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Beauty Bank is an exciting membership program offered by Portrait Health Inc. that gives clients the opportunity to accumulate funds to use towards services and obtain exclusive offers redeemable through Portrait-affiliated aesthetics businesses.
Beauty Bank is a great way to build deeper patient relationships and generate recurring revenue. Patients who sign up often spend more throughout the year due to the minimized sticker shock of treatments. It also allows for more impactful results and helps providers build customer loyalty with other custom perks.
The recording below is a step-by-step instruction on how to enroll a patient in Beauty Bank
How the Membership Works:
A patient agrees to pay a monthly membership fee of $99 throughout a 12 month period. Included with each new membership, the patient automatically receives a one-time $100 account credit, and they are eligible for exclusive offers designed by the Provider.
The payments are held as a credit on the patient’s EHR account, roll over to the next month, and do not expire.
The Beauty Bank membership fee will be deducted upon the Beauty Bank membership start date and will be automatically withdrawn monthly thereafter.
Patients are not permitted to pause their membership at any time or cancel within the first 12 months (exclusions apply).
Communication Policy:
Providers are solely responsible for accurately communicating all membership details to patients before, during, and after agreement. This includes all information regarding Beauty Bank Membership, fees, renewals, cancellations, offers, etc. It should be recommended, by the provider, for the patient to read the full Beauty Bank Membership agreement before signing.
Cancellation Policy:
Patients have the right to terminate their Beauty Bank Membership by providing written notice to hello@portraitcare.com at least thirty (30) days prior to the end of the Initial Term or any Renewal Term (“Termination Period”). Membership can only be canceled at the conclusion of the Initial Term or the conclusion of a Renewal Terms. Any accumulated funds within a patient’s Beauty Bank will remain available after termination of their Beauty Bank Membership.
Beauty Bank Membership cannot be terminated during any other period unless due to:
- Death
- A change in residence that is more than twenty five (25) miles from a Portrait Collective provider studio location
- Patient is called to active duty by the United States military outside of state of residence
Terms, Policies & Conditions:
Membership details: The monthly Beauty Bank Membership Fee will be made in advance by direct debit from the member’s designated credit/debit card, which shall be kept on file by Portrait. The patient is responsible for ensuring the credit/debit card on file for their membership is valid to avoid suspension of membership, $25 late fee, or termination of the agreement without access to processed funds or offers.
The Beauty Bank Membership Fee will be deducted upon the Beauty Bank Membership Start Date and will be automatically withdrawn monthly thereafter.
Gift cards may not be redeemed to pay for any portion of the monthly Beauty Bank Membership Fee.
The initial membership term is twelve (12) months.
Membership will automatically renew for an additional twelve (12) months at the end of the Initial Term (“Renewal Term”) or any subsequent Renewal Terms, unless terminated in accordance with the Beauty Bank Terms and Conditions.
Exclusive offers will be communicated by our Providers and are subject to change or cancellation without advance notice to members. Exclusive offerings made available to Beauty Bank members cannot be combined with any other promotions or discounts. All services that are rendered must be paid in full on the day they are received.
Treatments: Funds can be used for treatments performed by any Portrait-affiliated provider at any Portrait-affiliated location. Funds cannot be used towards retail sales, for example, at-home skincare products.
All treatments, procedures, and prepaid services are non-refundable and payment is due in full at time of service. Payment is for the treatment(s) and/or procedure(s) performed and not for any specific result. Aesthetic results are variable and are not guaranteed. Clients are responsible for payment for further treatments needed to achieve further results.
Credits: Prepaid service credits and accumulated Beauty Bank funds are non-transferable. Beauty Bank accumulated funds are only refundable under limited circumstances in accordance with the Beauty Bank membership agreement terms and conditions.
Additional information can be found at https://www.portraitcare.com/bb.
Updates to Beauty Bank Policy
Plan for membership offers using specific perks:
After 6 months of data following the Beauty Bank beta launch, we found that 3 perks — Illuminize Peel, Vitalize Peel, and Microneedling — can cause providers to lose margin and negatively impact their earnings.
If providers choose to continue offering any of these 3 products as Beauty Bank perks in the new year, they are responsible for covering the wholesale cost of these products — not Portrait. The wholesale cost will be deducted from the provider’s paycheck, and these transactions will not impact the price floor. The current wholesale cost of the items as of 11/6 is:
Illuminize Peel - $21.46 / peel
Vitalize Peel - $36.86 / peel
Microneedling (this does not apply to Microneedling + PRF) - $48.37
Please note in our upgraded Luxe instance, providers are compensated on a Net Model, so there is no concept of price floors or approved discounts.
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Charge a customer for a past due / failed payment
When one of the monthly payments failed to go through (e.g. hit credit floor, insufficient funds, etc.) the provider will receive a notification in their email inbox (email address under which the provider signs in to the EHR)
The subscription will continue as normal, setting the next billing date for next month. So whenever you receive this notification, you must follow these steps to charge the customer for the missing payment:
Open the Patient's profile > click "Retail checkout" (upper right corner) > Select "Account credit" and process this one off $99 payment.