New possibilities in pet care space
Pulling at the leash: Our survey of over 600 veterinary and pet care practices found that these providers are now 51% more likely to finance equipment through a source that is not their deposit bank than they were in 2017.
Why it matters: Pet ownership is rising, and vets are busier than ever before. But increasingly they are looking for ways to grow their revenue streams, as labor costs have soared and consumer budgets are buckling from other pressures.
- New technologies and service capabilities can open doors to new revenues—which means many pet care businesses need a financing partner.
A closer look: Here are the newest equipment and technology areas of interest, according to those surveyed:
- Dental equipment
- Mobile units (trucks/vans)
Takeaway for brokers:
- Just 13% of the brokers in our ongoing survey efforts have a dedicated strategy to finance veterinary practices.
- In an environment where consumers are cutting back, ensuring their pets are cared for is an area they are highly unlikely to reduce spending.
- This means sound credits (now less supported by banks as their tightening activities persist) and a lightly competitive space among finance companies.
TimePayment can help. With flexible monthly payment options for equipment needs starting at $500 and reaching to $500,000 and beyond, you can trust our innovative technology tools and creative capital solutions to give customers the options needed to scale up with confidence.
*2023 Sawbux Greenwich Study of Commercial Finance Decision Makers