Payment and Collections Policy
Bermuda Dental Studio Payment, Fees, and Recovery Policy
Invoicing
- Each dental case will be accompanied by an invoice, providing clients with the flexibility of two payment options
Payment Options:
Payment Option | Option 1: No Retainer Required (Standard) | Option 2: Monthly with Starting Credit |
|---|---|---|
Billing Cycle | Bi-Weekly
(~14th & 28th of each month) | Monthly
(Balance that exceeds credit to be billed monthly) |
Payment Terms | Payment due upon receipt
| Payment due upon receipt |
Retainer Payment Amount | No retainer required | $500 minimum
|
Credit Application | – | Credit due the 1st of each month
or before the start of services
Must have zero balance for payment to be a credit |
Payment Cycle for Retainer | – | Monthly |
Credit Application Usage | – | Credit will be applied to services completed that month and roll over if unused. |
Additional Credit Incentive | – | A 10% additional credit will be applied each month the retainer payment is made.
(Savings of $50 per month/$200 per quarter/$600 per year) |
Account Hold Enforcement | Account Hold will be enforced for overdue balances | Account Hold will be enforced for overdue balances |
Payment Process
- Change to Payments can be made to the designated bank account, please contact us for details
Monthly Statements
- All invoices, regardless of the chosen payment option, will be compiled in a comprehensive monthly statement, sent collectively to each dental office (Client).
Payment Terms
- Clients are expected to settle all outstanding invoices within 15 days of the statement date, irrespective of the chosen payment option.
Account Holds
- Failure to settle outstanding balances may result in the temporary hold of your account. Once the balance is paid or a payment plan is in place and honored, account holds will be lifted promptly.
Collections Process
- If payment is not received within the stipulated timeframe, the overdue account may be referred to our collections partner, Amicus Ltd.
- The customer/dental provider will be responsible for all costs associated with debt recovery, including late interest fees, collection fees, and any legal expenses incurred.
Finance Fees
- A monthly finance fee of 5% will be applied to all overdue balances on the subsequent statement date.
Payment Descriptions
- To ensure accurate processing, please include the name of YOUR OFFICE in all payment descriptions when submitting payments.
Note
- We are pleased to offer the monthly retainer credit option as a token of appreciation for your continued partnership. We understand that circumstances may vary, and we are open to discussions about alternative payment arrangements to meet your specific needs.
Thank you for your understanding and cooperation. We are committed to providing exceptional service and appreciate your timely attention to payment matters.
FAQ : Retainer Fee Implementation
1. Why is Bermuda Dental Studio introducing a retainer fee?
The retainer fee is being introduced to enhance and maintain the quality of our denture repair services. It ensures a steady availability ofmaterials and resources, allowing us to provide timely and efficient service to our clients.
2. How much is the retainer fee, and when is it due?
The retainer fee is $500 per month, and it is due on the 1st of each month.
3. How can I make the retainer fee payment?
Clients are encouraged to set up a standing order of $500 for online domestic payments to be processed on the 1st of every month. This can bearranged with your bank or financial institution. Alternatively, recurring debit transactions can be set up for automatic processing.
4. Is the retainer fee refundable?
No, the retainer fee is nonrefundable. It is a credit applied to your account for denture repair services.
5. Can I pay the retainer fee using a different payment method?
While we encourage online domestic payments or recurring debit, if you have concerns or difficulties with these methods, please contact our office,and we will work with you to find a suitable solution.
6. What happens if I miss a retainer fee payment?
You have the option to opt out of paying a retainer without notice. In such cases, bi-monthly billing will automatically be applied to your accountfor that month.
7. Will the retainer fee affect the cost of denture repair services?
The retainer fee is a separate charge and is not directly linked to the cost of individual denture repair services. It is designed to ensure theoverall efficiency and availability of resources for our services.
8. What is the policy for unused credit?
Unused credit will roll over to the following month. However, please note that the minimum credit at the start of each month must be $500. If youraccount has less than $500, a payment to make up the difference is expected.
9. Can I opt-out of the retainer fee?
Yes, you have the option to opt out of paying a retainer without notice. In such cases, bi-monthly billing will automatically be applied to your account for that month.
10. Who can I contact for more information or assistance regarding the retainer fee?
For further clarification or assistance, please feel free to contact our office at (441) 543-0002 or reply to our official communication emails. We are here to address any questions or concerns you may have.
