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Posted On: 01/16/2025 4:57:41 PM
Post# of 139
Gale Unveils New Integration to Ease Healthcare e-Commerce Payments
Health savings accounts are basically savings accounts that allow people to allocate funds for future healthcare expenses, like physician visits and prescription medications. A recent analysis found that millions of Americans have access to these tax-advantaged accounts but aren’t well-informed on how to utilize them.
Tom Griffiths, founder of Gale, explains that these funds aren’t used a lot because of confusion surrounding their products and services. To reduce this confusion, the firm focuses on allowing merchants to accept payments from consumers who are well-informed of what products they can purchase with their flexible spending account and health savings account cards.
Currently, about $3 billion in funds stashed in flexible spending accounts is forfeited each year. Latest figures also show that $150 billion remains unutilized in health savings accounts.
This is where the issue comes in: merchants cannot begin to accept payments from health savings accounts without the necessary infrastructure. Griffiths explains that conventional e-commerce payment processing results in high rejection rates for flexible spending and health savings accounts.
This led him to become a certified integrated payment provider and design advanced systems that could validate eligible products. Thus, Gale was born, a fintech platform focused on linking healthcare merchants with millions of health savings accounts users in America.
The platform contains features specially built for flexible spending account and health savings account transactions. The firm has also integrated with major platforms like Shopify, which enables merchants to activate acceptance of payments with minimal difficulties.
Currently, it is gaining a foothold in the women’s health sector. Already, Gale is working with firms like Besti Co., which offers sustainable and eco-friendly period care products, and Rif Care, which specializes in menstrual care and offers products that prioritize comfort, sustainability, and convenience.
These collaborations aren’t by chance either. Menstrual products were made eligible for purchase using flexible spending accounts and health savings accounts with the passage of the 2020 Cares Act, a legislation focused on containing the economic fallout from the coronavirus pandemic. This move created new opportunities for period care firms to take advantage of these funds.
New data shows that women are the main decision-makers when it comes to healthcare spending in households, making more than 80% of purchasing decisions regarding healthcare. This makes health products for women an ideal starting point for broadening the accessibility of health savings accounts.
Moving forward, Gale is focused on making it even easier for consumers to access the benefits accrued to them via these accounts while also establishing a new standard for healthcare spending.
It remains to be seen how other players like NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) in the healthcare e-commerce space build on or leverage the innovation that Gale has unveiled.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: http://BMW.fm/Disclaimer
Health savings accounts are basically savings accounts that allow people to allocate funds for future healthcare expenses, like physician visits and prescription medications. A recent analysis found that millions of Americans have access to these tax-advantaged accounts but aren’t well-informed on how to utilize them.
Tom Griffiths, founder of Gale, explains that these funds aren’t used a lot because of confusion surrounding their products and services. To reduce this confusion, the firm focuses on allowing merchants to accept payments from consumers who are well-informed of what products they can purchase with their flexible spending account and health savings account cards.
Currently, about $3 billion in funds stashed in flexible spending accounts is forfeited each year. Latest figures also show that $150 billion remains unutilized in health savings accounts.
This is where the issue comes in: merchants cannot begin to accept payments from health savings accounts without the necessary infrastructure. Griffiths explains that conventional e-commerce payment processing results in high rejection rates for flexible spending and health savings accounts.
This led him to become a certified integrated payment provider and design advanced systems that could validate eligible products. Thus, Gale was born, a fintech platform focused on linking healthcare merchants with millions of health savings accounts users in America.
The platform contains features specially built for flexible spending account and health savings account transactions. The firm has also integrated with major platforms like Shopify, which enables merchants to activate acceptance of payments with minimal difficulties.
Currently, it is gaining a foothold in the women’s health sector. Already, Gale is working with firms like Besti Co., which offers sustainable and eco-friendly period care products, and Rif Care, which specializes in menstrual care and offers products that prioritize comfort, sustainability, and convenience.
These collaborations aren’t by chance either. Menstrual products were made eligible for purchase using flexible spending accounts and health savings accounts with the passage of the 2020 Cares Act, a legislation focused on containing the economic fallout from the coronavirus pandemic. This move created new opportunities for period care firms to take advantage of these funds.
New data shows that women are the main decision-makers when it comes to healthcare spending in households, making more than 80% of purchasing decisions regarding healthcare. This makes health products for women an ideal starting point for broadening the accessibility of health savings accounts.
Moving forward, Gale is focused on making it even easier for consumers to access the benefits accrued to them via these accounts while also establishing a new standard for healthcare spending.
It remains to be seen how other players like NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) in the healthcare e-commerce space build on or leverage the innovation that Gale has unveiled.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: http://BMW.fm/Disclaimer
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