Weave Adds Buy Now, Pay Later Offering to Streamline Payments in Small Healthcare Practices

Rhea-AI Summary

Weave (NYSE: WEAV) has launched a new Buy Now, Pay Later (BNPL) solution to enhance payment flexibility for healthcare providers and their patients. This offering, available through a partnership with Sunbit, is accessible to over 22,000 Weave customer locations in the U.S. The BNPL service boasts a 90% approval rate and quick 30-second applications, aiming to alleviate payment collection burdens for small practices. This initiative follows Weave's recent launch of an insurance verification tool, further expanding its suite of services for healthcare professionals.

Positive

• Launch of Buy Now, Pay Later solution enhances payment flexibility for 22,000+ customer locations.
• 90% approval rate and 30-second application process increase confidence in offering financing options.
• Integration with Sunbit's technology aims to drive more revenue for small healthcare practices.

Negative

• None.

The BNPL solution will be available in Weave’s all-in-one platform, eliminating payment hurdles for patients & providers

LEHI, Utah--(BUSINESS WIRE)-- Weave (NYSE: WEAV), the all-in-one customer communication platform for small business, has launched a Buy Now, Pay Later solution to help healthcare providers offer more payment flexibility to patients.

(Photo: Business Wire)

The new solution, powered through a partnership with Sunbit, the company building financial technology for everyday expenses, is now available to all of the over 22,000 Weave customer locations across the U.S. Customers can self-onboard to the product from within Weave’s all-in-one platform, giving small practices all the tools they need to offer patients a Buy Now, Pay Later option and to help the practice schedule more patients for the procedures and services they need.

Buy Now, Pay Later options in healthcare are increasingly important to patients and clients. A Weave survey of pet owners recently found that one in three owners are currently delaying needed procedures due to costs. Buy Now, Pay Later options give patients and clients the flexibility they need while alleviating the burdensome task of payment collection and billing that often falls to office staff.

“There are thousands of small healthcare offices across the country who are worried about their patients’ ability to pay with the current state of the economy,” said Weave CEO Roy Banks. “We’re proud to launch a new Buy Now, Pay Later product to ensure patients get the high-quality care they need when they need it and practices can focus on delivering that care and strengthening patient loyalty.”

The offering integrates Sunbit’s technology and Weave’s communications platform to help offices drive more revenue by making their offerings more accessible than before. With a 90% approval rate and 30-second applications, Buy Now, Pay Later helps offices be more confident presenting financing options to their patients so they can get the care, products and services they need. The solution offers fair and transparent payment terms, without fees of any kind.

“Small businesses deliver critical services to their local communities. By integrating pay over time technology, these practices enable their patients to get what they need, when they need it, instead of declining necessary care,” said Oded Vakrat, VP of Platform Partnerships, Sunbit. He continued, “I’m excited to watch this partnership unfold as exponentially more practices are able to give their patients access to the services they deserve, while simply paying over time."

The latest innovation from Weave follows close on the heels of the launch of Insurance Verification, a dental-only billing solution that automates the time-consuming process of verifying patient insurance eligibility and coverage. Learn more about Weave’s product innovations here.

About Weave

Weave is the all-in-one customer communications and engagement platform for small business. From the first phone call to the final invoice and every touchpoint in between, Weave connects the entire customer journey. Weave’s software solutions transform how local businesses attract, communicate with and engage customers to grow their business. The first Utah company to join Y Combinator, Weave has set the bar for Utah startup achievement & work culture. In the past year, Weave has been included in the Forbes Cloud 100, Inc. 5000 fastest-growing companies in America, and was certified as a Great Place to Work. To learn more, visit www.getweave.com/newsroom/

Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220727005251/en/

Kali Geldis

Director of Communications, Weave

pr@getweave.com

Source: Weave

FAQ

What is the new service launched by Weave (NYSE: WEAV)?

Weave has launched a Buy Now, Pay Later (BNPL) solution to enhance payment flexibility for healthcare providers and their patients.

How many customer locations can access Weave's new BNPL service?

The BNPL service is available to over 22,000 Weave customer locations across the U.S.

What is the approval rate for Weave's Buy Now, Pay Later solution?

The Buy Now, Pay Later solution boasts a 90% approval rate.

What is the application process for Weave's BNPL service?

The BNPL service features a fast application process, with approvals typically taking just 30 seconds.

What company partnered with Weave for the BNPL solution?

Weave partnered with Sunbit to provide the Buy Now, Pay Later solution.