Synchrony's CareCredit Selected as Preferred Financing Solution for The Veterinary Cooperative

Rhea-AI Summary

Synchrony (NYSE: SYF) has announced that its CareCredit health and wellness credit card will be the preferred financing option for members of The Veterinary Cooperative (TVC). This partnership aims to support independent vet practices with flexible financing options and administrative resources. TVC, the largest veterinary purchasing co-op in the country, has over 3,700 member locations nationwide.

CareCredit, with a 35-year history in veterinary financing, will provide TVC-partnered hospitals with administrative, marketing, and education support. This collaboration is expected to help improve veterinary practices and care offerings while addressing financial barriers for pet owners. Pet parents can quickly prequalify for the CareCredit card without impacting their credit score and use it immediately upon approval.

Positive

• Partnership with The Veterinary Cooperative expands CareCredit's reach to over 3,700 new member locations
• Potential for increased revenue through improved cash flow and reduced accounts receivable for veterinary practices
• Opportunity to capture more market share in the veterinary financing sector

Negative

• None.

New Partnership Will Support Independent Vet Practices with Flexible Financing Options and Administrative Resources

STAMFORD, Conn., July 18, 2024 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer finance company, has announced that its CareCredit health and wellness credit card will now be the preferred financing option for members of The Veterinary Cooperative (TVC), a positive cooperative community of veterinarians and suppliers who share a vision to provide the best animal care through independent veterinary practices. TVC is owned and guided by its independently owned veterinary members and is managed by professional cooperative personnel.

"As the largest veterinary purchasing co-op in the country, TVC shares our commitment to supporting independent vet practices to help them provide the best care possible," said Boo Larsen, SVP & General Manager, Veterinary and Pet Care, Synchrony. "This partnership will allow TVC's members to offer flexible financing options to clients through CareCredit, giving pet parents peace of mind and letting veterinary practitioners focus on high-quality service."

With more than 3,700 member locations nationwide, TVC-partnered hospitals will have access to administrative, marketing and education support from CareCredit to help improve their practices and care offerings.

"Today marks a significant milestone at TVC as CareCredit joins our ranks in support of independent veterinary practices," said Kim London, Director of Strategic Accounts, TVC. "This partnership exemplifies our shared commitment to ensuring TVC veterinarians can provide comprehensive care to as many patients as possible while financial barriers to veterinary care persist for many pet parents."

For more than 35 years, CareCredit has partnered with veterinary practices to help 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, helping to give 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 practice locations across the U.S.

Pet parents looking for a flexible way to pay for their animal's care can quickly see if they prequalify for the CareCredit credit card in real time on any smart device with no impact to their credit score. A decision is immediate, and upon approval they can use their account to pay the veterinarian right away. CareCredit offers promotional financing options and provides a user-friendly online calculator that makes it easy for pet owners to quickly estimate monthly payments. For more information, please visit www.carecredit.com.

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 The Veterinary Cooperative
The Veterinary Cooperative fosters relationships with privately owned veterinary hospitals and business partners to elevate the future of independent veterinary practice ownership. TVC is owned by nearly 4,000 independent veterinary hospitals nationwide that leverage the cooperative to negotiate more favorable supplier pricing, create educational content, shared resources and strengthen the collective voice of the independent veterinary community.

Contact:
Lauren Devilbiss
Synchrony
Lauren.Devilbiss@syf.com
240-814-5825

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SOURCE Synchrony

FAQ

What is the new partnership announced by Synchrony (SYF) for CareCredit?

Synchrony (SYF) announced that its CareCredit health and wellness credit card will be the preferred financing option for members of The Veterinary Cooperative (TVC), supporting independent vet practices with flexible financing options and administrative resources.

How many member locations does The Veterinary Cooperative (TVC) have for Synchrony's CareCredit?

The Veterinary Cooperative (TVC) has over 3,700 member locations nationwide, which will now have access to Synchrony's CareCredit as their preferred financing solution.

What benefits does CareCredit offer to veterinary practices partnered with Synchrony (SYF)?

CareCredit, offered by Synchrony (SYF), helps veterinary practices streamline financial workflows, reduce accounts receivable, improve cash flow, and provides administrative, marketing, and education support to improve their practices and care offerings.

How can pet owners apply for Synchrony's CareCredit card for veterinary expenses?

Pet owners can quickly prequalify for Synchrony's CareCredit credit card in real-time on any smart device with no impact to their credit score. Upon approval, they can use their account immediately to pay for veterinary services.