Merchant Services For Medical Offices

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Merchant Services For Medical Offices and Healthcare

Globally the demand for reliable merchant services at medical offices is growing. Patients prefer to use omnichannel payment platforms. These platforms are useful for payers and medical service providers. Medical offices have been dependent on check and cash transactions. The ticket size in the Healthcare industry has also increased. This increase creates severe challenges for Doctors and Healthcare professional. With merchant services for medical officers, Patients payment processing is secure now. Doctors across the EU, the US, and many nations use credit cards as the primary mode of payment acceptance. Doctors and medical offices across the United States also use check payment processing. It is as a reliable alternative mode for healthcare payments.

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Card Present Healthcare Payment Processing

The Healthcare industry uses two different modes of payment processing. The first is the Card Present Transaction. With card present transaction Healthcare providers accept payments face to face. They use credit card terminals for this. Modern terminals are very secure as they use NFC technology. Many terminals send the patients copy of the transaction receipt over SMS. Patients can review the SMS at a later time and can also use its text at the time of annual tax submission. Medical offices prefer to get card terminals from local acquiring banks or PSPs.

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Card Not Present Healthcare Payment Processing

Many credit card processors offer online payment facility to medical officers. To get an online credit card processor to say yes the medical office must have a website. Healthcare payment processing companies also offer reoccurring billing facility. Please keep in mind not every doctors or clinic qualifies for subscription payments. With online payment gateways, patients can perform credit card transactions on doctors website. Online booking gives peace of mind to patients about the fixation of the appointment. Healthcare professionals can provide extra products and services online by using payment gateways. If the profile of the medical office or doctor is excellent, then domestic US processors may offer a VT for Moto. With virtual terminal(VT), doctors can accept credit card transactions over the phone.

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How To Apply For Healthcare Merchant Services

There are many ways to apply for healthcare merchant services. Businesses can approach local merchant acquiring banks for the Credit Card processing facility. Businesses can also contact Registered ISO’s or Payment Service Providers. Quadrapay works with a vast range of processing companies. These processors offer card processing to medical offices across EU, US, and India. Feel free to send us an email on [email protected]. One of our medical merchant services representative will contact you.

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Underwriting Method For Doctor Credit Card Processing

The method of approval for doctor credit card processing account simple. The PSP will ask the doctor or the medical office to submit a merchant account application form. With the form, the doctor will also have to provide few documents. These are the KYC documents also known as Know your customer documents. After the submission of the papers and the form, it may take two business days to get Pre-Approval. The underwriters may ask for more documents. In rare cases, applications for doctor credit card processing account may get rejected. The approval ratio for merchants from the healthcare industry is high.

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Medical Merchant Services And Echeck

Apart from Card processing the medical offices in the US can also use Echeck. Medical officers can get a virtual terminal along with API integration. Echeck and ACH processors may allow doctors to accept reoccurring and subscription transactions. Patients can make payments online and also over the phone. Doctors can track sales by checking the details inside the merchant control panel. It usually takes 3 to 4 business days to get approved for the medical ACH processing facility.

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Chargebacks And Medical Credit Card Processing

Generally, the chargeback ratio is low in Medical Credit Card processing. Still, we recommend merchants to use precautionary measures to reduce the chargebacks. We recommend merchants to display the refund policy and terms on the website menu. A confirmation email or a signed copy from the patient can also help in case of a chargeback. Chargeback alert services can also provide near real-time alerts to medical officers. Most processors offer excellent customer service. It helps in reducing the chargeback to sales ratio. PSPs use advanced payment systems. These advanced payment systems are capable of reducing the percentage of fraudulent transactions.

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Using Healthcare Credit Card Processing For Patient Payments.

As the cost of Healthcare is increasing. It is vital for Healthcare providers to accept credit cards for patient payments. A small surgery these days can cost over $2,000 in many hospitals. In case of emergency, it can difficult for patients to carry a massive amount of cash to the hospital. If the hospital does not accept credit card transactions, then it may delay the health care. Card terminals across hospitals in the United States, EU and India, accept all major cards. Patients can make payments for a small amount and large amounts also. Many credit card providers also offer recurring billing facility to the cardholders.

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Integration Of Merchant Services For Medical Offices

Processors provide technical help for the integration of medical office merchant account. Most merchant service companies have dedicated professional teams. These teams are capable of integrating the platform to the medical website. Merchant Service provider may offer plugins for CMS-driven healthcare sites. Quadrapays technical team will also be happy to assist you. For Card Present Transactions then the PSP will configure the terminal. Most point of sales terminals settle all the transactions at the end of the day. It helps the merchant in saving a lot of production hours.

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The PSP Said No To My Medical Merchant Account Application. What To Do Now?

If they said no to your Medical Merchant Account Application, then you do not have to worry. There are hundreds of processing companies across the world. Some work with merchants from one country and many onboard international merchants. Quadrapay has established the re-seller relationship with various processors across different continents. We work with many processors that are comfortable in on-boarding high-risk merchants. These processors also assist many merchants with bad credit merchant accounts. You may have to pay a little high transaction fee, but you can get a medical merchant account. There are various advantages of working with Quadrapay. We do not ask Healthcare offices or medical offices to pay any setup charges or application fee. Our team monitors your website before sending the application to the processing company. We can suggest some valuable inputs. These may improve the chances of your merchant account approval. After the approval, our team will work with you throughout the integration process. We will also be happy to help you with alternative modes of payment processing like echeck and ACH.

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Cash Advance With Medical And Healthcare Payments.

Is your Healthcare organization accepting card payments for over six months? Is your Medical office or Healthcare business active for last 24 months? If yes you may qualify for merchant cash advance in the USA. Quadrapay works registered lenders in the USA. These lenders offer cash advance to qualifying businesses across the USA. We will be happy to get you connected with these cash advance companies. The Merchant cash advance helps you to buy new equipment and to open a new business location. Funding plays a critical role for enterprises in Healthcare and medical sectors.

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Medical Payment Processor Without A Bank Account.

Quadrapay work with Genie Cashbox as a referral agent. The check22 solution comes with a prepaid re-loadable debit card. It also offers the facility of accepting the electronic check. Medical and healthcare professionals struggling with bad credit scores can use this option. With Genie, Cashbox businesses can take electronic checks. These checks can be further deposited in the prepaid debit card. To get this solution, the company must be in the United States. The business owner must have a valid social security number. The business must have a physical address. The prepaid debit card is not shipped to a PO Box address. It is only shipped to a physical address in the USA. This solution does not need any credit check or employment verification.

For more information about merchant services for medical officers fill the online application. It takes less than 2 minutes to fill the form. Our team will get back to you within one working day and let you know about the next step.

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Bankim Chandra
Bankim Chandra
Bankim Chandra is a Merchant Account consultant. He works with merchants globally and helps businesses in getting reliable payment processing solution. He writes extensively on the internet about Payment Gateways, Credit Card Processing, Echeck Processing, Chargeback Alerts, ACH and Business Funding.