Choosing the right merchant account for your business can be a daunting task. Thousands of different merchant accounts are available, like merchant services for medical practices and others, offering unique features and benefits. Having a merchant account is very important for business-holding people seeking to accept electronic payment methods from customers. 

The convenience for the company and its customers is increased by the smooth transactions made possible by this financial gateway. Research further supports this, showing that 59% of individuals shop using mobile web browsers and applications.

So, to avoid any mistake while setting up a merchant account, you must read further to know better! We’ll explore crucial techniques in this post to avoid these mistakes and streamline your merchant processing account opening.

Mistakes to Avoid For Setting the Merchant Processing Account Right 

Here are some common mistakes you should avoid if you are a novice! This will certainly help you choose the right payment gateway and keep your business’s financial health in check. 

1. Choose the right provider 

One of the most common mistakes is rushing into a merchant account without conducting thorough research on the merchant processor. It is important to check and compare criteria like terms, conditions, rates, customer support, contract conditions, and the industry’s overall reputation in the market. This will help you provide a better outline of the provider and prevent you from making any mistakes. 

With a merchant account, you and your customers will experience a seamless checkout process, free shipping, and fast payment processing. So, when moving from one processor to another, you must change your operations and procedures. Understanding how a change will impact your business and whether it will yield positive outcomes is better before making any further adjustments.

2. Read terms and conditions carefully 

You should carefully read the contract before creating a merchant account. Terms and conditions might be significant but are frequently disregarded. For instance, the contract will specify that processing payments is the service provider’s responsibility. 

Read the terms carefully if you intend to take credit and debit card payments.  This way, you know what will happen if there is no money in your account when you are ready to provide clients with goods or services. 

Examine the contract very carefully to look for transaction fees, early termination fees, statement fees, and other possible costs that could not be initially obvious. You can also use it if willing for merchant services for plastic surgery, healthcare, or others. Ideally, and ethical merchant processor for medical practice will not require a contract, because their pricing and services speak for themselves. 

3. Checking for the price of models 

A merchant account is a crucial management tool for your company. Direct bank payments and credit and debit card payments are processed through it. This means that you can use it to accept customer payments and generate a sales boost on the back of it. 

Making an informed choice requires knowledge of the various pricing structures and the incentives and benefits of each plan. Learning and knowing about each model is very important. As every model has different rates and its own pros and cons, choosing them wisely can make a difference in your overall costs.  You can confidently choose your business if you know your possibilities and how they relate to you.

4. Complies with the regulations 

Any company that conducts financial transactions must choose a merchant account that guarantees regulatory compliance. In addition to being required legally, compliance with applicable laws and regulations is crucial for maintaining operational integrity, security, and trust. Businesses develop trust and credibility, which are crucial for retaining customers and fostering favorable brand perception. 

Businesses can lessen risks associated with fraudulent activities by choosing a merchant account that complies with these rules. This shields the company from potential financial harm while also safeguarding its clients. One should comply with the regulations to avoid closing or restricting the accounts. 

5. Check reviews and ratings 

You must know where to find the reviews when looking for merchant services for dental practices or more. You should consider them as much as possible when making a purchase decision. 

Reviews and references are a merchant provider’s most valuable asset when it comes to your business. Do thorough research before choosing merchant services for medical practices, plastic surgery, or others. It helps decide who to choose as your credit card processor, risk mitigation partner, or any other service provider you might use in your business. 

Spend some time reading testimonials and contacting referrals from other business owners. Real-world examples can help people determine what to anticipate from a merchant processor. 

Conclusion 

So many services have stepped into merchant accounts to make payments hassle-free. The merchant services for plastic surgery, cosmetics, health, and others also widely use e-payment methods, making it convenient for customers. Other services, like merchant services for dental practices, have integrated contactless payment methods allowing patients to make payments using their mobile devices. 

If you are looking for the right merchant account, consider BlueYonder. No setup costs, card transaction fees, equipment fees, additional expenses that are not disclosed upfront, or cancellation fees. Enjoy its merchant services for medical practices and other offerings now, and take your business to the next level. 

With BlueYonder you stop paying your high credit card processing fees and enjoy $65 a month for unlimited processing. No other fees.

Start the savings today,

call 800-270-9285

Or fill in the email form and one of our account specialists will contact you direct.

If you are running a business and providing any service, you need to set up a business bank account to accept all the transactions. This business bank account refers to the merchant account that will handle all the debit and credit card transactions and any form of electronic payments. 

Tracking the current trajectory, the global healthcare industry is estimated to grow $12 trillion, by 2040, with numbers rapidly growing ever since the COVID-19 outbreak. Therefore, with many forms of payments popular in today’s economy, healthcare providers will need a reliable way to accept credit card payments in person, online, and over the phone.

Merchant services thus become an important part of practicing safer transactions. It is a form of intermediate account between the customer’s account and the business’s checking account. Nowadays, people from different professions require such an account to conduct day-to-day operations, e.g., merchant services for medical practices.

When a transaction goes through, the fund is available next day in your checking account. However, you need a payment processing company to set up a merchant services for dental practices. Once you produce your business license, the company will provide you with all the significant materials to start accepting payments.

Five factors you should consider before selecting a merchant processing account

When you need a merchant account for your business, you shouldn’t make any hasty decisions. You must consider several significant factors before choosing a professional and transparent payment processing company.

1. Find a company with an excellent track record.

You must look for a company that provides impeccable merchant processing – acceptance, processing and settlement of the payments. Since it is a matter of money and the trust of customers, you must ensure the company has fewer complaints against them, extensive presence in the business and good reviews. 

If there are too many red flags against the provider, it would be wise to avoid the company. The honest reviews from other users can also help you decide the best merchant services for plastic surgery business. Along with these, you must ensure the company has been in the business for a long time. In this way, you can rest assured about the company.

2. Compare fees and rates charged by the company.

Once you have jotted down a few potential payment service providers, you must compare the fees and rates of the companies. Most service providers charge a fee for processing debit and credit card payments. Some, for example, like you BlueYonder, just charge a flat monthly rate regardless of the volume of your credit card transactions.  You medical practice has to decide what is best for your bank account. 

Most the companies charge a percentage, known as a “discount” of the transaction amount. Along with this, you might have to pay a per-transaction charge. These fees tend to vary depending on several aspects such as –

• The card type.
• The transaction type – whether the customer is present at your medical practice or paying on your website.
• The purchase amount, etc.

In the end, you must factor in this processing charge for the payments. This is why you should compare all the fees and rates of the merchant service providers and choose the one that is feasible for you.

3. Inspect the security and compliance measures offered by the company.

Healthcare data breaches involving 500 or more records reached their highest levels ever in 2020, 2021 and 2022, and hence dental offices must protect their records from cyberthreats as best as they can.  

As a responsible healthcare provider, you must understand the data of your customers will be in the hands of your merchant service provider. Whether you have merchant services for dental practices or something else, thousands of customers will enter their card details, CVV, OTP etc., to process the transactions. 

You must ensure the payment processing company takes efficient and adequate measures such as encryption and tokenization to safeguard the customer’s financial data. The is call PCI compliance. 

4. Look for the payment options offered.

Nowadays, people opt for different ways to pay for your service or product such as debit cards, credit cards, ACH and much more. Your payment processing partner must offer all these merchant services for the dental practice to ensure a flawless transaction. 

This will help you maximize your business. Along with these options, you must ensure the provider can implement any other payment options that might become more convenient for the customers.

As a company, you must be ready to offer all the available transaction methods to your consumers, including mobile card readers.

5. Factor in the customer support facility.

It would be wise to choose a payment processing company that offers 24*7 excellent customer support service. You must ensure you can access all the support offered by the company on time to troubleshoot any technical issue.

Apart from the availability, the customer support team must be impeccable in their job. They should be knowledgeable, and skillful, can take ownership of the problem and possess next-level resources to help you. In this way, you can rest assured any unprecedented problem will be taken care of by the team.

These are the top factors you must consider to choose a payment processing company you can rely on. Whether you require merchant services for plastic surgery or something else, you must never ignore these factors to offer outstanding service to your customers.

Summing up

When it is a matter of saving money on transactions, impeccable payment processing and securing customer data, you must trust no one other than Blue Yonder Corp. We are your one-stop solution for merchant services for medical practice. 

We offer no hidden fees service with a flat rate for any amount of transaction per month. We would be happy to provide you with a demo of our payment processing service. You can visit our website to learn more about the details of our services.

Ready to streamline your payment processing and secure customer data in your medical practice? Then check out Blue Yonder Corp. Discover how our trusted merchant services can benefit your business. Take the first step towards seamless transactions today!

There are no start-up fees, no long-term contracts, no transaction fees, no cancellation fees, and best of all, no hidden fees. And, to get you started, they provide you with their patented plug and play terminal, shipped directly to you, at no cost, compatible with any POS system. Available for VISA, MASTERCARD, AMEX, DISCOVER, APPLE PAY and ANDROID PAY.

To see how much Blue Yonder can save your company,

you can contact us at 800-270- 9285.

Fact: BlueYonder is $65 a month for unlimited processing. No other fees.

Is using BlueYonder right for your business?

To answer this question, let’s have a look at your credit card processing numbers.

For most businesses, when you include ALL the fees your processor charges, you pay 2.2% to 2.8%. In the chart below, we use a conservative 2.5%. The chart below reflects what you are currently paying to process cards this month. And over the next 5 years.

Study this chart, find your monthly volume of card processing and go from left to right. Whether you’re a big business or a small business, your processing costs add up quick.

*Chart below reflects your current 2.5% processing costs

As you are aware, these processing costs are occurring in REAL TIME. With BlueYonder you can reclaim this revenue.

Our technology enables you to pass the processing fees to your customer. In compliance with card processor regulations on state and federal levels.

With BlueYonder you stop paying your high credit card processing fees and enjoy $65 a month for unlimited processing. No other fees.

Start the savings today,

call 800-270-9285

Or fill in the email form and one of our account specialists will contact you direct.