The Comprehensive Guide to Healthcare Credit Card Processing
What if there was a single change you could make to improve your patients’ customer experience, get paid faster, and save time and resources on admin tasks?
Offering healthcare credit card processing does just that.
By allowing patients to pay with credit cards, healthcare practitioners and admin staff can streamline customer experiences and stop worrying about chasing late payments.
If you’re thinking about accepting credit card payments at your healthcare practice but aren’t sure how it works or how to find the right payment processor, keep reading! We’ll cover what you should know about:
- The benefits of accepting credit card payments at your healthcare practice.
- How to set up a merchant account and start accepting credit cards.
- Choosing the best healthcare credit card processing partner for your business.
Why Healthcare Services Providers Need a Merchant AccountNot sure if your practice really needs healthcare credit card processing? You could be missing out on a number of benefits for your patients and your business. Here’s an overview of the top reasons to consider start accepting credit cards for healthcare services.
The Benefits of Healthcare Credit Card Processing for Your PatientsBetter Patient Experiences
As a healthcare practitioner or office manager, your patients are also your customers. In order to attract and retain customers—as well as gain new business through word of mouth, positive reviews, and referrals—you need to offer the best customer experience possible.
That means providing convenience and flexible payment options for patients to cover deductibles, co-pays, and out-of-pocket treatments. Accepting credit card payments gives your customers more options and provides a secure, contactless method for patients to pay you.
More Accessible Healthcare
When patients don’t have the option to pay by credit card, they’re forced to use cash or rely on insurance to foot the bill. Unfortunately, this often places a financial strain on patients and can even deter them from seeking care at your clinic. Credit cards offer a less stressful, more accessible payment method for your customers and patients.
The Benefits of Healthcare Credit Card Processing for Your PracticeGet Paid Faster
Sick of late payments interrupting your cash flow? Accepting credit cards helps minimize overdue medical bills by giving customers a convenient way to pay off their balance. By partnering with a merchant services provider (MSP) that allows you to accept credit card payments, you’ll speed up turnaround times on bill payments.
GetPayment is a full-service MSP that facilitates fast, secure transactions that put your money into your account sooner—so you can reinvest in your business and offer even better care to your customers. Want to get paid even faster? Ask about our next-day funding merchant accounts to find out how you can receive your funds more quickly.
Simplify Accounts Receivables
A happy side effect to getting paid more quickly is that you can save time and resources that might have been wasted chasing overdue payments. It’s often easier for clients to pay by credit card, which means you won’t have as many overdue payments or billing errors to deal with. Plus, it’s simple to set up recurring or pre-authorized payments for long-term patients.
If you charge by installments, credit card processing can also help preserve your admin resources. Instead of tracking down and hassling patients to meet payment deadlines, you can simply keep their credit card on file to charge when an installment comes due.
What to Look for When Choosing an MSP for Your Healthcare PracticeEvery business should choose a payment provider that’s best suited to their needs and goals. In the healthcare industry, that means finding a flexible merchant services provider that can offer reliable, secure payment processing. With the right MSP as your partner, you can provide a better customer experience and focus on delivering the best care to your patients.
Let’s review the top features to look for in a healthcare payments provider:
Interchange Plus Pricing
When researching MSPs for your healthcare practice, there are a few different pricing models you might encounter. To save money on merchant fees, we recommend interchange plus pricing for your healthcare credit card processing.
This merchant fee model bases transaction fees on the interchange rates set by credit card companies with a fixed fee for processing transactions. The benefit is that you pay less in markups and any potential savings (due to lower interchange rates) are passed directly on to you.
Multiple Payment Options
There are several benefits to giving your patients more payment options, but the biggest one is getting more quickly. Allowing your patients to pay using their preferred payment method means you’re more likely to get paid on time.
A full-service payment processor like GetPayment enables you to accept credit cards in a range of different circumstances. Patients can pay at your office with a mobile device or EMV chip card; you can also accept credit cards online and over the phone.
The last thing you want is to get trapped in a lengthy contract with an MSP. When choosing an MSP, be sure to ask about their contract length, terms, and cancellation process. You should also find out whether they can continue to support you as your business scales. Just because a payment processing relationship makes sense for you today, doesn’t mean it will serve your needs a few months down the road.
If you can more secure flexible agreement terms, you’ll be in a position to change your plan or provider as your payment processing needs evolve. A flexible agreement also helps ensure your payment provider continues to provide excellent service—because if you want to switch, you can!
Integration with Your Admin Systems
The convenience of accepting credit cards shouldn’t come at the cost of uprooting your current business operations. Your healthcare credit card processing equipment and software should easily integrate with any existing systems you use for your business. Furthermore, your MSP should be happy to assist you with any initial learning curves or training needed to get you started.
Live 24/7 Customer Support
Reliable customer support for your practice translates into better customer service for your patients. Whether you need support for a specific piece of equipment, connection issues, or simply have questions related to payment processing, an MSP with reliable 24/7 customer support allows you to process transactions with confidence. When you partner with GetPayment, our local support team is always available to assist you.
How to Get Started with Healthcare Credit Card Processing1. Do your research.
Now that you know what to look for in your ideal MSP, it’s time to find a payment processing partner that fits the bill. Spend some time researching available options and conducting outreach. Remember to ask about contract terms, how transaction prices are calculated, and what type of credit cards they’ll allow you to accept.
2. Create an application for your account.
Before you can accept credit card payments, you must first set up a dedicated merchant account. In order to prevent potential issues with your account down the road, it’s important to be as transparent and detailed as possible when providing details about your business and payments volume. As a full-service merchant services provider, GetPayment will help you create an application for your merchant account.
3. Get approved.
After you apply, it can take anywhere from a few days to a full week to hear back from some MSPs. With GetPayment, you’ll be either approved within 12 hours or we will contact you directly for more information. Once you’ve been approved and your merchant account is open, we’ll set you up with the equipment, integrations, and training needed to optimize your payment processing workflow.
4. Start accepting credit cards.
Once your new payments system is up and running, let your patients know that you’ve expanded your payment options and they can now pay by credit card. Depending on your agreement and service provider, you’ll be able to accept credit cards from patients when they come to your facility as well as online and over the phone.
Elevate Your Practice with Healthcare Credit Card ProcessingNew healthcare credit card processing? Partner with a trusted merchant services provider that understands your business and can support your practice.
GetPayment will guide you through the entire process of opening and managing a dedicated merchant account so you can begin accepting credit card payments. We’ll help you create an application for a dedicated merchant account and work with you to optimize your payment processing services for your specific needs.
Ready to start accepting credit cards at your healthcare practice? Contact GetPayment today to apply for an account.