4 Things People Get Wrong When It Comes to Credit Card Processing
Often times, many medical clinics and healthcare practices are hesitant to develop credit card processing capabilities. It might be due to a previous negative experience with a merchant service provider that had poor customer support, or due to the fear of certain hidden fees. However, credit card processing capabilities are beneficial to many doctors, helping draw in and retain more patients, and increase their sales. Here are some of the common misconceptions about credit card processing:
1. Credit card processing fees bite into the bottom line
In order to process credit cards, you have to pay a fee on each transaction. Many medical doctors believe that at the end of the day, the math simply doesn’t add up, and they are just adding a capability that provides little to no profit for their practice. This is not true. By accepting credit cards, you increase the pool of people who are willing to buy from you. Studies show that as much as 77% of customers prefer to use credit cards rather than cash. This access to a larger market offsets the minor fees perceived by a merchant service provider. On top of that, an MIT study found that shoppers spend up to 100% more when they use their credit cards to make purchases.
2. By processing credit cards, I open myself up to cyber-attacks
Risk is a part of doing business, and as such, mitigation becomes very important. For credit card processing companies, these risks are mitigated through a variety of measures, from following PCI compliance standards, to various security software that ensures maximum data tracking and security. With the right provider, the risk of a data breach can be very low, especially if you implement security measures on your end as well (for example, having SSL on your website).
3. Payment processing equipment is costly
This is one of the major myths currently out there. Many doctors who own their own practice believe that the upfront cost for the payment processing equipment is very high, to the point where it will take a long time to see a consistent return on investment. As such, they often do not see how they can justify the expense. However, the equipment is actually quite affordable, with the break-even point being very close when you take the increase in sales volume into consideration. You may also find good deals, where the equipment is discounted or even free.
4. Setting up the equipment is too difficult or takes too much time
Setting up the equipment can be the easiest part of the process. Some providers will help you with the installation through an on-boarding program, and you can expect to have the entire system set up within a day or so. Another common concern comes from practices that switch merchant service providers, particularly in regard to equipment compatibility. However, a quality provider will provide equipment that can integrate with your current hardware and software capabilities in order to prevent extra downtime.
Interested in finding out more?
At Beacon, we work with numerous businesses in the healthcare sector—from health and wellness retailers to senior care facilities—and we place an emphasis on simplicity, cutting edge technology, providing value for our customers, and offering guidance when needed. If you have any questions or doubts about credit card processing, get in touch with our customer service team and we will be able to help you better understand the specifics of setting up a point-of-sale system. Do not miss out on the extended market available out there by accepting only cash payments!