Is there really NO INTEREST?
That's correct. You pay NO INTEREST. Only the amount you have authorized (the amount you owe the doctor) is paid. [ Return to Questions ]
So, what's the catch? There must be some hidden cost!
There is no catch. Your only cost is a small, one-time payment-plan processing fee charged by the practice to cover their cost of setting up the automatic bank drafts. [ Return to Questions ]
Can I be turned down?
DOCPAY turns no one down that has signed a draft authorization and has a legitimate bank account. However, doctors who use the DOCPAY drafting service often use DOCPAY as a special service to offer only to existing clients who have a good payment history with the practice in the past. Doctors do reserve the right to offer this convenient payment service only to their regular clients. [ Return to Questions ]
Will setting up a DOCPAY Payment Plan effect my credit rating?
No, setting up the payment plan will not effect your credit rating one way or the other. It also WILL NOT tie up any of your credit line. This is one of the big advantages to using DOCPAY over third party patient finance companies. Typically, a person can only have a certain amount in total credit card debt (cumulatively across all their accounts added together). Since a debt being paid off using DOCPAY is not reported to the credit bureau (unless the payment plan is not completed successfully), the DOCPAY debt does not decrease your credit line with other lenders. [ Return to Questions ]
Who qualifies for DOCPAY?
Anyone with a checking account that has been open for a least one year qualifies for DOCPAY. (Some doctors may have a requirement of a certain amount paid up front before they will offer DOCPAY to a patient). [ Return to Questions ]
What happens if there is not money in my account to cover my DOCPAY payment?
First, you need to make sure that you do not agree to a payment amount on a DOCPAY payment plan unless you feel certain that the funds WILL be available when it comes time to deposit the monthly drafts. The DOCPAY form you sign authorizes the practice to collect the full face value of the draft plus a $25-$30 NSF fee if the check bounces. This is in addition to any fees that your own bank charges for NSF items (which can easily be another $25-$30 per NSF check). If for some reason, you think there may not be enough money in your account to cover the monthly draft, then contact your doctor's office at least 2 days before the draft date and let them know to hold the deposit and when the draft should be deposited. [ Return to Questions ]
How long will my DOCPAY Payment Plan last?
As long as you and your doctor agree [ Return to Questions ]
How does DOCPAY compare to third party patient finance companies?
1. There is no interest charged!
2. Acceptance is not based on your credit rating.
3. Your credit worthiness is not reduced.
4. If a patient finance company offers "No interest" financing, there is usually a clause that allows them to retroactively charge a high interest rate if any of your payments are delinquent. With DOCPAY, the only charges are the small processing fee paid up front and any NSF charges that may apply if the payment bounces. [ Return to Questions ]
Does DOCPAY protect the confidentiality of my personal information?
YES, the doctor provides us with only the information required for printing your pre-authorized checks. Once DOCPAY receives your information it is NOT sold or distributed to any other person or organization. [ Return to Questions ]
Does my doctor offer DOCPAY Payment Plans?
We do not publish a list of the doctors using DOCPAY since we give them the assurance that we give you that we will not share your information. The best way to find out if your doctor offers DOCPAY is to ask him. If he doesn't currently offer it then he should, so tell him about it! (See below for a special offer that we provide to patients who refer their doctors to us). [ Return to Questions ]
Why doesn't my doctor offer DOCPAY?
If your doctor doesn't offer DOCPAY, it is likely because he is not familiar with our services. Share what you know about it with him. Then let us know to contact him and we will provide him the opportunity to participate. [ Return to Questions ]
SPECIAL FREE OFFER for patients who refer their doctor:
If you are the first patient to contact us about your doctor and your doctor then signs up to participate in the DOCPAY service, we will waive the payment plan processing fee for your DOCPAY Payment Plan. [ Return to Questions ]
