If you’re a medical professional, you know that credit card processing is a necessary part of doing business. But what you may not know is how to get the best rates and terms for your business. This guide will give you the information you need to make informed decisions about medical credit card processing.
First, let’s take a look at how medical credit card processing works. When a patient pays for their treatment with a credit card, the transaction is processed through a merchant account. This account is set up with a merchant services provider, such as a bank or an independent sales organization (ISO).
The merchant account provider will charge a fee for each transaction, which is typically a percentage of the total sale. The fees can vary depending on the type of card used, the merchant account provider, and the processing rate that is agreed upon.
In most cases, medical credit card processing will require a higher processing rate than regular credit card processing because of the increased risk involved. This is because patients may be more likely to default on their payments or file for bankruptcy.
To offset this risk, merchant account providers will often require a higher processing fee. However, this fee is generally much lower than the fees charged by regular credit card processors.
Medical credit card processing also usually comes with some additional benefits that regular credit card processing does not. For example, many merchant account providers will offer fraud protection and chargeback protection.
This means that if a patient is unhappy with their treatment or if they feel that they were overcharged, they can dispute the charges with their credit card company. The merchant account provider will then work to get the charges reversed.
Chargebacks can be very costly for medical businesses, so this protection can save you a lot of money in the long run.
When you’re looking for a merchant account provider, be sure to ask about these benefits. They can save you a lot of money and hassle in the event of a chargeback or dispute.
Now that you understand how medical credit card processing works, let’s take a look at how to get the best rates. The first step is to shop around and compare different merchant account providers.
Be sure to ask about their fees, processing rates, and any other benefits that they offer. Once you’ve found a few providers that you’re interested in, it’s time to negotiate.
Merchant account providers are willing to negotiate on their fees and rates, so don’t be afraid to ask for a better deal. If you have a good relationship with your current provider, you may even be able to get a lower rate than what’s advertised.
Finally, be sure to read the fine print before signing up for a merchant account. There may be hidden fees or other terms that you’re not aware of.
By following these tips, you can be sure that you’re getting the best possible deal on medical credit card processing for your business. With a little bit of research and negotiation, you can save yourself a lot of money in the long run