Just like any other business, healthcare providers have to accept credit cards from their patients.
Customers often prefer to pay with credit or debit cards rather than checks or cash. It’s just easier and more convenient. It’s also more secure.
In order for hospitals and medical clinics to accept these payments – as well as other payment methods, they need healthcare payment processing services.
Easy Pay Direct offers healthcare credit card processing and merchant accounts, and we’ve worked with many medical providers.
The Benefits of Healthcare Merchant Services
Although most medical practices receive the bulk of their payments from health insurance companies, most patients also have to pay co-pays and deductibles.
Healthcare providers need merchant services in order to process these payments, and having these services offers many benefits.
Using credit or debit cards rather than cash or checks can guard against the risk of fraud or theft.
Healthcare payment processors use Triple Data Encryption Standard (3DES), which is a method of data encryption that uses three keys instead of just one.
This method of protecting transactions is very secure.
Multiple Payment Options
Medical practices benefit when their patients have many options for payment.
Allowing patients to pay their medical bills with credit or debit cards is a win-win. But there are alternative payment methods that are growing in popularity too.
Patients may prefer to pay using a mobile wallet such as Google Pay or Apple Pay. Some may want to schedule ACH payments.
For recurring payments, many patients prefer for their providers to keep their credit cards on file. That way, they can quickly and easily cover any co-pays.
People like convenience, and healthcare merchant services make it more likely that patients will pay what they owe in full and on time.
Credit card payments leave a digital trail so they are easy to keep track of and record. This can happen automatically without the billing department taking extra steps.
The best healthcare credit card payment software will easily integrate with QuickBooks or other types of accounting programs to record payments and keep patient files updated.
Healthcare Credit Card Processing Fees
Healthcare providers should search out affordable, reliable options for merchant accounts and payment processing services.
It’s important to understand the cost of these services, and some of the fees charged will or may include:
- Transaction fees
- Monthly fees
- Annual fees
- PCI compliance fees
- Statement fees
Healthcare providers should weigh their options carefully to choose the credit card processing service that is the right fit and the right price for them.
Easy Pay Direct can provide tailored solutions for all types of healthcare providers.
Tip: Healthcare Providers Should Avoid Payment Aggregators
A payment aggregator is a service like Stripe, PayPal, or Square that offers the instant ability to process payments. They charge flat rates for their services and can be an attractive option.
But these services carry a lot of risk for any business, and healthcare professionals need to be especially careful about their patients’ financial information.
The cost of using these services should be enough of a deterrent, but if patients file too many chargebacks against the provider, their entire account could be closed, or their funds frozen.
How Does Healthcare Payment Processing Work?
In order to understand healthcare credit card processing, it’s important to understand the entire process.
First, providers need to have a merchant account. The merchant account is set up as a place for money to go when patients make payments.
Once there, any fees are removed (see the list above) and then funds are deposited into the provider’s business bank account.
Payment processing services follow the transaction from start to finish. Healthcare payment processors will:
- Contact the patient’s bank or credit card company to get the transaction approved.
- Move payments from the bank or credit line to the merchant account while protecting the patient’s sensitive financial information.
- Ensure that the healthcare provider receives the funds in their business bank account.
Methods of Accepting Payments
Healthcare providers benefit from being able to accept payments in many ways. The following are the options that are available to them:
- POS systems and credit card terminals – These are pieces of equipment that can be used to process payments in the healthcare facility.
- Virtual terminals – Many medical offices prefer to run their payments through a website, and this is called a virtual terminal. It is accessible with any device that has an internet connection.
- Payment gateways – It’s highly beneficial for healthcare facilities to offer payment options online as well as in-person. A payment gateway on the hospital or clinic website makes that possible. Patients can visit the site at any time to make payments at their convenience.
At Easy Pay Direct, we offer all of the above.
Is Easy Pay Direct the Right Choice for You?
Easy Pay Direct works with a wide range of businesses and services including those considered “high risk.”
Businesses that accept card-not-present payments may be considered high risk and this includes medical practices and hospitals.
Easy Pay Direct understands the needs of healthcare providers and offers safe, secure, and reliable credit card processing services.
For more information, please contact us at 800.805.4949 or get started here.
Healthcare Payment Processing
A merchant account is a specific type of bank account that allows merchants to accept payments. Typically, a merchant account is used for credit card processing and eCheck processing but can be used for a variety of payment processing needs. To get a merchant account, one must submit an application with a merchant account provider. These merchant account providers work with acquiring banks, such as Chase and Wells Fargo, to provide merchant accounts to businesses looking to process credit card payments. There are multiple types of merchant accounts depending on how the bank categorizes the industry of the merchant. If the merchant account is used for card not present (CNP) or ecommerce transactions then it must be integrated with an online payment gateway. Otherwise, a physical terminal is required to capture payment information.
Who Easy Pay Direct Works With
Easy Pay Direct works with all kinds of merchants, including, what the banks call, “high risk” merchants. These merchants happen to be in an industry that the banks label as high risk which means that they have a higher likelihood of chargebacks, disputes and fraud. The most common reason for this is card not present transactions which presents a higher risk of fraud. These merchants can have a particularly hard time finding a high risk merchant account because a lot of payment processors refuse to participate in high risk processing. Even if these merchants find a “high risk payment processor” they can still frequently deal with holds or freezes on their money and shut down merchant accounts. This is where Easy Pay Direct saves the day by finding them a high risk merchant account provider that wants to work with their business and providing them with all the resources to meet their high risk credit card processing needs.
What Easy Pay Direct Provides: Merchant Accounts
Easy Pay Direct provides merchant accounts specifically tailored to a merchant’s industry. We do this by leveraging our banking relationships to apply for merchant accounts on your behalf. However, we do not just apply for any merchant account, we use providers who want to work with your business model and underwrite their merchants. This is important because it lays out all the cards on the table and ensures that a provider gets to know who you are and your business model before working with you. That way they know what to expect moving forward. This strategy guarantees that we find a merchant account provider that wants to work with you, making the likelihood of holds, freezes and shut downs, much less and providing a stable credit card processing.
Another benefit to this is you get to avoid the nightmare that applying for merchant accounts can be. Not only do most merchant account providers do very little underwriting, but it can take many applications before you find a merchant account that is good for you. Each application that you send out hurts your chances of getting approved for the next because multiple applications make you look desperate to a provider which they perceive as high risk.
After your merchant account is set up
After we get you set up with your first merchant account, we recommend getting you an additional merchant account if you have over $250,000 in sales volume a year. This is to ensure stable payment processing. Even though Easy Pay Direct takes all the precautions to prevent you from experiencing a hold, freeze or shutdown, we can never know how banks might act in the future. If they hire someone new or implement a new algorithm, your account could have action taken against it. In the event of this, if you have a second merchant account that is already up, running and processing payments, you can pivot your revenue stream to this account and avoid holds, freezes, and shut downs all together.
Now all of this may seem complicated and a lot of work, and it would be if you were doing this on your own. However, if you are working with Easy Pay Direct, we manage all of this for you making your role in all of this very easy. We even assign you your very own Certified Payment Specialist (CPS), who will monitor your merchant accounts for you, giving you one point of contact for all of your merchant processing needs.
How to Get a Merchant Account
The first step on your path to a new merchant account is starting the Easy Pay Direct application or if you would rather chat with someone to find out more, call us at (800) 805-4949*. We can get you set up in as little as 2 DAYS!
*Hint: This is easier cause we can fill out your application for you!
Choose the right Merchant Account for your business:
The Easy Pay Direct Client experience
At Easy Pay Direct your journey will begin with your application which we use to collect information about you and your business to match you with the right merchant account provider. From there you will be connected with your very own New Client Specialist (NCS) who will help you complete this application and will be your contact to answer all of your questions.
Once we have the necessary information and have assessed your business model, you will be classified as a Gold, Platinum or Diamond merchant based on your unique payment processing needs. After this you will be introduced to your Certified Payment Specialist (CPS) who will be your one point of contact for all of your payment processing needs. This ensures that when you call, you are talking to someone that you know and who knows you and your business. They will apply for merchant accounts on your behalf and help you set up your new merchant accounts and your online payment gateway.
After that, you will be ready to start accepting payments. Your CPS will monitor your accounts and keep in contact whenever you want to chat or if they need to alert you of something that requires your attention on top of annual merchant account reviews.
Why Easy Pay Direct?
We pride ourselves on making your life easier and facilitating the growth of business across the globe. We have been doing this successfully for years and have helped countless businesses achieve their full potential, just check out some of our testimonials. More importantly, Easy Pay Direct would love to play it’s part in helping you achieve your goals and service your consumers smoothly. if you’re interested in working with us, you can start your EMAP application below or call us at: (800) 805-4949 | Get Set-up with a Merchant Account »