall pet health and wellbeing. The ease of access to credit and the immediate credit decision process align with the instant gratification trend observed in consumer spending habits. Observing shifts in consumer behavior in response to this partnership could provide valuable insights into the efficacy of financing solutions as a tool for business growth.
Destination Pet Selects CareCredit as its Financing Solution for all Locations Nationwide
For the First Time, CareCredit to Offer Financing for Service Packages Versus Single Services
The partnership builds on Synchrony's current relationship with Destination Pet's veterinary care centers and will allow clients to use their CareCredit card to pay for any Destination Pet service – boarding, daycare, grooming, training, or veterinary care – creating a seamless financing experience. Additionally, Pet parents now have the flexibility to use CareCredit to pay for an individual service, such as single visit to daycare, or they can pre-pay for a larger package of Destination Pet services to be used over time.
"Pet wellness is top of mind for pet owners, and today that includes everything from routine veterinary exams to behavioral training, group play, boarding and more," said Jonathan Wainberg, SVP and General Manager, Pet and Co-Brand, Health and Wellness, Synchrony. "Our partnership with Destination Pet not only solidifies our shared mission of improving the lives of pet families but is a significant milestone for Synchrony on our journey to broaden access to simple, flexible financing solutions for pet owners."
"Selecting a financing partner like Synchrony to streamline financing across the entire Destination Pet ecosystem will improve the experience for clients and furthers our commitment to becoming the go-to destination for pet care," said Jennifer Strickland Fowler, CEO, Destination Pet. "We look forward to offering pet parents the option to pay for all of our services with CareCredit."
Pet owners looking for a flexible way to pay for their pet's care can quickly confirm if they prequalify for the CareCredit credit card in real time, with no impact to their credit score, and apply on any smart device, at any Destination Pet location or veterinary practice or over the phone. A credit decision is immediate and if approved, they can use their account to pay the veterinarian right away. CareCredit offers shorter-term and longer-term financing options, including deferred interest, based on purchase amount, and a user-friendly online calculator that makes it easy for pet owners to quickly estimate monthly payments.
For more than 30 years, CareCredit has partnered with veterinary practices to streamline financial workflows and payment processes, reducing accounts receivable and improving cash flow. For pet owners, CareCredit has been a valuable financing option for all types of veterinary services, treatments and diagnostics, giving pet owners peace of mind and the confidence that they are ready to care for their beloved pets throughout their lifetime. CareCredit is offered in more than 25,000 veterinary practices across the
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to customers in their channel of choice. For more information, visit www.synchrony.com.
About Destination Pet
Destination Pet is a nationwide network of pet resorts and veterinary clinics dedicated to providing total pet wellbeing in more than 35 states via 190+ locations. Through their innovative Connected Care approach and first-of-its-kind, industry-leading pet app Yourgi, they guide consumers seamlessly through the complexity of pet care by offering convenient access to a comprehensive suite of pet care services from Boarding, daycare and grooming to training and veterinary medical care. For more information, visit www.destinationpet.com.
Contacts:
Lauren Devilbiss
Synchrony
Lauren.Devilbiss@syf.com
Susannah Thompson
Destination Pet
susannah.thompson@destpet.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/synchrony-expands-into-pet-resorts-with-carecredit-offering-at-destination-pet-302028846.html
SOURCE Synchrony
FAQ
What is the partnership between Synchrony and Destination Pet about?
What can clients use their CareCredit card for at Destination Pet?
How can pet owners apply for the CareCredit credit card?
How long has CareCredit been partnering with veterinary practices?
Where can I find more information about CareCredit?
