Paying the cost of credit card processing is a necessary task in most businesses, including the healthcare industry. Whether you run a dental practice or own your own retail store, you will need to process payments. In order to make payment easier, offering credit card processing is a way to secure more payments in a shorter amount of time without the hassle of sending out multiple statements. If you already offer this service, seeking out a credit card processing company can help you solve any issues you may be having with obtaining payment.
What Impacts the Cost of Credit Card Processing?
A business, on average, spends 1.95% – 2% per card swiped for credit card processing fees. What your business spends relies heavily on your chosen processing method. It is important to estimate the effective rate of your business which is equal to the mount a business pays in processing fees relative to gross volume.
Most healthcare practices have card-present payments, which help to save on fees and gives you a lower risk with credit card processors as well as helping to reduce fraud. If the bill is paid online, card-not-present, this could incur a higher fee for your practice and puts you at higher risk for things like fraudulent charges. Costs for credit card processing are also impacted by the ticket amount or the typical amount of credit or debit transactions, debit being cheaper to process. Average processing costs can increase as you average ticket size increases, so it is important to find a processor that can give a good rate to ensure you are not spending too much to offer this type of payment service to your patients.
How to Reduce Costs Related to Credit Processing
You can begin by comparing your current processor or potential processor and their prices to other processing companies on the market. By searching on websites such as the Better Business Bureau, you can compare a variety of credit card processors side by side to ensure that you are getting the best deal on the cost of credit processing.
Choose a processor that specializes in your industry, that way you can not only get payment processing services, but you can also gain insight and knowledge into how to solve other issues you may be running into with payments in the healthcare world.