Just like any other service going to the dentist has to be paid for. The customer has to determine how they wish to pay. Having different options help the patient feel more welcomed and appreciated.
Dentists and Merchant Accounts
The last thing that should be on a patients mind is how to pay. Dentists realize this fully, which is why most offices set up not only with credit card (EMV compliant) terminals. Also, they have computer systems that will immediately let the insurance company of the patients know that there has been a paid transaction for a dental procedure.
Dentists have come along way when it comes to expediting paperwork and payments for their clients. By opening merchant accounts the process of taking payments in various ways has made going to the dentist that much easier. Merchant services are there to accept the credit card payment, send it to the proper authorization channel, verify it, then approve it.
Credit card processing can either be taken care of by the bank if the dentist or by a separate and external company. Most businesses prefer to use their own banks. However, the business owner needs to inquire about processing charges. Here is a list of items below the office should consider
a. fees for refunds/declines
b. annual/monthly charges
c. volume caps
In the dentist industry, just like any other industry, there will be times when the customers will demand a refund or when there will be a credit card decline. Many merchant accounts charge for this. When searching for the right merchants to do business with the dentists should be aware of all such fees. It will be up to the dentist office if they want to charge the fee to the customer or if they want the fees to be charged to the account.
The same inquiries should be made about annual and monthly charges. Every merchant company will have a different set of fees. The dentist office will have to do their homework and determine which company is the more reasonable one to deal with. If the business opens up an account with his own bank, the charges may be a little lower.
Volume caps are in place to keep the amount of credit card declines, refunds, and chargebacks on the minimum. A volume cap could be around $80,000 a year, it could differ. Though it is excellent for business to do good, it is important that the office be aware of possible penalties if their annual monies go over the set volume caps.