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merchant services There are many more fees in existence, and we are

-

seeing new and creatively worded ones crop up every

Rat e gu ar an t ees. Don?t fall for teaser rates that rise after a short window of time.

month.

-

Pr icin g gu ar an t ees. This includes the authorization fees per transaction, and any

Every processor or bank in the nation must comply by

other monthly fees outside of the rate they are

the rules set forth by the payment card industry.

offering.

Remember this when it?s time to make a change to your

-

merchant services provider! Data-security and

Set -u p or applicat ion f ees. There should be zero.

compliance requirements will be fairly uniform. The

-

factors that distinguish one processor from another will

M on t h ly m in im u m s. Again, these should not exist.

be its employees, the company?s transparency level, the

-

services it offers, and its access to technology.

Ven dor r epu t at ion . Do they have a reputable vendor to help you with PCI compliance? Can you do it online?

Finding a vendor who understands the needs and -

operations of a healthcare practice will offer a better

HIPAA pr ot ect ion . Do they know or at least understand what information is HIPAA

experience with that company than those who do not

Protected?

have this expertise. This includes the salespeople, -

customer service representatives, managers and

Cu st om er ser vice con t act . Most salespeople in merchant services either only work in sales (not

technical support teams.

service), or they will be gone within 18 months, Here are a few points to get answered, preferably in

and you will be left to rely on service

writing, when you are exploring merchant services

representatives whom you have never met or

companies:

heard of previously for help. -

-

Ref er en ces. Do they have any healthcare

Con t r act len gt h . A normal contract lasts for

references to provide that can vouch for their

three years, which is OK if they don?t have any

service?

ETFs. Be sure to ask if the contract will

-

automatically renew; and if so, what kind of

The ultimate goal of choosing a credit card processor is

notice you need to provide to opt-out of that

to be satisfied that they understand and meet your

renewal.

needs and do so at the right price. Think of the

Ear ly t er m in at ion f ee or pen alt y. Red flag! You

relationship as more of a partnership than a way to get

shouldn?t have to pay the processor to leave

the cheapest rate.

them. -

No, your rates and fees shouldn?t be exorbitant; but

Fu n din g t im e. It should be either next-day or

good, reliable service has value.

the following day, never longer. -

On lin e r epor t in g capabilit ies an d cost .

Do your research up-front so that you can be confident

Processors should provide this free of charge. -

you?re choosing a vendor who will serve as an integral

Fee debit sch edu le. You want monthly debits

part of your practice?s operations and help increase your

of your fees, not daily, and you shouldn?t be

revenue while keeping costs to a minimum.

surcharged for it.

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Profile for VerdenGroup

Viewpoint Volume 4 Issue 3 Autumnal Equinox 2018  

Perspectives on what's shaping the business of health care for independent practices.

Viewpoint Volume 4 Issue 3 Autumnal Equinox 2018  

Perspectives on what's shaping the business of health care for independent practices.

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