These days, people have a long list of things they’d love to get their hands on. And sure, some people can afford to grab everything right away. But for many, paying for everything at once isn’t practical. That's where financing comes in, giving you a way to offer your products and services smartly.
However, for businesses, taking on the entire financing process can be a bit overwhelming. This is the reason, many businesses are turning to third-party apps and platforms to handle financing for them. One of these handy apps is Cherry. It helps patients and consumers manage large expenses by breaking them down into smaller monthly payments. Moreover, Cherry Financing serves the dental care vertical, including other wellness services, tuition services, car or appliances, and many more.
| Cherry Transaction Fee: 1.90% |
However, in a competitive market, relying on just one financing option isn’t practical. Every business’ expectations and needs are unique, so a single solution won’t work for everyone.
So we’ve handpicked the top 5 Cherry alternatives just for you, complete with their features to help you make an informed choice.
Top 5 Alternatives To Cherry Financing Platform
1. Affirm
How Does It Work:
With Affirm, businesses allow customers to split the total cost of their purchase into manageable payments. For customers, the first payment is due either right at checkout or two weeks after they purchase. The remaining three payments will be automatically charged to their selected payment method every two weeks until the balance is cleared. You can think of it as one of the major Cherry alternatives.
Additionally, if you sell online, or in stores, you can tell your customers to use the Affirm mobile app. Plus, there’s a major perk—Affirm doesn’t charge any fees from your customers. And if they desire to pay off their balance early or in full before the due date, they won’t face any penalties.
Transaction Fee: Usually around 6% + $0.30 transaction fee per purchase.
Features:
- Conducts soft credit check.
- Affirm pays you upfront, typically within 1–3 business days of purchase.
- Takes up the risk of chargebacks and fraud.
- Integrating it into your existing systems is hassle-free.
- Some Affirm loans include credit reporting.
2. Credee
If you are looking for the best Cherry alternatives, then Credee can be your go-to choice.
How Does It Work:
Credee is a flexible financing solution for businesses seeking more sales and an increase in revenue. And it's payment plan options are designed keeping the unique business needs in mind.
The best part is no credit checks. So that you can offer financing to almost anyone, no matter their credit score. This accessibility makes it much easier for customers to say ‘yes’ to your services. Moreover, it keeps them loyal to you as they don’t have to ask third-party lenders to get financing from them.
On top of that, it integrates effortlessly with your website. Therefore your customers can easily browse and select payment plans at their convenience. Also, you can give a repayment timeline of 3, 6, 12 months, or even longer to your customers. And if you're concerned about debt recovery, don’t stress! Credee has an automated system that handles it all for you. Indeed, it’s like having a debt collection agency working 24/7 for you, sending reminders to your customers if they miss a payment.
Transaction Fee:
- Typically, the transaction fee varies based on the business type and the amount being processed.
- Businesses can offer a variety of payment plans, including a no-fee option, where businesses won’t incur any charges, and have full control over managing the transaction fees as they see fit.
Features:
- No credit checks, opening doors to more customers, and making your services more inclusive for everyone
- 97% approval rate eases the customers to get the payment plans they need, right when they need them.
- Set up payment plans directly from your website through API integrations.
- Auto-generated data insights and reporting for better decision-making.
- Features like CredeeBill for automating past-due collections.
- Multilingual support to expand business’ reach to a wider audience
Join Credee now and offer the most popular payment options to your customers.
Enroll Now3. BlueSnap
How Does It Work:
It’s an all-in-one solution, supporting various payment methods, currencies, and integrations. Therefore, managing payments is a whole lot easier.
Beyond the basic ones, BlueSnap offers handy features like subscription billing, fraud prevention, and analytics. It’s like having a tool to optimize your payment handling while keeping your customers happy. And with built-in support for taxes, chargebacks, and international regulations, you’re covered on all fronts.
Transaction Fee: Standard credit card transaction fee: 2.9% + $0.30 per transaction.
Features:
- Conduct periodic risk reviews and credit checks.
- Fees may vary based on transaction volume and risk profile.
- Custom pricing is available for businesses with specific payment needs.
- It offers tailored plans for recurring billing and subscriptions.
- In the U.S., BlueSnap could apply a surcharge to transactions, but it will always stay within the actual payment processing cost. Plus, there’s no surcharge when the customer is using a debit card.
4. Chargebee
How Does It Work:
Chargebee provides modular and integrated solutions including subscription management and recurring billing, collections, and customer retention. Subscription businesses can use them together or individually to power their recurring revenue lifecycle. What’s more - find untapped opportunities, and build a tech stack that supports your current and future strategies.
Companies at every stage of development from startups to enterprises can use this platform. Moreover, they can experiment with new offerings and monetization models.
Transaction Fee: $599 per month for up to USD 100K of billing per month.
Features:
- Create, manage, and modify subscription plans.
- Businesses can manage and recognize revenue in compliance with accounting standards like ASC 606.
- Offers multiple payment methods to recover overdue amounts.
- Includes key performance indicators (KPIs) such as Monthly Recurring Revenue (MRR) and Lifetime Value (LTV).
5. Afterpay
How Does It Work:
If you ask about Cherry alternatives, Affirm is definitely up there as one of the top picks. This platform is a buy now, pay later (BNPL) model. Businesses can offer customers the option to split their purchases into 4 interest-free installments.
Afterpay takes care of the whole payment process, from covering the payments to handling any risks like defaults. When you use Afterpay, you receive the full payment (minus a processing fee) within a few business days, even if the customer takes their time to pay. Besides this, it helps you get more traffic through its app and website. As a result, it builds loyalty by offering an easy, interest-free way to pay.
Transaction Fee:
- $0.30 fee per transaction
- Commission fee per transaction ranging from 4-6%
Features:
- Conducts soft credit check.
- It supports ACH payment processing.
- Provides businesses with data security and reporting and analysis capabilities.
- Helps get both debit and credit card processing.
- Suitable for customers doing online and partial payments.
Cherry Alternatives: A Breakdown Of Fees And Credit Check Requirements
| Platform | Fees | Credit Check Requirement |
|---|---|---|
| Affirm | 6% + $0.30 | Yes |
| Credee | Varies by business preference | No |
| BlueSnap | 2.9% + $0.30 per transaction | Yes |
| Chargebee | $599/month | Maybe |
| Afterpay | $0.30 | Soft credit check |
The Bottom Line
Having explored the best Cherry alternatives for 2024, you’re in a great spot to find the one that works best for your business.
The most important things you should check while choosing a platform are:
- First, analyze how much it will cost your business.
- Then, see how simple it is for your customers to get approved—more approvals mean more customers!
- Make sure it integrates well with your website or system. You’ll want a platform that offers good control and transparency.
- Finally, look for standout features like insightful reports, automated debt collection, no sneaky charges, and payment protection.
With all these features intact, you'll succeed in making your business more accessible. Plus, it will help build a sense of inclusivity. Subsequently, encourage more customers to buy from you, leading to increased sales and growth.
FAQs
1. What Are The Top Cherry Alternatives In 2024?
Top Cherry alternatives in 2024 are:
1. Credee
2. Affirm
3. BlueSnap
4. Chargebee
5. Afterpay
6. CareCredit
7. Lendtable
8. SimplePerks
And many more
2. Are There Alternatives To Cherry Financing For Bad Credit?
Yes, alternatives such as Credee offer financing to people regardless of their credit scores.
3. What Are Some Patient Financing Companies?
Some patient financing companies include:
1. Credee
2. CareCredit
3. LendingClub Patient Solutions
4. GreenSky
5. Alphaeon Credit
6. MediSprout
7. PatientFi
Grow Your Business Faster—Explore Credee's Flexible Payment Plans Today!
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