Synchrony launches a consumer financing tool

Synchrony has launched Allegro Credit, a point-of-sale (POS) consumer finance solution for the hearing industry.

The new tool, launched through practice management platform Sycle, helps audiology providers offer financing options, such as healthcare credit cards and installment loans, according to a Thursday press release. October 13. The launch represents an extension of Synchrony’s partnership with Sycle.

“Technology partnerships with leading organizations like Sycle are critical to helping vendors ensure they can meet the demands of today’s changing consumer behaviors,” said Synchrony’s senior vice president. and Specialty General Manager Greg Pierce in the release. “Through this offering, patients can get the financing solution that’s right for them and get the hearing technology they want and need to live a connected life.”

Thanks to the integration, information from patients who request it is automatically transferred to the Allegro Credit application. From there, providers or clinics fill out a few fields of information, click “submit,” and get a credit decision in seconds, the statement said.

The integration also helps clinics identify pre-approved patients from their Sycle practice management software prior to appointments, “which can help them have more confident financial conversations knowing they can resolve potential cost issues before they become a barrier to care,” according to the Liberation.

Last month, PYMNTS’ Karen Webster spoke with Shannon Burke, Senior Vice President and General Manager of Healthcare Systems at Synchrony, about the healthcare payments industry’s adoption of an omnichannel model. .

Read more: Healthcare Industry Takes Inspiration From Omnichannel Retail Payments Playbook

For years, healthcare payment was an afterthought, she said, and the rise of highly interconnected omnichannel healthcare combines all of this into a single stream.

“This clinical and financial journey, starting at the beginning, has to be woven together,” Burke said. “It can no longer be a separate trip. It is this philosophical understanding that payment is as important to the patient, and patients will make decisions about their payment experience the same way they make their clinic.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more