Almost 1 in 5, or 23 million, American households welcomed a new furry friend during the pandemic. However, the significance extends beyond the surge in pet adoptions. People are increasingly acknowledging that furry companions occupy a special and cherished place not only in their hearts but also in their homes.
This sentiment is now being harnessed by CareCredit, a Synchrony product, in its recent partnership with Destination Pet, a provider of veterinary care and pet services.
In this partnership, CareCredit intends to offer its go-to financing solution at all Destination Pet locations across the country, which includes boarding, daycare, grooming, training, veterinary care, and pet resorts.
But why put doggie daycare, grooming, and training on payments plans? And why pet resorts?
To discuss the details of the partnership, PYMNTS spoke to Jonathan Wainberg, GM of Synchrony’s Pet business.
“In our conversations with the executive team at Destination Pet — their customers are asking for it.”
Wainberg said the collaboration with Destination Pet was a natural fit, given their already existing partnership. Wainberg noted that CareCredit has been accepted for veterinary payments at Destination Pet’s hospitals and clinics for an extended period.
“People are still bringing pets into their family and at increased rates. And they are spending more,” Wainberg said.
Supporting this assertion is data indicating that in 2022, the global pet care market reached $235.32 billion and is anticipated to increase from $246.66 billion in 2023 to $368.88 billion by 2030. These figures clearly indicate why Synchrony is seeking to expand its market share in the industry.
Along with a growing demand for pet essentials such as kibble and nonessentials like pet fashion, the number of pets entering homes creates additional needs. Beyond health insurance, provided by Synchrony through Pets Best Pet Health Insurance — a service designed to prioritize your furry companions’ well-being with regular vet visits — there’s also a demand for grooming and boarding options.
Regarding pet daycare, Wainberg pointed out that in 2021, the expenditure reached about $1.2 billion. With an expected compound annual growth of about 10% over the next five to six years, this market holds substantial potential.
“We always want to be where our customer needs help,” Wainberg said. Synchrony is providing financing solutions and budget-friendly alternatives to assist in covering their pet-related expenses — whether it’s at the veterinarian, the groomer, or for pet insurance.
In a previous interview with PYMNTS, Wainberg said, “Can you imagine as a human finding out you had a heart attack, and being told you could get the double bypass, but it would cost more, so instead, you could get the single bypass surgery?”
The question illustrated the unique terms used in the veterinary field and the impact of costs in such discussions.
Unlike human healthcare, when pet owners visit a vet, they get treatment options and costs associated side by side. In human medical discussions, doctors usually don’t openly talk about costs during conversations.
Even though it might feel awkward, Wainberg and his team believe it’s an essential conversation, but it can be done in a matter where pet owners can prioritize their companion’s health without having to worry about finances first.
According to Wainberg, CareCredit is available in around 80% of vet clinics nationwide.
Read more: CareCredit Says Pets Deserve All Essentials, Not Just Kibble and Toys
And now, through the extended partnership with Destination Pet, pet parents can provide all their pets’ needs with the reassurance that they can pay with ease.
According to Wainberg, making the most of Synchrony’s offers through CareCredit involves getting a discount on insurance policies. This discount is available through Synchrony QR codes, placed at 190 Destination Pets locations, covering veterinary facilities, grooming, and wellness centers across the United States, featuring the CareCredit logo. Customers can use these codes for payments and access exclusive offers.
Those who are interested can check their eligibility for the CareCredit credit card in real time without affecting their credit score. They can apply using any smart device, at a veterinary practice or over the phone, with an instant credit decision. Approved users can use their account right away to pay for veterinary services and pay using flexible financing options, including deferred interest.
Wainberg said pet parents can also expect to see a broad marketing campaign which will share the benefits of the partnership with both current and potential customers.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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