If your practice does not have any credit card terminals, it should. Accepting credit cards will increase payments to your practice, and result in fewer past-due accounts going to collections. Most people expect to be able to pay by credit card, and providing this service benefits provider and patient alike.
Several types of terminals are available; which you choose should depend on how you will be using your system.
Premium terminals with free placement are often offered by many of the credit card processing retail and business companies competing for your business. Accepting a free credit card terminal could be a great option for a business which wants to accept credit card payments for the first time without incurring any upfront expense. This can also be a good alternative for the merchant or business who has outdated equipment and wants to avoid the expense of buying or leasing a new credit card processing terminal.
One of the downsides to accepting a free terminal is that most credit card payment processing services companies will ask you to sign a contract and possibly a higher credit card processing rate; be sure to read the fine print.For information on how to choose the best credit card processing company for your business, click here.
Weigh the pros and cons of the types of credit card processing terminals (traditional terminals, wireless terminals/portable credit card terminals and virtual or software based terminals):
These are the credit card processing machines you are most familiar with and are found in most brick-and-mortar businesses.
Everything Medical Billing has partnered with nationally recognized BuyerZone as a service to our clients. Simply answer a few questions about how you will use your credit card terminal and you will receive multiple competitive quotes with no obligation:
Wireless credit card processing terminals are a great option for mobile merchants such as plumbers, electricians, landscape companies as well as merchants of trade shows and flea markets who want the convenience these credit card machines offer.
Virtual credit card terminals can be used anywhere you have internet coverage, and are useful because they are not tied to any one location. You simply enter the credit card account holder's information, then the payment is processed, and you are sent confirmation.
As a merchant accepting credit cards online, you can expect to pay a higher rate, primarily because the customer is not physically present to sign for the purchase. Therefore, the risk to the credit card company and to yourself is increased.
If you have a very small practice, or a practice where you travel to different locations, you may consider using a cell phone credit card reader. This enables you to take a credit card payment with your phone anywhere you have cell phone coverage. The credit card reader plugs into an iPhone or Android jack and uses encryption to ensure data security. No data is stored on your device after the transaction is completed, making it more secure.
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