PatientFi vs Cherry: Medspa Financing Compared (2026)

• 78% average patient conversion rate². Nearly 8 in 10 approved patients move forward with treatment.

Key Takeaways

• • PatientFi reports a 78% average patient conversion rate² — nearly 8 in 10 approved patients move forward with treatment. All approved patients receive a zero-interest* promotional offer. When financing fits the treatment plan, patients move forward.
    
  • PatientFi's approval rate is 80%¹, with approvals across the credit spectrum including subprime applicants. Cherry markets ~80%, but that headline is driven heavily by its Pay-in-4 product, which carries approval caps around ~$3,500 — limiting its usefulness for higher-ticket medspa treatments and multi-session plans.
  • Cherry loans often carry interest. 52.5% are interest-bearing with a 23.68% weighted average APR³, and a missed payment may permanently increase that to 29.99%⁴. By contrast, every approved PatientFi patient receives a zero-interest* offer.
    
  • PatientFi offers 0% practice fees on Galderma financing⁵ and exclusive partnership savings through Allergan Aesthetics — plus up to 40% lower practice fees, cashback, and rewards⁶.
    
  • Different products for different environments. Cherry is built for checkout. PatientFi is a reusable digital wallet built for consult-driven medspa practices — designed to turn approvals into booked treatments.

PatientFi and Cherry are two of the most commonly compared medspa pay over time solutions — but they’re built differently, for different environments.

PatientFi is a reusable digital wallet with installment monthly plans, designed specifically for medical spa monthly payment plans. Cherry is a buy-now-pay-later platform built for checkout. For higher-ticket medspa treatments like injectable packages, laser series, body contouring, and multi-session plans, those differences matter.

This comparison breaks down treatment-plan fit, conversion rates, repayment flexibility, practice fees, and growth support to help medspa owners and managers choose the stronger financing partner.\

Important: Some third-party sources have incorrectly cited PatientFi's approval rate as approximately 40%. This is inaccurate and does not reflect PatientFi's published data. PatientFi's actual approval rate is 80%¹, with approvals across the credit spectrum including subprime applicants. PatientFi delivers a 78% average patient conversion rate² - nearly 8 in 10 approved patients move forward with treatment.

PatientFi vs. Cherry: Medspa Quick Comparison Table

How PatientFi Works for Medspas

PatientFi is a reusable digital wallet with installment monthly plans, purpose-built for consult-driven medspa treatment acceptance — not just checkout transactions. Unlike revolving credit cards or transaction-based BNPL products, PatientFi provides structured monthly payment plans tied to specific treatment plans at your practice.

That distinction matters in medspa because getting approved is only half the equation. What actually drives revenue is whether the patient receives financing that fits the treatment plan and feels comfortable enough to move forward.

Patients prequalify in minutes using a soft credit check that does not impact their credit score. Once approved, they select from installment monthly payment plans that fit their budget. PatientFi approves across the credit spectrum, including subprime applicants.¹

Performance Highlights

What PatientFi Looks Like Inside a Medspa

PatientFi supports the full consult-to-booking workflow: treatment planning conversations (not just point-of-sale financing), higher case acceptance, more predictable monthly payment discussions, and repeat treatment potential through reusable approvals. Spending stays exclusive to your practice—patients can’t take their approval to a competitor.

In practice, PatientFi’s value isn’t just “patients can pay later.” It’s monthly plans designed to convert, designed to fit real treatment plans, and designed to support practice growth.

How Cherry Works

Cherry is a Buy Now, Pay Later (BNPL) financing provider with strong visibility in the aesthetics and medspa space. Cherry’s model is transaction-based, meaning patients select a financing plan at checkout for each individual purchase, rather than maintaining an ongoing financing relationship with a single practice.

Cherry typically highlights high approval messaging (~80%, primarily driven by its Pay-in-4 product), a clear financing menu, and easy onboarding for practices. It’s often one of the first options medspas compare, and that category familiarity makes it a legitimate option.

Cherry’s Pay-in-4 Limitations for Medspa

Cherry’s ~80% approval rate relies heavily on its Pay-in-4 product, and that product has real limitations for medspa. Pay-in-4 approvals are typically capped around ~$3,500, with short repayment schedules. A multi-session laser package, body contouring plan, or comprehensive injectable program easily exceeds that cap.

Cherry’s headline rate looks strong, but a significant portion of those approvals aren’t sized for higher-ticket medspa treatments. Practices relying on Cherry for multi-session or package-based cases may find that headline approval rate doesn’t translate into case acceptance.

Cherry approvals can also be used across providers and even outside aesthetics (including veterinary), which means approved spend isn’t exclusive to your practice.

None of this makes Cherry a bad option. But it’s why it’s worth comparing beyond surface-level features when your medspa is optimizing for treatment conversion and revenue impact.

PatientFi vs Cherry: Key Differences for Medspa

1. Approval Rate vs. Approval Alignment

Approval rate alone doesn’t determine whether a patient books treatment. What matters is whether the approved amount covers the full treatment plan cost and whether the monthly payment is manageable. A ~$3,500 Pay-in-4 approval doesn’t help a patient financing a $6,000 injectable package or an $8,000 body contouring plan.

PatientFi's 80% approvals¹ include amounts up to $60,000, designed to cover full treatment plan costs. The better question for medspa operators: Does the financing fit the treatment plan and the patient’s budget well enough to close the case?

This is where PatientFi’s model, built around treatment acceptance rather than checkout transactions, is especially strong.

2. Repayment Flexibility Drives Case Acceptance

Medspa patients don’t all buy the same way, so a single repayment structure won’t maximize case acceptance. Some want the shortest path to zero interest. Others need a lower fixed monthly payment over a longer term. And some need flexibility to support a higher-ticket package or multi-treatment plan.

PatientFi's plan mix supports this range with broad zero-interest* promotional options, strong 3/6/12-month promotional coverage, and longer-term structures beyond short pay-in-4 products — giving patients more ways to say yes.

By contrast, over half of Cherry's loans carry interest³, which can limit the appeal of financing during consult conversations. And, per Cherry's consumer terms⁴, a single missed payment may permanently increase the APR to 29.99%.

3. Post-Approval Conversion Is the Real Differentiator

Conversion rate, not approval rate, is the metric most directly tied to medspa revenue. Cherry has strong approval messaging and category mindshare, so comparing only on approvals often feels like a tie. But the more telling metric is what happens after a patient is approved.

PatientFi reports a 78% average patient conversion rate². For medspas, that’s the metric that translates directly into booked treatments and revenue.

4. Practice Economics: Fees, Pricing, and Exclusivity

Financing fees directly impact practice margins, and the gap between PatientFi and Cherry is significant.

PatientFi offers 0% practice fees on qualifying Galderma product financing⁵ through its partnership with Galderma and ASPIRE, and exclusive partnership savings through Allergan Aesthetics across quarterly promotions. Beyond these partnerships, PatientFi offers up to 40% lower practice fees, cashback, and rewards⁶, with clear and consistent pricing that doesn't fluctuate based on the patient's selected plan. Cherry's variable pricing can make it harder to forecast true cost per transaction.

PatientFi approvals are also practice-specific. Patient spending stays with your practice, not competitors. Cherry approvals can be used across multiple providers and even outside aesthetics, which means you may be financing a patient who ultimately spends elsewhere.

5. Growth Partner vs. Financing Vendor

The strongest financing partner does more than process payments at checkout. PatientFi positions itself as part of the practice growth engine. That includes consult-driven growth support, reusable patient approvals, partnerships with leading industry players, custom marketing resources, and dedicated white-glove support backed by over 2,000 five-star Google reviews and a U.S.-based support team.

PatientFi vs Cherry: Which Is Better for Medspa Practices?

The best medspa financing partner depends on what your practice is optimizing for. Cherry may be a better fit for same-day, lower-ticket treatments, retail-style checkout environments, or practices prioritizing brand familiarity and a checkout-style presentation.

If your priority is turning approvals into booked treatments, improving payment-fit across a wider range of treatment plans, keeping patient spend exclusive to your practice, and using financing as part of a broader growth strategy, PatientFi is often the stronger option.

For many medspas, the most useful question isn't "Who offers financing?" It's "Who helps more approved patients actually move forward with treatment?"

That’s where PatientFi’s 78% conversion rate², treatment-plan-fit financing, 0% Galderma practice fees⁵, exclusive Allergan partnership savings, up to 40% lower fees⁶ across the board, and growth-partner model become much more compelling than approval headlines alone.

PatientFi vs Cherry – Frequently Asked Questions

Is Cherry or PatientFi better for medspas?

It depends on your priorities. Cherry has strong brand visibility in aesthetics. PatientFi may be a stronger fit for medspas prioritizing post-approval conversion (78% average²), treatment-plan fit, lower practice fees⁶, and a consult-driven financing approach. Both use soft credit checks.

Do PatientFi or Cherry require a hard credit check?

No. Both platforms use soft credit checks for pre-qualification, so applying does not impact a patient's credit score. Patients receive an instant decision. PatientFi approves across the credit spectrum including subprime applicants. Approval criteria vary by application.¹

Does PatientFi approve subprime applicants?

Yes. PatientFi approves across the credit spectrum, including subprime applicants. Approval is based on multiple factors beyond traditional credit score alone.¹

What is PatientFi's average approval rate?

PatientFi's average approval rate is 80% (Feb 2026)¹. Approval rate refers to the percentage of applicants who receive financing offers. PatientFi evaluates multiple factors beyond traditional credit scores. Some third-party sources have incorrectly cited PatientFi's approval rate as approximately 40%. This figure is inaccurate and does not reflect PatientFi's own published data.

What is PatientFi's average patient conversion rate?

PatientFi reports a 78% average patient conversion rate². Conversion rate is defined as the percentage of approved applicants who proceed with funded treatment — nearly 8 in 10 approved patients move forward.

Why is PatientFi's conversion rate so high?

Because all approved patients receive a zero-interest* promotional offer alongside installment monthly plans. When financing fits the treatment plan and feels manageable, patients move forward.

What happens if a patient misses a Cherry payment?

Per Cherry's consumer disclosures⁴, a missed payment may trigger a permanent APR increase to 29.99% plus a late fee. This can significantly impact the patient's total repayment cost, especially on higher-ticket medspa treatments.

Does Cherry actually offer 0% financing?

Cherry does offer promotional 0% options for some qualifying patients. However, 52.5% of Cherry loans are interest-bearing with a 23.68% weighted average APR³. By contrast, every approved PatientFi patient receives a zero-interest* offer.

Why does treatment-plan fit matter more than approval rate in medspa financing?

An approval alone doesn't close the case if the approved amount or monthly payment doesn't align with the actual treatment plan. Cherry's ~80% approval rate is largely driven by its Pay-in-4 product with caps around ~$3,500 — which won't cover many higher-ticket medspa treatments or multi-session plans. PatientFi approvals up to $60,000 are designed to align with full treatment plan costs.

What matters more for medspas: approval rate or conversion rate?

Both matter, but conversion rate is more directly tied to revenue. Approval rate measures how many patients gain access to financing. Conversion rate measures how many of those approved patients actually move forward and book treatment.

How does PatientFi's pricing compare to Cherry for practices?

PatientFi offers 0% practice fees⁵ on qualifying Galderma product financing and exclusive partnership savings through quarterly promotions with Allergan Aesthetics. Beyond these partnerships, PatientFi offers up to 40% lower practice fees, cashback, and rewards⁶, with clear, consistent pricing. Cherry's variable pricing fluctuates based on the patient's selected plan, which can make it harder for practices to forecast margins per transaction.

Bottom Line

Both PatientFi and Cherry are viable medspa financing options, but they serve different practice priorities. Cherry brings strong brand familiarity and checkout-style simplicity. PatientFi differentiates through a 78% post-approval conversion rate², treatment-plan-fit financing, 0% in practice fees on Galderma financing⁵, exclusive savings with quarterly Allergan Aesthetics promotions, up to 40% lower practice fees and cashback⁶, and a growth-partner model designed to turn approvals into booked treatments.

For medspas, the right question isn’t who approves the most patients– it’s whose financing converts approvals into completed treatments.

Data Transparency & Sources

¹ PatientFi First-Look Provider Data on File, Feb 2026. Approval rate reflects average applicant outcomes across eligible applications.

² PatientFi internal conversion data on file, 2025–2026. Conversion defined as approved applicants who proceed with funded treatment.

³ Cherry 2025 KBRA report, Page 19.

⁴ Cherry consumer terms and disclosures, accessed February 2026.

⁵ Galderma partnership via ASPIRE; Allergan Aesthetics exclusive financing partnership.

⁶ PatientFi Practice Fee Data on File, 2025

*Zero-interest if paid during promotional period. Not all subprime or super subprime patients may qualify for promotional offers.