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Credit Card Processing for Patient Payments: A Solution for LAMMICO Insureds

September 13, 2023

Credit Card Processing for Patient Payments: A Solution for LAMMICO Insureds
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LAMMICO’s wholly-owned subsidiary agency, Elatas Risk Partners, is 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, Elatas invites 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 rewards card. Different card types carry different transaction risks and therefore interchange fees vary. All merchant processors experience the exact same cost of interchange, so the difference in cost to the merchant comes from the markup that is added on top of interchange. 

2. Consider how you'll process.
Do you plan on using a basic credit card terminal? What about creating recurring billing schedules for payment plans? Or do you need something that interfaces with your practice management system? Finding a payment processing method that fits the needs of your practice is crucial to operational efficiency and patient satisfaction.

3. When will you receive funds? 
The industry standard is two business days, but depending on the company you choose, it could be longer if they decide to hold funds. 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! Be sure to carefully review the section of the terms and conditions that addresses termination of the agreement to see if there is an unexpected early termination penalty that may not have been disclosed up front. Reputable companies will disclose this information in the sales process while other companies may not be so forthright. 

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 and locked into a long-term commitment.

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 resell 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 $200 to $900 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 and can typically cost three or four times the value of the equipment.

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.

 


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