How to offer finance for wellness

Introduction

The wellness industry is booming. From fitness studios to holistic health centres, people are investing more in their well-being than ever before. Whether it’s yoga, meditation, or spa treatments, the wellness sector has evolved into a thriving market. However, despite the growing demand, many consumers are unable to afford wellness services upfront, creating a barrier for businesses looking to grow their customer base. This is where offering finance can make a significant difference. By providing flexible payment options, wellness businesses can make their services more accessible to a wider audience, increasing sales and customer satisfaction.

In this article, we will explore how to offer finance for wellness services, the benefits it can bring to your business, and how Kandoo, a UK retail finance broker, can help you implement these solutions seamlessly.

Why Offer Finance for Wellness?

Before diving into how to offer finance, it’s essential to understand why it's a good idea in the first place. Here are some key reasons why offering finance for wellness services can benefit both your business and your customers:

1. Increased Accessibility

Wellness services can be expensive, and not all customers have the financial resources to pay for them upfront. Offering finance options allows clients to spread the cost over several months, making it easier for them to commit to your services. By lowering the initial financial burden, you can attract a broader range of clients who may have otherwise been priced out.

2. Higher Conversion Rates

When customers are given the option to pay in instalments, they are more likely to commit to larger purchases. For example, someone might be more willing to sign up for a 12-month gym membership or a full spa package if they can pay for it over time. By offering finance, you can increase your conversion rates and overall revenue.

3. Increased Customer Loyalty

Offering finance options can improve customer loyalty. Clients who can afford your services thanks to flexible payment plans are more likely to return and continue using your services. Furthermore, by providing them with a positive financial experience, you create a bond of trust that encourages long-term relationships.

4. Competitive Advantage

In a crowded market, offering finance can set you apart from your competitors. If potential clients are choosing between two wellness providers, the one that offers more flexible payment options will often have the upper hand. This can be a significant differentiator in attracting new clients.

How to Offer Finance for Wellness Services

Now that we’ve established the benefits of offering finance, let’s take a closer look at how you can implement it within your wellness business. Here are some key steps to follow:

1. Understand Your Customers’ Needs

Before offering finance, it’s important to understand what your customers are looking for. Conduct surveys or speak to your clients to determine what kind of payment plans they would find helpful. Are they interested in short-term instalments, or would they prefer longer repayment periods? Understanding your customer base will help you tailor your finance options to suit their needs.

2. Partner with a Finance Broker

To offer finance effectively, you will need to partner with a finance broker who can manage the credit and loan applications on your behalf. A finance broker will act as an intermediary between your business and lenders, ensuring that your customers receive the best possible financing options. This is where Kandoo can play a pivotal role.

How Kandoo Can Help

Kandoo is a UK-based retail finance broker that specialises in helping businesses offer finance to their customers. By partnering with Kandoo, you can offer a range of flexible finance options to your clients without having to manage the credit process yourself. Kandoo works with a panel of lenders, ensuring that your customers receive competitive rates and terms that suit their financial situation.

One of the key advantages of working with Kandoo is the simplicity of the process. They offer an online platform where your customers can apply for finance in just a few clicks, and the application process is quick and straightforward. This ensures that your clients can access the funds they need without unnecessary delays or complications.

3. Choose the Right Finance Options

Not all finance options are created equal. When partnering with a broker like Kandoo, you’ll have the opportunity to offer different types of finance, depending on your business model and customer preferences. Some of the most common finance options for wellness services include:

• Interest-Free Credit: This allows customers to spread the cost of their purchase over several months without incurring any interest. Interest-free credit is a popular option for high-ticket items like annual memberships or wellness retreats.

• Low-Interest Credit: If interest-free credit isn’t feasible for your business, offering low-interest credit is another great option. This allows customers to pay off their purchase over time with a small interest charge, making it an affordable alternative to paying upfront.

• Buy Now, Pay Later: This option allows customers to receive your services immediately but delay payment for a set period, such as 30 or 60 days. Buy Now, Pay Later is ideal for clients who may need a short grace period before they can make a payment.

• Personal Loans: For customers looking to finance larger wellness packages or long-term services, personal loans can be a suitable option. Kandoo can facilitate personal loans, providing your clients with access to funds that they can use for any of your services.

4. Promote Your Finance Options

Once you’ve partnered with a finance broker and chosen the right payment plans, it’s time to promote these options to your clients. Make sure that your website clearly advertises the availability of finance, and train your staff to inform customers about the payment plans during consultations or sales interactions.

You can also create marketing campaigns around your finance options. For example, if you offer interest-free credit on annual memberships, promote this offer in your email newsletters, social media posts, and in-store displays. By making your finance options a key selling point, you can encourage more clients to take advantage of your services.

5. Ensure a Smooth Customer Experience

The process of applying for finance should be as seamless as possible for your customers. If the application process is too complicated or time-consuming, potential clients may become frustrated and abandon their purchase.

This is another area where Kandoo excels. Their platform is designed to make the finance application process quick and hassle-free. Customers can apply for finance directly from your website, and the approval process is typically completed within minutes. Once approved, the funds are made available to your clients so they can proceed with their purchase without delay.

6. Stay Compliant with Regulations

When offering finance, it’s essential to stay compliant with the Financial Conduct Authority (FCA) regulations in the UK. Partnering with a regulated broker like Kandoo ensures that your business remains compliant with all legal requirements. Kandoo is fully authorised and regulated by the FCA, which means they follow strict guidelines to ensure that finance is offered responsibly and transparently.

The Role of Kandoo in Your Wellness Business

As mentioned earlier, Kandoo is a trusted retail finance broker that can help you implement finance options for your wellness business. Here are some of the key benefits of working with Kandoo:

• Wide Range of Lenders: Kandoo works with a panel of lenders, giving your customers access to competitive rates and a variety of finance options. This ensures that you can cater to a wide range of financial situations and preferences.

• Simple Integration: Kandoo’s online platform can be easily integrated into your existing website, allowing customers to apply for finance without leaving your site. This seamless integration improves the customer experience and increases the likelihood of completed applications.

• Quick Approval Process: Kandoo’s platform is designed for speed and efficiency. Customers can receive approval for finance in a matter of minutes, allowing them to proceed with their purchase without unnecessary delays.

• FCA Compliance: As a fully regulated broker, Kandoo ensures that all finance options are offered in compliance with UK regulations. This gives you peace of mind, knowing that you are offering finance responsibly.

Conclusion

Offering finance for wellness services is a powerful way to make your offerings more accessible, increase your sales, and build customer loyalty. By partnering with a reputable finance broker like Kandoo, you can provide your clients with flexible payment options that meet their needs, while also ensuring a smooth and compliant process.

With the right finance options in place, you can attract more clients, differentiate yourself from competitors, and ultimately grow your wellness business. Whether you’re offering yoga classes, spa treatments, or holistic health services, providing flexible finance options is a win-win for both you and your customers.