Navigating the complexities of credit card processing fees, contracts, pricing, hardware, and more can be challenging. But with the right knowledge, choosing a merchant services provider that meets your practice's needs doesn't have to be overwhelming.
If you're searching for the right merchant services provider, here are the top five things to look for:
1. Customer Service
Reliable payment solutions are about more than just credit card processing. They're about providing excellent customer support to your practice.
When choosing a solution, ensure that it has a customer service team that will support your practice 24/7 and respond quickly to address any issues. An unresolved payment issue can cause significant disruptions to your practice's operations.
Tip: Look at reviews online and ask the company as many questions as possible about availability and how they handle support issues.
2. Effective Rate
The effective rate you'll pay is the truest measure of your actual cost. It's the average percentage you pay based on your total processing volume, and includes all of the fees you pay.
Tip: Remember that the most affordable solution isn't always what is in your practice's best interest. Think about what you get for your money and make the best choice for your long-term business interests.
Tip: If you're considering a limited-time promotion from the provider, make sure to calculate the impact on your total costs once the promotional period ends.
3. Data Security
In our increasingly technology-driven world, data security and privacy are always important for practices dealing with clients' personal and financial information.
Tip: Review historical information for any data breaches and how regularly they update their security protocols.
Look for PCI DSS compliance as a minimum standard, and ask about their data breach notification policy and incident response procedures.
4. Length of Contract Term and Cancellation Policies
The cost of credit card processing can be a difficult challenge for small practices to navigate. It's important to understand the length of the contract term and any cancellation policies before you sign.
Be wary of:
- Long contract terms (3+ years) with early termination fees
- Auto-renewal clauses with short cancellation windows
- Equipment lease terms that outlast the software relationship
5. Integration with Your Practice Software
Your payment processing should work seamlessly with your practice management software. Manual entry of payment data is time-consuming and introduces the risk of errors.
The NaVetor + Patterson Pay advantage: Patterson Pay integrates natively with NaVetor. Payments flow directly into the patient record, reducing end-of-day reconciliation time and eliminating data entry errors. And for practices that use Patterson Pay, NaVetor software can be completely free.
The Bottom Line
Merchant services is a commodity where the details matter enormously. Rate differences of half a percent can represent thousands of dollars per year for an active practice. For a practice processing $500,000 annually, that's $2,500 in savings. Take the time to understand your current effective rate, compare it against available options, and factor in the value of integration and support.
Ready to see NaVetor in action?
Schedule a demo with our team. Free conversion included, no contracts required.