If you're in the healthcare industry, credit card processing can be a daily struggle. You have to worry about getting your providers paid and dealing with the hassle of payments from patients who want to use their credit cards. With so much going on, it's easy for things like late fees and high-interest rates to go unnoticed. But they add up!
11 Tips for Healthcare Providers on Credit Card Processing
- Know all the costs before signing up for a merchant account provider: There is no one-size-fits-all solution for credit card processing, so you need to know what each provider offers before deciding which company is best for your needs or budget.
- Choose the suitable processor for your needs: You need to know the differences between a merchant account and processing. A merchant account allows you to accept credit cards from your patients, but it doesn't process those payments. Processing companies are the ones that do this for you.
- Don't be afraid of using an alternative payment method: While credit cards are the most popular form of payment, you should consider other options as well. Some patients prefer to pay with a check or by phone.
- Ensure that your provider gives you all the support you need: You don't want a company that passes along calls from frustrated customers – especially if there's an issue with your account. Instead, you need a company that will work on your behalf to resolve any problems quickly and efficiently.
- Be proactive about the fees associated with credit card processing: You should be aware of all the costs involved in accepting credit cards, so nothing catches you off guard. This includes monthly minimums, per-transaction charges, and the fees associated with customer service.
- Speak to your provider about what you can do for them: You need to think of credit card processing as a partnership. If you work together, it will be easy for both parties to meet their goals and set expectations along the way.
- Know your monthly minimums: Make sure you know what the provider expects from you each month and stick with it! If they expect $200 a month, but you only bring in $100 one month, that could lead to fees or other issues.
- Understand the terms of your merchant account agreement: While this may seem like a no-brainer, you'd be surprised how many business owners don't read the fine print of their merchant agreements. If you're not familiar with what they say, it will be easy for your provider to charge fees that aren't covered in your contract.
- Make sure you have all the necessary equipment to process cards: If you're still using the equipment installed when your practice first opened, it's probably time to upgrade. You need a point-of-sale system that works smoothly with all types of cards and is easy for patients to use.
- Don't agree to anything without asking lots of questions: Before signing up for credit card processing services, make sure you ask your provider all the questions that are on your mind. You need to know precisely what they offer, how much it will cost you, and if any hidden fees apply.
- Don't be afraid of asking for a price match: If another company offers similar services at lower rates, don't hesitate to mention this. You never know what kind of deal they might be willing to give you!
Benefits of Credit Card Processing for Healthcare Providers
Credit card processing is the only way to accept payment from patients and insurance companies. It allows you to provide a convenient service for your customers.
Here are some benefits of accepting credit card payments:
- Credit card processing provides a convenient way to receive payments.
- Payments are accepted 24/7, which is beneficial for healthcare providers who work odd hours.
- Accepting credit cards can help your business build up a positive reputation and attract new customers.
- The cost of accepting credit cards varies depending on the provider you choose and what features they offer.
- By using an online service, you'll be able to accept payments from anywhere and track all transactions in one place.
- If your business accepts credit cards, it will be easier for customers to pay their bills because they won't have to carry cash or write checks.
Credit card processing is a valuable service for healthcare providers. Still, it's essential to understand what you're getting into before signing up. Be sure to ask lots of questions and consider your options carefully. Remember that credit card processing is a partnership between the provider and the company they work with. If you put in some time to find suitable options for your practice, it will be smooth sailing from there!
Contact BNG Payments to learn more.