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.
|
Feature |
PatientFi |
Cherry Financing |
|
Financing Model |
Reusable digital wallet with monthly payment plans |
Buy-now-pay-later, transaction-based |
|
Built for |
Consult-driven treatment acceptance |
Point-of-sale checkout |
|
Soft Credit Check |
✓ Yes |
✓ Yes |
|
Post-Approval Conversion |
~78%² |
Lower reported conversion performance |
|
Approval Structure |
80% approval rate (Feb 2026)¹ |
Markets ~80%, primarily driven by Pay-in-4 products |
|
Pay-in-4 Approval Cap |
N/A, approval amounts up to $60,000 |
~$3,500 cap — may not cover full treatment plan cost |
|
Practice Exclusivity |
Practice-specific approvals |
Can be used across providers, including outside aesthetics |
|
Zero-Interest Promo Coverage |
All approved patients receive a zero-interest* offer |
Promotional availability varies; 52.5% of loans are interest-bearing³ |
|
Reusable Approvals |
Yes — patients reuse without reapplying |
No — financing selected per transaction |
|
Practice Fees |
0% practice fees on Galderma financing⁵; exclusive Allergan Aesthetics partnership savings; up to 40% lower fees and cashback⁶ |
Higher merchant fees reported; variable pricing based on selected plan |
|
Repayment Structure |
Fixed monthly installments OR zero-interest* promotional window (3/6/12 months) + longer-term options |
Short-term installment structure |
|
U.S.-Based Live Support |
✓ Yes + 2,000+ verified 5-star Google reviews |
Support available |
|
Prepayment Penalties |
None |
None |
|
Revenue Impact |
Designed to increase consult-to-procedure conversion |
Designed for checkout payment tools |
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
PatientFi — Performance Highlights
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.
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 ~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.
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.
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.
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.
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.
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.
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.
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.