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.
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.