If you’re a medical professional, chances are you’ve thought about accepting credit cards as a form of payment. After all, patients frequently use credit cards for everything from co-pays to deductibles. And while taking credit cards can certainly be convenient for your patients, it’s important to understand the ins and outs of medical credit card processing before making the leap.
Here’s everything you need to know about medical credit card processing, including the benefits and drawbacks, how to choose a processor, and what to look for in a contract.
What are the benefits of medical credit card processing?
The biggest benefit of medical credit card processing is that it can make it easier for patients to pay for their care. Credit card payments are often seen as more flexible than other forms of payment, like cash or check, and they can be processed quickly and easily.
In addition, medical credit card processing can help you boost your bottom line. That’s because patients who use credit cards tend to spend more on their care than those who pay with cash or check. So, if you’re looking to increase your revenue, credit card processing may be a good option for you.
What are the drawbacks of medical credit card processing?
Of course, there are also some drawbacks to medical credit card processing. For one thing, you’ll likely have to pay fees to your credit card processor. These fees can range from a few cents to a few percent of each transaction, and they can add up over time.
In addition, you’ll need to be cautious about how you use credit card processing. That’s because some patients may attempt to use their credit cards to commit fraud. For example, a patient might try to use a stolen credit card to pay for their care. To avoid this, be sure to verify each patient’s identity and only process payments for services that have been rendered.
How do I choose a medical credit card processor?
When choosing a medical credit card processor, there are a few things you’ll want to keep in mind. First, consider the fees you’ll be charged. As we mentioned, credit card processing fees can add up over time, so be sure to shop around for a processor that offers competitive rates.
Next, think about the features you need. Do you want a processor that can handle online payments? Or do you need one that can provide mobile processing for on-the-go payments? Make a list of the features you need, and then look for a processor that offers them.
Finally, take a close look at the contract. Be sure to read the fine print so you understand all the terms and conditions. In particular, pay attention to the length of the contract and any early termination fees. You don’t want to be locked into a long-term contract that you can’t get out of if you’re not happy with the service.
What should I look for in a medical credit card processing contract?
When you’re reviewing a medical credit card processing contract, there are a few key things to look for. First, check the length of the contract. You don’t want to be locked into a long-term agreement if you’re not happy with the service. Instead, look for a contract that allows you to cancel at any time without penalty.
Next, take a close look at the fees. As we mentioned, credit card processing fees can add up over time. So, you’ll want to be sure that the fees in your contract are reasonable. Finally, make sure you understand all the terms and conditions before you sign on the dotted line.
The bottom line
Medical credit card processing can be a great way to boost your revenue and make it easier for patients to pay for their care. However, there are also some drawbacks to consider. Be sure to weigh the pros and cons carefully before you decide whether or not credit card processing is right for you.
If you do decide to go ahead with medical credit card processing, be sure to choose a reputable processor and carefully review the contract before you sign on the dotted line.