Making the choice to move from a credit card processor to a specialized healthcare payment processor is a step in the right direction. It isn’t everything that you will need to do, and there will still be some research and fact finding to complete. This is important as different medical and dental credit card processors will offer different services, features and fees.
To help determine the best match for a medical or dental office payment processing system, make sure you are comparing apples to apples. Too many medical offices assume that all the basics one company offers will also be offered by the competition. In choosing a provider, as with any business choice, take the time to ask questions and verify information before making any assumptions.
Years in Business
Most companies will provide information on how long they have been in business. With a credit card processing company years in business is very important as this demonstrates they are a top business offering quality customer service and support as well as competitive transaction fee rates.
Years in business also means a company that has been able to evolve with the times. There have been multiple changes in the ways that medical and dental offices take payments, how the technology works with patient management systems and with security.
Ask specifically about issues with accepting EMV or Europay, Mastercard and Visa payments, or more particularly the new chips on the cards that provide additional security. Mobile phone payments offered through the Apple Pay system should also be considered.
There are a number of credit card services that are not HIPPA compliant and may not meet all PCI (Payment Card Industry) security standards. With a dedicated healthcare payment processor that only provides services to medical and dental practices top security should be at the heart of their systems.
The HIPPA compliance issue is a critical one in the healthcare field. Ask the company how they offer this level of compliance and how their systems are encrypted, backed up and where data is stored. It is essential for your security that card data not be stored on your servers or on the computers in your office.
Finally, ask the company about the options they offer if you are currently in a contract with another credit card processing company. A top healthcare payment processor will be able to work with your practice and even pay the cancellation fee with your current provider.