What is the interest rate charged on late payments of fees owed to Healthsource Chiropractic?
Healthsource_Chiropractic Franchise · 2025 FDDAnswer from 2025 FDD Document
ted on an invoice in accordance with the terms and conditions set forth in this Article. HealthCore shall electronically invoice Customer as set forth in this Article prior to making an electronic transfer of funds from Customer to pay said invoice, as authorized by Customer on Schedule "B", the Checking Account Authorization, attached hereto and made a part hereof. In the event such an electronic transfer of funds shall fail, for any reason, a $35 service fee will be assessed and the account re-drafted within 5 banking days from the first draft.
If the draft fails a second time, a second service fee, in the amount of $50, will be due and owing by the Customer in addition to the outstanding invoice amount and prior service fee. Customer's access to the HealthCore Business Services may be immediately suspended without notice and access shall not be restored until all outstanding amounts due are paid in full. If the current monthly amount due is not paid in full within 10 calend
Source: Item 23 — Receipts (FDD pages 77–282)
What This Means (2025 FDD)
Based on the 2025 Healthsource Chiropractic Franchise Disclosure Document, the document does not specify an interest rate charged on late payments of fees. However, if a customer's payment to HealthCore Business Services fails a second time, a $50 service fee is charged in addition to the outstanding invoice amount and prior service fee. Furthermore, if the monthly amount due is not paid within 10 calendar days after the initial ACH draft, a late fee of $50 will be due. HealthCore Business Services access may be immediately suspended until all outstanding amounts are paid in full.
Additionally, Healthsource Chiropractic has the right to apply any payment received to any past due indebtedness, including Continuing Franchise Fees, Advertising Fees, purchases, or interest, regardless of how the franchisee designates the payment. The franchisee cannot withhold payment of Continuing Franchise Fees or any other amounts due to Healthsource Chiropractic based on alleged non-performance by Healthsource Chiropractic.
In the event of termination or expiration of the franchise, the franchisee must pay all outstanding amounts owed to Healthsource Chiropractic or its affiliates within five days of the termination date, including unpaid Initial Franchise Fees, Continuing Franchise Fees, and any termination fees, damages, costs, or expenses.
Since the interest rate on late payments is not specified in the FDD, a prospective franchisee should ask the franchisor directly about the interest rate charged on late payments to fully understand the potential costs associated with late payments.