Eyewear.

Sunbit Has A New Vision For The Eyewear Market: Sunbit offers flexible payment options for eyewear customers

Sunbit, a technology company focused on improving the buying and selling experience for everyday purchases, now offers eyewear consumers the ability to split their purchases into monthly installments. The application process takes 30 seconds, with about 90% of patients approved and all qualified customers get an option to split their purchase into three, interest-free monthly payments.

Sunbit’s technology has been used in more than 2,500 retail locations across the U.S where consumers have used the service to split their payments on everyday expenses at auto dealerships, dentists, veterinarians, college bookstores, bike shops and more. Sunbit recognized the need for flexible payment and financing options for eyewear and is rapidly scaling its monthly payment program at eyecare locations throughout the country – making it even easier for shoppers to pay for things like eyeglasses.

For many patients, paying for eyeglasses, a regular eye exam, or receiving eye care services is an expense that is not in their typical weekly or monthly budget. In fact, in 2016 the American Academy of Ophthalmology found that nearly two out of three American adults have reported eye or vision problems, and yet a significant percentage of them do not receive the medical attention or eye exam necessary. In a CDC study, nearly 40% of Americans surveyed skip eye exams due to costs and lack of insurance. And without the proper eye exam, patients aren’t getting the right prescription lenses.

Standard Optical, Total Vision Optometry, Henry Ford OptimEyes, Dr. Tavel and Eye Doctor’s Optical Outlets are just a few of the many regional optical chains nationwide rapidly adopting Sunbit’s technology to better serve their patients.

“It’s rare that a new technology comes along with such an immediate impact on our business and bottom line,” says Robert Mursuli, COO, Eye Doctors Optical Outlets, which has over 50 locations across Florida. “Sunbit fills a much-needed void in the optical retail experience and we’re proud to be partnering with them.”

Offering Sunbit transforms the accessibility of eyecare, eyeglasses, and other eye services for people across the credit spectrum. Sunbit’s services allow customers to split any eyecare bill over $60 into three monthly payments with 0% interest at no extra cost. This empowers more eyecare patients to get the eyewear they need, and to manage the costs over time.

“We are excited to partner with Sunbit to make vision care and eyewear more accessible for our patients,” said Mollie Tavel, Director, Growth Initiatives and Community Engagement for Dr. Tavel Optical Group. “We feel that providing a payment solution is key to giving patients the financial flexibility, variety and choice they want when selecting their eyewear style. Sunbit is designed specifically for in-store use and our sales associates feel great about offering customers an interest-free, transparent way to stretch their dollars. Our stores are already on pace for an additional $7,000 per month, per store in Sunbit revenue — all within the first month of implementation. It’s a real win for everyone!”

Dr. Brandon Sanchez, Owner of Total Vision Optometry stores in California, noted that Sunbit has been a game changer for his business — helping to boost their capture rate, upsell second pairs of eyeglasses and promote other high-value packages.

“We know that sometimes the cost of the unexpected – like glasses, replacement lenses, contact lenses and other important eyecare needs – can create stress in our lives,” said Geoff Leyon, Executive Director of Business Development. “That’s why we’re providing an alternative financing option to pay for the things we all need that doesn’t come with the risks of accumulating long-term debt. Using Sunbit has allowed eyecare providers to convert otherwise previously lost sales into repeat customers. We’re proud to partner with visioncare providers across the country to help them provide more of their great services to even more patients.”

Developed to serve consumers across the entire credit spectrum, Sunbit leverages machine learning technology to personalize underwriting solutions that result in transparent and fair rates for more people. Customers can choose to pay over three months with 0% interest, or six or twelve months with interest. Sunbit approves 90% of its applicants within about 30 seconds, offering rates comparable to many traditional credit cards.

ABOUT SUNBIT:
Sunbit is a technology company that’s improving the buying and selling experience for everyday purchases. Sunbit reduces the stress involved at the register by providing fast, fair, and transparent installment financing solutions to people across the credit spectrum. Sunbit is offered in more than 2,500 retail locations in 42 states, including one in ten auto dealerships, veterinary care, eye care, dental and specialty health care service industries.

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