Did you build your dental practice to spend money or to make money? I bet it’s the latter. Chances are, most of the money you make in your practice is through credit card transactions, with an increasing number of patients requesting to use Apple Pay.
You may not realize that your payments setup can either grow your practice or cripple it. The good news is that you now have the ability to control this crucial piece of running a practice without having to bring in an additional employee to help analyze it all.
Traditionally, the payment processing industry relies on confusing invoices designed to mask that you are overpaying and poor customer service that doesn’t compare to what you were promised. From being compliant with the Payment Card Industry (PCI) Data Security Standard to making sure you don’t get swindled on price, there are myriad things to look out for.
So how should you choose a payment provider? By recognizing these six factors.
Your Time Is Money
You know this, but are you living it? Here’s what I mean. If your credit card machine breaks, you’ll need to have your office manager contact customer service. This could put her on hold for hours, pulling her off of other projects. Whatever the situation, it’s costing you money. You’re unable to accept your customers’ credit cards until the problem is fixed, you’re losing valuable employee time trying to fix it, and that employee has to spend additional time following up on unpaid invoices. It’s a lose-lose situation.
Your Practice Needs to Be Modern
As a dentist, can you get away with using outdated tools? No! Staying up to date is essential for growth. The same goes for your business. Making sure that your payment equipment has the latest technology serves two purposes. First, it demonstrates to your patients that you’re modern, giving them confidence in your practice. Second, you’re keeping up with industry changes that your competitor is likely already taking advantage of, such as the ability to accept Apple Pay or access to speedier transaction processing.
You Require Transparent Pricing
It shouldn’t be easier for you to read in a foreign language than it is for you to read your merchant services statement. Your statement should be clear and simple. It should not be laden with hidden fees and shady charges. Expect transparency, which is the only pricing model you deserve.
You Deserve a Trustworthy Representative
The payments provider industry has a history of using car salesman-like tactics to rope you into lengthy contracts and poorly priced deals. You want to work with a company and representative who are reliable, who care about your practice and your time, and who aren’t charging you for the wrong products to benefit their own bottom line.
You also want the kind of provider who gives you the best rate the first time, not as a reaction to someone else walking into your office with a better offer. You want one cost-effective rate from the beginning. If someone offers to match your best offer, they aren’t offering you their best right now.
You Need to Comply with Certain Regulations
Hidden among your fees might be one fee that is costly and very simple to avoid—PCI compliance. It’s common for payment processing reps to intentionally keep you in the dark about non-compliance fees because the reps profit from what you don’t know. Being PCI compliant may seem complicated, but there are payment processing firms that help you file and fill out the paperwork annually so you are not at risk.
Your Customers Want to Spend Money with Socially Conscious Practices
Consumers today are increasingly aware of companies that are dedicated to a social mission and are more likely to support those businesses. A simple way to do this is to choose vendors and partners that are committed to ethical business practices or are built to support a social mission. You can contribute to the larger business environment by selecting a payments partner that has a clear goal of diversity and inclusion.
Many merchants believe that they have to choose between saving money and investing in their businesses. When you find the right payments partner, you will find that you can achieve both.
Ms. Ettus is the founder and CEO of Park Place Payments, aimed at helping small to medium sized businesses use payments to grow. She holds a BA and an MBA from Harvard, is a bestselling author, and has dedicated her career to championing women in the workforce.
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