During a No Interest If Paid In Full promotional period, patients are still required to make monthly payments. These payments are designed to be manageable while consistently reducing the balance.
Calculating the Payment
The minimum monthly payment is calculated based on the following:
Fixed Percentage: 2.25% of the total transaction amount.
Minimum Threshold: The monthly payment will never be lower than $29.
Principal Reduction
A significant benefit of this period is that 100% of the payments made are applied directly to the principal balance. Because no interest is accruing (provided the balance is paid in full by the end of the term), every dollar the patient pays goes toward clearing their original debt.
Tip for Staff: Remind patients that while there is a "minimum" payment required, they may need to pay more than the minimum each month to ensure the full balance is cleared before the promotional period expires.
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