Credit Card Processing For Medical Services
The medical field is growing exponentially and so is the need for treating a variety of new ailments. It is no more essential for a patient to visit a doctor for treatment because thanks to advanced technology telemedicine has come to the rescue of patients in remote areas. Here, the patient and the physician can interact in real time either via audio or video. This sector is expected to grow rapidly in the next five years leading to a greater need for merchant account solutions. The field is still new and it is not easy to open a merchant account. In fact, some merchant account providers term it high risk industry. Those new to this field must understand phrases like terminals, point-of-sale, chargeback, gateway setup, e-commerce and so much more. For doing all your cashless transactions you need to open a merchant account.
Merchant accounts for medical professionThis is a type of bank account that allows you to accept both adebit card and credit cards like Visa, MasterCard, Amex and Discover for all your transactions. You will have to pay a monthly fee to maintain these accounts. Now comes the question which credit card processor should you choose since the volume faced by an emergency unit will be far higher than a small-town practice that doesn’t see many transactions in a day. So, you need to choose based on your volume and not go by advertisements and other promotions.
You must know a few basic things needed for credit card payments
- You must open a merchant account with a reliable provider
- You must establish a connection to any of the credit card networks through a terminal or a website
- Understand the basic rules of credit card usage
- You must be aware of your volume of patients.
The three common payment platformsToday medical treatment has become very expensive and often patients do not have sufficient funds or cash to pay. It is at such times that the credit card plays a huge part in mitigating the inconvenience. Any clinic or physician’s office which cannot provide a variety of methods of payments will lose clientele. The three most preferred payments procedures are: Retail platforms where wired and wireless credit card reading machines are used to secure payment. A virtual terminal is a payment solution which is most popular because using a laptop, PC, or a tablet you can transfer and receive funds instantly. All these terminals are safe and secure. Mobile(iPhone/androids) platforms have made life even easier as you can accept payments on your iPhones, iPads, and androids.
How to choose a good merchant account provider
Be it a big hospital or a small practice it is important that you tie up with a reputable merchant account provider. It is not only your reputation but also your patient’s hard earned money that is at stake if the service provider is a cheat.
- You begin by checking the reputation of a service provider. Ask in your medical fraternity and other practices about the service provider because the reputation precedes the provider always.
- Check out if the provider is offering a money back guarantee; usually, all reputable merchant account providers make such offers. They usuallyatleast give a 30-day trial offer.
- Understand what kind of customer service do they offer? Do they have a toll-free number and what are the service hours? What is the customer feedback on their services and reliability?
- All providers charge a certain fees or a certain percentage of the sales proceeds. Make sure the fees are reasonable? Often greedy service providers offer unbelievable rates only to con you later with hidden charges.
- What kind of processing support does the merchant account provider provide? An ever-expanding practice will require POS retail, mobile and virtual terminals which can be upgraded in the future.
- No cap on volume: Especially in the medical field, there should be no capping on the number of credit cards you can accept in a month without having to pay additional fees. Hence, always obtain clarity on the monthly volume for your account before signing a contract.
- Ask if they will train your staff? New technology and sophisticated gadgets need to be handled properly for efficient use. Hence, clarify if the provider will train your staff to use and troubleshoot the equipment.
- Finally, also pay heed to the age of the business, the transaction speed, real-time reporting and the technical knowledge of the team.
Here’s why you should pick usWe believe in fair business rules and in doing the right thing. Our goal is to build a relationship and not just business and hence even if you have been decline before you can come here and we offer cash advances, domestic and international off shore accounts. Our values in a nutshell:
- No hidden charges, just and reasonable pricing
- No binding long-term contracts and penalty fee for early termination
- PCI compliant
- Efficient and friendly customer service.
For more details drop us a mail and we will respond within 24 hours.