The med spa industry’s market value has been trending upward in recent years, and there are no signs of that growth slowing down. With so much growth potential, med spa owners and directors seek ways to innovate their business practices.
Client financing has become a popular and effective marketing method for med spas. By offering financing options, you increase your revenue while providing an exceptional experience for your clientele.
This article walks through the unique benefits of offering patient financing for your med spa business.
1. Book More Appointments
Booking more appointments is a top goal for med spas, regardless of their location or specializations. The more appointments you book at your spa, the greater your revenue. So today’s med spa directors seek effective ways to book more appointments at their centers—the solution: patient financing.
Offering a financing option encourages your patients to shop confidently for the treatments they want. In addition, when your clients know they have an affordable, scheduled payment option, they feel the freedom to book services with you and your team.
Providing patient financing is the most effective means to book more appointments at your med spa. By providing a “buy now, pay later” option, you give your patients the ability to enjoy treatments that help them feel great inside and out, all without the worry of disrupting their planned monthly budgets.
2. Increase Retail Sales and Average Order Value
When your patients know they have a financing option, they feel more comfortable booking appointments with your med spa. But in addition to booking more appointments, they’re also more likely to add additional treatment packages because that dollar amount is spread over the number of months in their financing term.
Offering consumer financing is a simple way to grow your sales. When given the option of easy, affordable monthly payment plans, your med spa clients feel comfortable adding on to their purchase when they might not have otherwise. In addition, financing allows consumers to add products and treatments during their visit, increasing your med spa’s average order value.
When you can increase your average order value, you make the best use of your med spa’s resources. Your marketing, product, overhead, and payroll costs earn more revenue per customer, increasing the efficiency of your business.
Many med spa clientele cap their spending at a predetermined amount without financing options. But when they come to your med spa knowing they have an option to fulfill their payment through monthly installments, they feel comfortable adding services during their visit.
And once your patients utilize financing for the first time, you’ll find they may opt for financing options as they come back to you for future spa treatments.
3. Maintain Consistent Cashflow
Running and building a med spa business requires consistent cash flow. Properly managing your cash flow empowers you to invest in your company’s growth.
Med spas like yours rely on prompt payment to support the business’s growth and day-to-day operations. Partnering with a consumer financing firm like United Consumer Financial Services gives you the peace of mind that you will receive payment in a timely manner so you can continue investing in your business and your team.
Consumer financing enables your patients to receive the treatments they want with the option to pay through convenient monthly payment plans. UCFS sends you a payment directly – within 1 to 3 days of your med spa’s care plan being signed, and accepts repayment from the client for the life of the loan. In addition, UCFS handles communication and customer support until your patients complete their payment plan.
This system allows you to maintain a healthy and consistent cash flow, which you can then pour back into your med spa.
4. Make Self-Care Possible for Everyone
Your patients come to you for a variety of reasons. Maybe they have cosmetic issues they want to be addressed. Or perhaps they love their skin and want to preserve its glow. Regardless of why they come to you for med spa treatments, one thing is certain: they love the way you make them feel.
Med spas and their teams have the unique opportunity to provide clientele with self-care services that make them feel beautiful, valuable, and confident. However, a lack of upfront cash and low credit limits impede some of your potential clientele from receiving the treatments they want and need. But you can break down those barriers by offering consumer financing.
Consumer financing creates access to your med spa services for patients from more financial backgrounds, even those with not-so-great credit quality. When you provide patient financing options, you make way for people to enjoy self-care services that have become vital to their self-image and well-being. With low monthly payments, your clients can enjoy treatments that increase self-esteem and quality of life. Self-care should be accessible to everyone. And when you offer consumer financing through a trusted firm like UCFS, it is!
5. Save Resources When You Work with a Professional Financing Firm
Many med spas attempt an in-house financing program to reap the benefits we’ve mentioned above, only to discover that executing a successful program requires more resources than they had planned. In addition, creating and maintaining an in-house financing program is difficult –– if not impossible –– for most businesses.
In-house services require hours of attention, and many med spas don’t have the resources to devote to in-house financing. So many times, this kind of endeavor requires that a med spa hire another employee. And if that’s not a financially feasible option, the med spa director usually takes on this responsibility, taking time from their regular duties that they still need to accomplish.
But when you work with United Consumer Financial Services, you enjoy the benefits of offering financing without the stress of running the program yourself. UCFS accepts patient repayment for the life of the loan, handles patient communication, and even provides U.S.-based customer support. In addition, UCFS brings over 40 years of experience to work for you. They know the unique needs of a med spa and its patients and, from that knowledge, can provide exceptional financing services that exceed your expectations.
Conclusion
UCFS makes patient financing simple and easy for you and the patients you serve. Offering financing options for your med spa clientele provides many benefits for your business. At the same time, you provide a comfortable and inclusive payment option for your patients, so they don’t need a large lump sum upfront.
Implementing consumer financing doesn’t have to be complicated. The United Consumer Financial Services team has the experience and resources to provide exceptional service right from the start. If you’re ready to reap the benefits of offering patient financing at your med spa, contact the team at UCFS today. We’re prepared to help you get started