The total number of Buy Now Pay Later users in Australia is likely to be over 2 million and growing, so it’s obvious that one of the best ways to grow sales is by offering a Buy Now Pay Later (BNPL) option at your beauty or health business.
The option to spread costs over time can help people better manage their cash flow, and importantly help convert sales.
Payment plan options have become an important way businesses are increasing conversions in the ever-evolving shopping environment with a global survey finding that 31% of consumers wouldn’t have purchased if they didn’t have an option of a payment plan.
31% is a huge amount of the spending market, so your business must have a simple safe payment plan option so your clients can get the procedure or treatment they desire.
It is important to recognise that we are living amongst the world’s largest youth population in history, and it is millennials and Gen Zers that are driving the massive growth in the BNLP platforms.
The way Buy Now Pay Later options work is the customer makes a portion of the payment at the time of purchase, after that they make scheduled payments over a certain period of time until the purchase is completely paid for.
MyHealth&Beauty is a managed payment plan solution specifically designed for health and beauty clinics.
How it works is:
- Present a suitable treatment plan to your client.
- Decide on the Payment Plan details with your client, including the deposit, amount and frequency of payment.
- Submit the complete form to MyHealth&Beauty to establish the Payment Plan.
- Begin the treatment straight away, with client payments commencing to your clinic.
Another important thing to consider is cosmetic procedures and treatments are gaining huge popularity with Gen Z’s and millennials, especially when it comes to non-evasive treatments such as botox and lip enhancements.
While some treatments can be quite expensive, the option to Buy Now and Pay Later eliminates the financial stress for many young people wanting to get a treatment or procedure.
According to a study conducted by Worldplay, hesitancy at checkout arises from factors such as unexpected costs and the high full price of a product. BNLP helps alleviate some of this stress by not charging interest, unlike credit cards. However, the thing most clients love about BNPL is the staggering of payment over a period of time.
Keeping your clients happy and satisfied is imperative to improving client retention. Keeping an existing customer costs approximately seven times less than acquiring a new one. Therefore it is imperative that you cater for the needs of your current client base, alongside looking for new clients.
Showing your current customers that you care about their needs and providing them with financing options is one way to keep them loyal to your business.
At MyHealth&Beauty, we believe our unique uncomplicated Payment plan solution, along with our experience will deliver exactly that.
Clients with MyHealth&Beauty are more likely to return for regular treatments.
The breakdown and scheduled interval payments make it easier for the client to get the treatment they desire and therefore feel they have the means to pay for treatments in the future.
You may be thinking that having a managed payment plan will be an expensive investment. It is proven to increase acceptance rates and with MyHealth&Beauty, all payments are managed, reducing clinic administration tasks regarding overdue accounts, billing and missing payments. You can also choose payment plans that work best for your clinic, including the deposit, payment plan amount and schedule.
We do something very simple at MyHealth&Beauty – we want to help clinics connect more of their procedures with more of their clients, and we want to help more people get the look they want for themselves and their families.
We work with more than 2,000 clinicians in over 1,200 clinics, providing payment plans to thousands of clients each month to help them reach their health and beauty goals.
What type of treatment can I use a MyHealth&Beauty payment plan for?
My Health&Beauty Payment Plans can be used for a wide range of cosmetic, laser and skin treatments and minor surgical procedures. It is recommended that you contact your preferred provider to see if a payment plan can be tailored to your treatment.
How do you know if I will be eligible for a MyHealth&Beauty payment plan?
To be a responsible party (the patient and/or person responsible for paying the plan) you need to be over 18, an Australian citizen, employed and not subject to any debt or bankruptcy agreements.
What do I need to be aware of when considering different payment plan options?
When considering any overtime payment options, it’s important to consider manageability of payments. You should also be aware that some payment plans are consumer credit so may charge additional fees, interest (if not paid within an interest-free period), account keeping fees etc.