What are the requirements for the bank account used for depositing payments made to the Degree Wellness Studio?
Degree_Wellness Franchise · 2025 FDDAnswer from 2025 FDD Document
- (g) Billing and collecting fees charged by Licensed Provider for the Studio Services, or for other goods or services sold at or through the Studio, in compliance with all laws and regulations and all requirements under third party payor contracts and requirements, depositing payments made by patients and third party payors to the Studio into a bank account meeting Management Company's requirements (the "Licensed Provider Account");
Source: Item 20 — OUTLETS AND FRANCHISEE INFORMATION (FDD pages 63–66)
What This Means (2025 FDD)
According to Degree Wellness's 2025 Franchise Disclosure Document, the payments made by patients and third-party payors to the Degree Wellness studio must be deposited into a bank account that meets the Management Company's requirements. This account is referred to as the "Licensed Provider Account."
This means that as a Degree Wellness franchisee, you will be required to use a specific bank account designated by the Management Company for all payments received at your studio. The Management Company has the authority to set the requirements for this account.
Prospective franchisees should inquire with Degree Wellness about the specific requirements for the Licensed Provider Account, including which banks are approved, any specific account features required, and who has control over the funds in the account. Understanding these requirements is crucial for managing the financial operations of the Degree Wellness studio and ensuring compliance with the franchise agreement.