Practice Management Payments Guide: Six 'Must Haves' in a Payments Partner

Six ‘Must-Haves’ in a Payments Partner A Guide for Practice Management Software Providers – Special Edition

Introduction As a practice management software provider, you have seen first hand the many ways practices benefit from using your application.

From scheduling and patient care, to marketing, insurance and billing solutions and everything in between, your solution plays an integral part in helping office staff modernize operations and run thriving, patientfocused practices.

You also understand the key role your payments integration plays in delivering a feature-rich solution. In order to build and grow a thriving business, practice management ISVs need a true partnership with their payments provider—one that allows you to focus on your core business while your partner handles the payments detail.

Without this key alliance, you may find yourself dealing with product gaps and untapped revenue streams. To ensure you have the right partner for your needs, we recommend keeping these six key considerations in mind: . Technology to optimize operations . Ease of setup with frictionless onboarding . Merchant pricing built for your customers . A proven track record of sucess . Flexibile partnership programs . Service and support

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Technology to optimize operations Your goal is to make operations run smoothly for the practices you serve.

Your payment partner’s goal should be to deliver the technology to make it happen.

When ISVs have less than stellar payment solutions, operations can be cumbersome and inefficient for your customers.

The ideal payment provider will offer purpose-built solutions for healthcare practices that transform the way your clients operate and provide patients with exceptional commerce experiences. Here are six essential payment technologies for practice management.

ELECTRONIC CHECK ACCEPTANCE (ACH) Help practices reduce the cost of payment acceptance while offering patients the convenience of paying by electronic check (ACH) using the Federal Reserve Bank System’s Automated Clearing House (ACH) network.

With $40B processed annually, look to Nuvei’s deeply integrated payment solutions to drive superior commerce outcomes.

CLOUD EMV FOR SAAS PROVIDERS Offering contactless and traditional payment options that meet the demands of today’s environment is key. Devices that support EMV, contactless, swiped, and dipped transactions give practices the robust capabilities and security they need while making your solution market competitive.

56% of consumers

would consider switching providers for a better healthcare payments experience.* *InstaMed Consumer Healthcare Payments Survey, 2020

CARD ACCOUNT UPDATER From expiration, to theft, to loss, credit cards are replaced for a variety of reasons. When you offer card account updater, software users receive automatic updates to customers’ cards through your application to keep payments uninterrupted.

Deliver a seamless billing experience and set your software apart from the competition.

TOKENIZATION / TOKEN SHARING Enhance recurring revenue with tokenization as part of your software solution. Practices can automate billing and collect payments without storing patient cardholder data locally. With token sharing, it’s easy to extend card-on-file and recurring billing across multiple offices without having to re-collect payment information.

CAPTURE EVERY PAYMENT Helping practices remove friction from patient payments is key to maximizing profitability and creating loyal customers. Supporting popular payment types including Apple Pay and Google Pay, HSA/FSA card as well as traditional credit, debit and ACH payments through your software means more revenue for you and your customers.

HOSTED PAYMENTS Help practices improve revenue cycles while enhancing the patient experience by delivering secure billing and payment solutions for websites and patient portals. A hosted payments solution makes it possible while removing software applications from PCI scope.

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Ease of setup with frictionless onboarding Traditionally, establishing a merchant account for the first time, or simply switching merchant services providers, has been a tedious task for all businesses— practice management is no exception.

MONETIZE PAYMENTS

The process includes lengthy merchant applications, requirements for supporting business documentation, back-and-forth pricing negotiations, the list goes on...

BUILD YOUR BRAND

The friction in this process causes countless businesses to “stick it out” with inferior processing solutions that do not provide the purpose-built tools necessary for growth and profitability.

DRIVE EXCEPTIONAL EXPERIENCES

While businesses suffer, as a software provider, delays in merchant account setup and poor customer adoption because of painful merchant onboarding processes result in failure to fully monetize a potential leading revenue stream—your payments program.

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THE GOOD NEWS Managed payment facilitation models have recently emerged and are creating new opportunities for leading software providers to flip the script.

Managed payment facilitation makes it possible to deliver a frictionless merchant onboarding experience and white label payment solution without the requirements to take on the burdens associated with traditional payment facilitation (such as card brand registration and bank sponsorship requirements, capital needs, and assumed risk and liability).

Practice management software providers should look for a payments partner well-versed in managed payment facilitation.

90% data elements

Deliver a risk-free streamlined customer onboarding experience and reduce the number of data elements required to board a merchant with managed payment facilitation.

By doing so, your customers can be upand-processing in near real-time—think minutes, not days—producing immediate residual income, and whether you are moving your merchant portfolio or adding payments to your application for the first time, the process is simple.

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Merchant pricing programs built for practice management With increased operating costs and shrinking profit margins, every penny counts. And, because no two businesses are alike, merchant pricing should not be either.

Instead of offering one-size-fits-all pricing, the ideal payments partner should have flexible pricing structures in place.

Find a partner that can offer these options:

FLAT RATE

This simple, easy-to-understand rate structure is great for smaller practices that want to know exactly how much they will pay for payment processing.

Each transaction is charged the same rate regardless of the card type accepted or how the card is processed.

TIERED

A tiered pricing structure bundles interchange fees into a smaller number of tiers. Each tier is then assigned a charge.

The fee assessed to the merchant for each transaction is calculated using the tiered rate instead of the actual interchange rate for the transaction type.

INTERCHANGE US / PASS-THROUGH

Arguably one of the most transparent pricing methodologies, it’s also one of the most complex to understand. Wholesale interchange rates are passed through to the provider. The payment processor charges a fixed margin (discount rate) plus a transaction fee above the interchange rate.

80% conversion rate

A leading specialty vertical ISV converted its customer portfolio in less than six months because of Nuvei’s fair and transparent merchant pricing.

To further keep rates low, find a partner that offers bundle-and-save pricing for both credit card and ACH processing.

Your partner should offer a meet-or-beat pricing promise to help drive customer adoption.

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A proven track record All payment companies have their strengths and areas of expertise. Look for a partner who has a proven track record in practice management.

Here are a few items that should be on your checklist:

With 25+ years of industry experience combined with our vertical market focus, Nuvei deeply understands the needs of practice management ISVs and the practices they serve.

. A vertically tailored approach to partnership with an understanding of the challenges facing medical practices. . Experience powering payments for practices of all sizes and their software providers. . Sales and marketing programs and supporting resources to help partners convert existing customer portfolios and drive new software sales. . A proven track record of helping practice management software providers make payments a leading revenue stream.

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Flexible Partnership Programs If you’re like many ISVs, you’ve either been with your current provider for years or have chosen to not offer integrated payments.

And, while the payments industry (and your business) has evolved by leaps and bounds, it’s likely your partnership structure has remained the same or it’s been a while since you’ve explored adding payments to your application.

Does your current setup still meet your needs, or could you be better served and better serve your users?

When selecting a payments partner, recognize that what you needed at inception, what you need today, and what you will need in 24 months are all likely different. Select a partner with flexible program structures designed to evolve as you win business together.

Here are the structures your partner should support:

ISVs rate Nuvei’s platform integration

REFERRAL PARTNERSHIPS

Allows ISVs to stay focused on core business with a partner handling payments by your side. Referrals are sent to the payments partner and residuals from merchant transaction profits create a lucrative revenue stream.

MANAGED PAYFAC

Managed payment facilitation gives ISVs the perks of frictionless boarding and instant auto-approvals but leaves the risks, liabilities, and costs to the payments partner.

TRADITIONAL PAYFAC

ISVs who elect to become payment facilitators receive maximum revenue earning potential and are responsible for controlling sales and operations while also assuming all costs, risks, and responsibility for the entire payments process.

ISO PROGRAMS

Independent sales organization (ISO) programs allow you to market your solution directly to your customer base under your name for a cohesive customer experience.

80% simpler

than their previous payment integrations.

After checking these boxes, dive in to understand what is required to transition between program structures.

Oftentimes, ISVs must integrate to different processing platforms—a disruptive and time-consuming process.

Look for a partner who supports all program types through a single platform to allow for easy transitions through all stages of program maturity.

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Service and Support The third-party partners you choose for your software act as a direct extension of your business which means customer support philosophies, and service levels should align.

In addition to offering world-class merchant services, it’s also imperative that your partnership is managed by the same standard. Here’s what to look for: A dedicated team of subject matter experts is assigned to support the partnership — Inside Sales, Marketing, Operations, Integration, and Account Management should all be included.

100% satisfied customers

In 2021, all of Nuvei customers surveyed said they would hire their customer support advisor.

Easy to implement, turnkey, and custom marketing programs are available (at no expense) —to help you capture market share and easily drive customer payments adoption.

Quarterly strategic planning sessions and business reviews are held to define goals and objectives and track against progress.

Support when it matters most. If something goes wrong on Saturday evening, do you have someone to call, who will answer the phone, take ownership, and make it right?

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Payments designed to accelerate your business ABOUT NUVEI

NUVEI KNOWS PRACTICE MANAGEMENT For years, we have powered payment acceptance for many practices by working in true alliance with leading ISVs in this specialty. Software providers choose Nuvei because of our innovative payment solutions that empower our clients and partners to drive exceptional patient experiences.

We leverage best-in class technologies to address today’s needs and tomorrow’s opportunities.

Our simple, straightforward yet thoughtfully designed programs make strong growth and profitability possible.

If you are looking for a highly specialized partner to level up your offering and make payments your leading revenue stream, we’d love to talk.

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services.

Come see why over 100,000 customers and 300+ ISVs trust Nuvei to power their payments.

Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 600+ alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

For more information, visit nuvei.com/

CONTACT US (800) 261-0240 e.nuvei.com/practice-management

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