When a medical practice needs to collect payments from its patients, a number of options are available. Most practices are connected to a larger healthcare network that will handle billing and payments through insurance. Small, independently-owned practices do not have this privilege, and must use an alternative collection method to receive payment. Rather than take on the responsibility themselves, they will use a third party service to process and transfer payments into their account. These companies benefit the practices they serve in many ways.
Secure Transactions
A merchant credit card processing service is responsible for protecting a small practice’s earnings from fraud. It will encrypt client accounts to protect patient and medical records from hacking and phishing attempts. Most companies offer a flexible software program that will work with different billing systems and ledger software.
More importantly, when a practice uses a credit card processing service for merchants, the practice’s transactions are protected by security standards implemented to keep electronic payments legal and safe. By complying with these standards, they prove themselves to be more reputable and reliable. Check a company’s record with these standards before doing business with them.
Affordable Pricing
For a small fee, a merchant credit card processing service will maintain your transactions and protect them from fraud. Once these fees are charged, you will receive your payments immediately in full. The service does not take a portion of each individual payment, instead taking a commission or a monthly fee. In addition, they will increase the practice’s net revenue regardless of payment method. This system allows the practice to retain profits and expand their business.
Improved Customer Service
If a practice can charge a patient immediately for their visit, they can avoid billing, waiting to receive payment, and processing overhead times. By paying instantly after the appointment, patients will have an easier time paying for their care and a better experience overall. The practice’s reputation will improve, opening up the possibility of expansion.
Using a merchant credit card processing service helps medical practices receive their payments safely. Updating their system to modern standards keeps their profits safe, satisfies their customers, and improves their practices overall.