Originally published by Professional Solutions on April 13, 2021.
Through LAMMICO’s wholly-owned subsidiary agency, Elatas Risk Partners, we are pleased to offer LAMMICO policyholders a highly qualified credit card processing program with Professional Solutions. When you’re ready to shop or compare processing services, we invite you to consult with one of Professional Solutions’ fully-trained, non-commissioned representatives about the benefits of processing credit cards with them. Whether you're new to accepting patients’ credit card payments or just researching a carrier change, it's important to be prepared so you feel good about your choice for your practice or facility. Here are eight things you'll want to keep in mind as you go through the process:
1. Understand interchange, a fee attached to each transaction
An interchange fee is attached to each transaction and is the primary cost of accepting credit cards. It is a percentage of the transaction amount and is paid by you, through your merchant processor, to your customer's issuing bank. Interchange fees are determined by the payment brands (MasterCard, Visa, etc.) and vary depending on whether it's a credit card, debit card or reward card. Different card types carry different transaction risks and therefore fees vary. All merchant processors experience the exact same cost of interchange, so the difference in cost comes from the markup that is added.
2. Consider how you'll process.
Which cards will you accept? Are debit cards on your list? What about pre-paid gift cards - think referral bonuses. Will you need mobile processing? Do you plan on using a basic terminal or will you process through your practice management software?
3. When will you receive funds?
The industry standard is two business days, but depending on the company you choose, it could be longer. A fast turnaround is something most business owners highly value; reputable companies will transfer your funds as quickly as possible.
4. Review agreements with credit card processing merchant.
However verbose they may be, it's important to review merchant agreements to ensure you understand all the terms and conditions. Don't be afraid to ask questions! People sometimes can't get out of bad agreements because they didn’t review them closely.
5. Think twice about enticement offers.
Does it sound too good to be true? Then it probably is - and this advice is extremely important when it comes to credit card processing. Unethical providers may entice you with unbelievably low offers and rates, then hit you with a sharp increase or charge additional fees after you're in the door.
6. Choose a trusted company.
There are literally thousands of sources that will sell you credit card processing. You can buy through the Internet, from banks, through ISOs (Independent Sales Organizations) or directly from the processing company. Many banks and all ISOs typically sell the services offered by a processing company. Understanding which organization will actually be servicing your account and providing support is very important. Ultimately it comes down to who you trust to provide you with the best and most reliable service at a reasonable cost.
7. Prepare to compare.
Besides interchange, there are other basic costs of processing that you’ll want to compare such as:
- Transaction rates
- Compliance fees (to protect you in the event of compromise or breaches)
- Equipment costs
If you’re comparing offers, make sure you understand all the fees as well as terms and conditions so you can make a knowledgeable decision.
8. Keep an eye on equipment deals and fees.
Credit card processing terminals can range from $100 - $500 or more depending on the capability. Reliable terminals should be upgradeable for the latest security and software updates. Be leery of companies presenting you with free terminal offers unless the offer is from a reliable source. You should also watch out for terminal equipment leases as they may require large penalties if you decide to cancel.
Professional Solutions intimately understands how medical offices and healthcare facilities accept payments. Over 10,000 doctors’ offices and clinics trust Professional Solutions to process credit cards with their payment terminals. They’ll compare their low rates and fees to your current program. With Professional Solutions you will also receive a no-cost credit card terminal to use as long as you are a client. If Professional Solutions can’t meet or beat your current pricing, they will send you a $100 Mastercard gift card. We're confident that you'll be able to count on Professional Solutions for valuable benefits and exceptional service. To get started, click here.