1. Synchrony and AmSpa extended their partnership, enhancing benefits for members. 2. Preferred rates for AmSpa members via CareCredit will start January 1, 2026. 3. The med spa industry is valued above $17 billion and is rapidly growing. 4. CareCredit offers flexible financing, benefiting both providers and customers. 5. The partnership aims to empower small businesses in the med spa sector.
FAQ
Why Bullish?
The partnership extension with AmSpa indicates growth potential for SYF in a lucrative market. Historical partnerships and similar initiatives have often led to increased revenue for financial service providers.
How important is it?
The financial service enhancements and growth metrics for the medical spa industry make this partnership significant to SYF's future performance.
Why Long Term?
This collaboration positions SYF for continuous revenue boost as the med spa industry expands, indicating sustained benefits beyond immediate effects.
CareCredit Partners with AmSpa to Enhance Member Benefits
Synchrony (NYSE: SYF), a leading consumer financial services company, has announced an extension of its partnership with the American Med Spa Association (AmSpa). This renewed collaboration aims to enhance the financial support available to AmSpa members, ensuring they have access to preferred transaction rates when utilizing CareCredit for patient payments. Effective January 1, 2026, this initiative is set to drive growth and provide substantial savings for AmSpa's 4,000+ members.
New Merchant Rates and Member Benefits
The revised merchant transaction rates will be accessible to both Basic and Plus members of AmSpa. Specifics include:
- Effective January 1, 2026, members using CareCredit will benefit from special tiered rates.
- Transactions of $200 or more will come with reduced financing terms.
This move is seen as a crucial step towards increasing accessibility and cost efficiency for medical spas as they navigate the growing industry landscape.
Implications for the Medical Spa Industry
The American Med Spa Association's latest State of the Industry Report indicates that the med spa sector is valued at over $17 billion and is projected to expand by more than $1 billion annually. With patients spending an average of $527 per visit, the necessity for accessible financing solutions has never been more apparent.
Jeff Miller, Senior Vice President and Specialty & Wellness General Manager at Synchrony, highlighted the urgency for financial support in the rapidly growing medical spa market: "This isn't merely about financing; it's about investing in the success of AmSpa members and rewarding their loyalty with tangible cost savings."
Empowering Practices Through Convenient Financing Options
CareCredit offers qualified cardholders the ability to finance aesthetic procedures over time, giving patients access to desired services without the burden of upfront costs. Additionally, the integration of CareCredit into practice management systems simplifies the payment process for both providers and clients.
With a network including over 24,000 cosmetic and dermatology locations, CareCredit is poised to support a variety of health and wellness providers aimed at patient care improvement.
About Synchrony and AmSpa
Synchrony (NYSE: SYF) has been a stalwart in providing consumer financing solutions for nearly 100 years, with a focus on helping individuals and businesses achieve their financial goals. Recognized as the country's #2 Best Company to Work For by Fortune magazine, Synchrony continues to innovate and support small and midsized businesses.
Founded to advance the medical spa industry, the American Med Spa Association (AmSpa) offers invaluable resources, training, and events that empower practices to thrive. By fostering the growth of its members, AmSpa bolsters patient care and business development across the nation.
For More Information
To learn more about CareCredit, please visit www.carecredit.com. More details about the American Med Spa Association can be found at https://americanmedspa.org.