Cherry

Cherry Technologies Inc., operating under the name Cherry, is a financial technology company that provides a point-of-sale financing platform for medical and wellness practices. The company was co-founded in 2017 by Felix Steinmeyer (CEO) and Charles Mourani (CTO). Steinmeyer's background, which includes a Master's in Computer Science and an MBA from Stanford University, along with prior entrepreneurial experience with the acquired startup Mason, provides a foundation of both technical and business expertise for the company's direction.

The firm's primary offering is a "buy now, pay later" solution tailored for the healthcare and wellness sectors, including dental, medical aesthetics, plastic surgery, and veterinary services. Cherry's business model centers on partnering with these medical practices to offer their patients flexible payment plans for treatments that can range from $200 to $10,000. This enables practices to increase treatment acceptance and sales volume, while patients can defer the full cost of procedures and pay in manageable monthly installments. Revenue is generated through a combination of fees from partner practices and interest income from the consumer loans it facilitates.

The platform is designed for ease of use, featuring a quick application process for patients that involves a soft credit check, which does not impact their credit score. Approved patients receive instant funding and can choose from various payment plans, some of which offer 0% APR for a qualifying period. The process is managed digitally, with practices sending a checkout link to the patient's phone to select a plan and complete the transaction. Cherry manages the repayment process directly with the patient through an online portal, allowing the medical practice to receive upfront payment within a few business days.

Keywords: patient financing, buy now pay later, healthcare payments, medical financing, fintech, point-of-sale financing, dental financing, aesthetic financing, veterinary payments, BNPL, flexible payments, healthcare credit, medical loans, practice management software, patient payment solutions, financial technology, installment payments, merchant financing, consumer lending, treatment financing