Success Stories

Real Customers, Real Results

Businesses across America are approving more customers, increasing revenue and gaining efficiencies thanks to LendingPoint Merchant Solutions

“Most of our patients like the 24-month Same as Cash option, and the application is simple to use, which makes our patients happy.”

Amber Lowery

Corporate Trainer

Monthly Requested Amount: Increased by 10X year-over-year

Monthly Funded Volume: Increased by 20X year-over-year

Monthly Applications: Increased by 4.5X year-over-year

Average loan size: $4,000

When was the last time you visited a doctor’s office and were cheerfully greeted by name? Spent less than 5 minutes in a waiting area? Offered a refreshment? Assisted to a seat, exam room, or walked out? We can’t remember either. That’s why Renuva staff and doctors are dedicated to providing white-glove service to each patient, every day.“We want to be the most recognized brand for pain relief, but do it non-invasively. We put the care back into health,” said Amber Lowery, Renuva Corporate Trainer.

Renuva has become known for its CoreCare treatment protocol, which is a scientific approach that applies leading-edge technologies and methods in a way that’s both methodical and proven to be effective. Their compassionate staff and doctors will take you through very specific phases of treatment that truly treat the root cause of your discomfort. Their goal is to determine the cause of your pain, promote natural healing, and get you back to the active life you’re now missing.

“Our patients are carried through a program, which may include decompression therapy, laser therapy, chiropractic adjustments and physical therapy,” explains Lowery. “We combine correction with healing: decompression therapy takes the pressure off of nerves that cause pain
and numbness; laser therapy helps to heal damaged tissue; and pain management and exercise builds muscle around the spine, holding corrections in place. We don’t want to apply a band-aid, but rather work to ensure we are correcting the problem and giving our patients a long-term solution.”

With four locations throughout the country and a fifth opening in August, Renuva customers are typically baby boomers in chronic pain, and a typical service will cost from a few hundred to $5,000. Because the cost of service falls outside of the typical American’s savings (which is generally less than $1,000), offering financing to patients is important to Renuva.

“Renuva offers a number of payment options including cash, check, credit card or 100% Financing (with approved credit) starting as low as $99 per month. In some of our locations, more than 50% of our procedures require financing.”

Renuva has worked with CareCredit for a number of years, but has struggled in fitting its procedures neatly into CareCredit’s financing requirements.

“Unfortunately, CareCredit treats Renuva as a typical chiropractic office and limits the financing available to $2,500 per procedure. But our typical patient needs financing for more than $3,000. As a result, CareCredit was declining a lot of our patients, and back office would limit the amount we could get financed at $2,500 and would wait to process second half until after the patient received services, which is not ideal from a risk perspective.”

Renuva started working with LoanHero (now LendingPoint Merchant Solutions) early in 2016 because they offer risk-based pricing to patients, are able to approve up to 90% of applications (and up to $15,000 per procedure), and are able to offer terms as long as 60 months and pricing as low as 12.99% APR, thanks to a partnership they formed with Quorum Federal Credit Union.

“The relationship has been very strong to date. Most of our patients like the 24-month Same as Cash option, and the application is simple to use, which makes our patients happy. If they aren’t technical, we can help them in the office. But if they prefer, they can apply from the comfort of their own home, making the process easier and more convenient.”

And just recently, Renuva upgraded lasers in every practice, which take half the time for therapy at three times the power. Innovation is key to the leadership at Renuva, and is imperative for the financing partner they choose as well.

“We liked the team not only because they are innovative and technology-focused (like us), but also because they have the patient’s best interest at heart. They ‘get’ the experience we are trying to offer to our customers, and their online platform fits seamlessly with our customer user experience.”

Laseraway

“Most financing companies are very paper heavy, but we liked the LoanHero team because they are young, innovative, and technology-focused. They ‘get’ the experience we are trying to offer to our customers, and their online platform fits seamlessly with our customer user experience.”

Todd Heckmann
Owner

Partnership has grown to 34 locations

Funded first $1M by February 2017

Tripled monthly funding average YOY

Average funded loan amount is $2,500

Since 2006, LaserAway has been driven by customer satisfaction and treatment results, and has expanded its hair and tattoo laser removals services to include body contouring & skin rejuvenation. LaserAway is the fastest growing company in the industry because of one simple reason:  they’ve mastered the science of smooth skin.

“I like to think that we are the best service for all non-invasive cosmetic procedures,” said Todd.  “We are a technology-oriented company that has stayed on top of the newest procedures for skin improvement, and we’re proud of our continued success.”

With the majority of their facilities located along the west coast, LaserAway serves a wide variety of clients, ranging from celebrity to blue-collar.  On average, a new client spends $1300 on their first service, and 50% require financing.  While LaserAway has been happy to seek out financing options for their clients, they have had to work with 5-6 different lenders to get approvals for everyone.

“It’s been a bit frustrating working with so many lenders because each one requires their own application, and nearly all of them require paper.  We are innovators, so this clunky system does not fit our ideal client experience.” LaserAway started working with the company that is now LendingPoint Merchant Solutions early in 2015 because they offer a streamlined technology for financing his customers, with one simple application and a number of different financing options. “Most financing companies are very paper heavy, but we liked the team because they are young, innovative, and technology-focused.  They ‘get’ the experience we are trying to offer to our customers, and their online platform fits seamlessly with our customer user experience.”

LaserAway has grown their partnership with LoanHero to 34 stores in the past 18 months, expects to have 100 stores within 5 years, and fully intends to incorporate LendingPoint Merchant Solutions financing into that growth plan.

“We have come to see that providing streamlined financing is an integral part of our success at LaserAway, and our recent 3X growth in loan volume in the past year is a clear sign of where we intend to take this relationship in the future.  If you are struggling to provide a streamlined financing solution to your customers, I strongly recommend incorporating their solutions into your growth strategy as well.”

aamco

“Our franchisees and their customers are of utmost importance to us. We want to provide them with all the tools they need to be successful, and to get back on the road. We are always looking for the best possible option for our franchisees, and were excited to learn about LoanHero’s innovative new financing platform.”

Jim Greggory
CFO

AAMCO Transmissions and Total Car Care is one of the most trusted and recognized “automotive” brands in the country.  That’s because for more than 50 years AAMCO has built a legacy of trust and expertise. With more than 650 locally owned and independent service centers, AAMCO employs the latest technology and the expert technicians who will diagnose your repair, fix it right the first time, and back it with a nationwide warranty. That’s why AAMCO has become one of the most trusted name in transmissions and is one of the fastest growing names in total car care. 

With services ranging from transmission care to to mutli-point brake inspection to radiator and cooling system maintenance, AAMCO realizes that car owners aren’t always planning for their vehicle to need a significant repair.

“We have a lot of customers that are not in a position to buy a new car and want to fix their car,” said Neill Evans, Franchisee at AAMCO Burbank.  “We just need to make it possible to get them back on the road.”

But Neill has grown skeptical of the financing options that were traditionally available to him and his customers.  “I have seen so many different financing products for my customers who are credit challenged. Every single one has let me down,” he explains.  “Some have had insurmountable hoops to jump through, and several have had hidden fees and costs that made the programs unrealistic for the customer.” 

Over the years, Neill did find some programs that worked at a price that his customers could afford, but “these programs only work for a very small piece of our customer pie.”

In seeking out a financing option that could work for a larger number of customers, Neill was introduced to LoanHero by AAMCO’s corporate CEO, Jim Gregory.  “Our franchisees and their customers are of utmost importance to us,” he explains.  “We want to provide them with all the tools they need to be successful, and to get back on the road.  We are always looking for the best possible option for our franchisees, and were excited to learn about LoanHero’s innovative new financing platform.”

LoanHero offers the AAMCO customer instantaneous financing at reasonable rates because they work with a number of lenders on the back end.  “We have found a lender for nearly every customer, whether your credit is strong or challenged,” said Derek Barclay, LoanHero (now LendingPoint Merchant Solutions) co-founder.  “It is our goal to find the most reasonable financing for every consumer and we leverage cutting-edge software to accomplish this.”

And since the launch of this financing partnership, AAMCO has been able to serve more customers than ever before.  Neill began offering LendingPoint Merchant Solutions financing to his customers several months ago, and has seen great success already.  “We now have a product that fits almost every customer and has become something we can count on.  As I listen to my manager offer upfront financing to our customers, I know he is offering a product the customer can count on. And it’s simple.”

AAMCO has since announced a nationwide partnership with the company, and will be rolling our platform out across all nationwide franchisees in the coming months.  “We not only offer trustworthy service for your vehicle, your old friend,” said Jim Gregory.  “We now offer trustworthy financing for all your car care needs.” 

The AAMCO partnership was the first national partnership the company secured following the announcement of its national rollout.

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