November 1, 2022
Carefeed is a comprehensive communication platform designed for the healthcare industry, primarily focusing on senior care facilities. The platform facilitates secure, real-time communication between caregivers, patients, and their families, enhancing the quality of care and ensuring that important information is readily accessible. Carefeed's services include messaging, document sharing, and digital forms, aiming to streamline operations and improve patient outcomes.
Carefeed began as a comprehensive communication platform designed for senior care facilities, but as its company expanded, so did its payment processing needs. It required a solution that could handle a large volume of secure, real-time transactions while integrating seamlessly with its existing platform.
Mike Alley, Carefeed's Head of Payments, reached out because he was familiar with Pay Theory's capabilities from his previous experiences. At that time, Carefeed was not involved in payments and needed guidance to set up its payment acceptance infrastructure. Pay Theory provided the hands-on support they required. This collaboration provided Carefeed with a tailored payment solution that met their unique requirements and facilitated their continued growth.
Carefeed's mission is to create a unified platform that eases the complexities of navigating multiple systems. Carefeed needs a payment processor that can combine payments into this vision. This would simplify financial transactions for all merchants and provide a seamless integration experience within a single platform.
Payments-Driven Revenue Stream: Establish a payments-driven revenue stream with flexible, competitive pricing that boosts adoption, rewards growth, and scales with Carefeed's expansion.
All-Access Payment Solution: Card, ACH, and Cash acceptance to ensure all stakeholders can easily make and receive payments through their preferred method.
Flexible, Merchant-focused Payment Tools: From automated merchant boarding to recurring payments capability to flexible merchant settlement parameters, and custom metadata driven reporting, Carefeed needed tools to drive payment completion, manage repeat billing effectively, efficiently, and transparently, as well as ensuring consistent cash flow while reducing administrative burdens.
Move Fast: Carefeed needed a solution that was easy to embed in their existing software solution. Speed to market and ease of implementation were paramount.
Pay Theory is a single contact point for the payment industry, integrating various payment interfaces into one cohesive system. This inclusivity ensures that everyone within the payment ecosystem can participate, from card and ACH to cash payments.
Payments-Driven Revenue Stream: Pay Theory delivered a flexible, competitive pricing model that fosters adoption and rewards growth. The scalable solution allows Carefeed to expand its payments-driven revenue stream effectively, significantly increasing its Total Addressable Market.
All-Access: Omni-Channel Payment Solution: Pay Theory provides a unified platform that supports card, ACH, and cash payments. This flexibility ensures that all users, regardless of their payment preferences, can seamlessly transact on Carefeed.
Flexible, Merchant-focused Payment Tools: Pay Theory supplied Carefeed with flexible, merchant-focused payment tools, including customizable settlement parameters and custom metadata-driven reporting. This allowed Carefeed to tailor payout schedules, gain detailed insights into transactions, and efficiently manage finances, ensuring consistent cash flow and reducing administrative burdens.
Move Fast: Pay Theory provided Carefeed with a solution that integrated quickly and easily into their existing software. This rapid implementation allowed Carefeed to market swiftly while ensuring efficient payment processing and management.
Increased Access: Expanded payment options have led to higher user adoption rates, making it easier for patients and families to manage their financial obligations.
Streamlined Operations: The integration of recurring payments and a unified payment platform has reduced administrative tasks, allowing staff to focus more on patient care.
Revenue Growth: The flexible pricing model and innovative payment solutions have driven revenue growth, contributing significantly to Carefeed's financial goals.
Carefeed's partnership with Pay Theory has enhanced the payment experience for senior care communities while aligning with Carefeed's broader vision of an all-in-one platform.
For more information on how Pay Theory can transform your payment processes and enhance your platform's capabilities, contact us today to schedule a consultation and discover the benefits of an inclusive, embedded payment solution.
