What to look for in a payment processor

By Keith Drayer

Accepting credit and debit cards has become a necessity for dental practices. Patients want to pay for treatment and other dental services with their cards because of the overall convenience, plus the added benefits they receive from their card brands.

Finding a payment processor that meets your specific business needs is vital, so it’s important to thoroughly investigate and compare all options and value-added services available. Your processor should be a business partner, and your relationship should be about more than just credit cards. Also, it should be a company with which you can maintain an ongoing relationship.

Here are some important points to consider when selecting a payment processor:

Merchant discount

The merchant discount is the fee to process your credit and debit card transactions. Discounts consist of mark-ups of the various interchange rates and fees for the different card types, such as Visa, MasterCard, and Discover. Because rates and fees for the dental community vary from processor to processor, it is best to work with a payment processor that understands the dental industry, provides competitive rates, and discloses all fees up front. Working with the right payment processor will maximize your efficiency while lowering your costs.

Forms of payment

The payment processor should process various payment types such as all major credit cards, debit cards, and electronic checks. By accepting a variety of payments, you provide your patients with convenience and flexibility when they’re deciding how to pay for their dental services.

Dedicated merchant support

The payment processor should handle all of your service inquiries regarding procedural issues 24 hours a day, seven days a week.

Security

The payment processor should be fully compliant with all industry security standards, and offer additional security features such as Verified by Visa, MasterCard SecureCode, and address verification and check routing number validation, to name a few.

Custom-fit solutions

The payment processor should match the needs of your dental practice to the right payment solution, not the other way around. Installing the correct payment solution expands the ways your patients can provide you with payments, increases your methods for billing and collecting, reduces overhead, and greatly improves your cash flow.

Henry Schein Financial Services is committed to matching or improving your current transaction rates and providing you with quality customer service. Contact them at (800) 443-2756 or [email protected] for more information.

Keith Drayer is vice president of Henry Schein Financial Services (HSFS). HSFS helps health-care practitioners operate financially successful practices through their diversified suite of financial and business resources. HSFS’ portfolio of resources is designed to give customers the financial advantage critical to success in today’s changing marketplace.