QuadraPay offers robust physical therapy credit card processing.
A physical therapy credit card processing account refers to a service offered by a payment processor that enables physical therapy practices to accept credit and debit card payments from their clients. Physical therapy practices can process online as well as retail transactions by using a physical therapy merchant services account.
This type of merchant processing account is generally used by physical therapy clinics, independent physical therapists, sports rehabilitation centers, and chiropractic clinics. Any certified individual involved in providing physical therapy services can use these accounts to conveniently accept credit card payments from their clients and patients.
You may need a physical therapy credit card processing account.
Are you stressed because of the complexities and uncertainties associated with physical therapy credit card processing? At QuadraPay, we genuinely understand the pain points and fears that merchants in the physical therapy industry face on a daily basis. From the stress of high transaction fees eating into your profit margins to the time-consuming battle of chargebacks and disputes, security concerns about data breaches, and various compliance requirements that the physical therapy industry must adhere to, it adds additional stress to your business operations.
Our low-cost physical therapy credit card processing solutions are tailored for online and retail therapy payments. With our solutions, you can significantly save on processing fees and ensure the security and integrity of your patient’s payment information. It’s time to say goodbye to delayed payments and unpredictable cash flow. Our processing partners provide prompt fund disbursements and ensure smooth cash flow for your business. It’s time for you to give QuadraPay an opportunity to show how it can help you realize the true potential of your business by implementing best credit card processing for therapists.
Online Physical Therapy Merchant Services
Physical therapy clinics can utilize online credit card processing to provide a convenient payment option for patients seeking treatment or consultation. This type of payment solution is particularly advantageous for patients undergoing teletherapy or remote physical therapy sessions. For these services, it’s crucial to offer patients the ability to make payments online, eliminating the need for in-person transactions.
An online credit card processing account tailored for physical therapists can also streamline payments for patients on long-term treatment plans by offering recurring or subscription payment options. This not only reduces administrative burdens on the clinic but also alleviates stress for patients, who no longer have to process payments for each session manually. Additionally, an online payment gateway enables physical therapists to track revenue, monitor payment trends, and make informed business decisions to enhance clinic efficiency.
Retail Physical Therapy Merchant Services
For physical therapy clinics where customers come in person to make face-to-face payments, we offer point-of-sale systems and retail credit card terminals. These point-of-sale systems are specially designed for physical therapy clinics by identifying the essential requirements of the business owners. Without retail credit card processing terminals, physical therapists can accept payments from all major credit and debit cards. This also includes taking payments through QR codes and touch-free payments. The support for EMV chip card payments enhances the overall payment experience. Our retail credit card processing terminals can be easily connected to your favorite point-of-sale system for better practice management. Real-time analysis features of these terminals allow business owners to keep track of sales trends, revenue, and challenges.
KYC for Physical Therapy Merchant Services
Submitting all the required KYC documents at the same time improves the chances of your approval. It can also help you gain better pricing for physical therapist merchant services. Banks and acquiring companies consider KYC to be one of the most important factors when it comes to account approval. When you provide all the KYC documents at once, it eliminates the requirement of multiple communications to change various documents. This creates a severe and professional image of yours in the minds of the underwriters.
These KYC documents help banks and payment processors verify the identity of the merchant. It also helps in identifying potential risks associated with the merchant’s profile. Look at some of the most common documents that you will be requested to send over to get approval for a therapist merchant account:
Business Registration Documents: These documents include the articles of incorporation or a similar business registration certificate. These records aid in determining whether the therapy clinic actually exists and is recognized as a legal entity by the government.
Ownership Details: Providing identification documents like a national ID, passport, or driver’s license of the clinic’s owners or directors is essential. These documents help the bank confirm the identity of the individuals behind the clinic.
Business Address Proof: You can share a utility bill or lease agreement as proof of the clinic’s physical address. Banks verify these addresses to ensure that the clinic operates from a legitimate location and is accessible to patients.
Bank Statements: Recent bank statements give a proper insight into the clinic’s financial activities and stability. It also helps to understand how the clinic will be able to handle transactions and manage funds. A solid bank statement can impress the underwriters.
Business License or Permits: Depending on the country of operation, special licenses may be needed for a therapist clinic. These documents show that the clinic is in compliance with local regulations and meets all the necessary standards required for providing healthcare services.
Business Plan: A detailed business plan outlines the goals of your clinic and its objectives, as well as a target market. It also gives a proper competitive analysis and describes the growth strategy. Overall, it provides insight into the clinic’s operations and how it plans its future, which eventually helps merchant service providers assess the viability and potential risks.
Compliance Documentation: Depending on the location of the clinic as well as the type of services offered, various industry compliance requirements may be applicable, such as HIPAA. Suppose these kinds of similar documents are appropriate at your location. In that case, you will have to provide a copy of them so that the payment processor can evaluate your application from a legal standpoint in terms of the confidentiality and data security of patient information.
Rates and fees associated with physical therapy merchant services
The rates you pay for accepting credit card payments at your physical therapy clinic can vary based on various factors, including the type of payment method accepted, the country of business registration, and the country where the payment instrument was issued. We are happy to send you a free quote about what exactly you will be paying if you choose our recommended solutions. However, let’s look at some of the essential fees that you may see on your physical therapy merchant services processing statement.
Transaction Fees: This is a percentage that you pay on each transaction. Depending on the pricing model, you may either be paying a fixed transaction fee on all card types, or you may be paying different transaction fees based on the card types.
Monthly Fees: This fee is for the maintenance of your merchant account and to ensure that the services are accessible to you. This fee generally covers the cost of customer service, reporting tools, and overall maintenance of the account.
Equipment Costs: If you want to accept face-to-face payments at your physical therapy clinic, then you will need a retail credit card terminal. For this, there will be a cost. You can either pay a one-time fee or a fixed amount every month. We offer one-time payments and rental options as well.
Chargeback Fees: In case any of your patients raise disputes in terms of service not being delivered, then it will be called a chargeback. You will have sufficient opportunity to present your case. However, you need help to prove that the services have been properly delivered. In that case, you may lose the case, and this will initiate a chargeback fee on your account.
We encourage all of our merchants to carefully review the terms and conditions of any merchant service agreement that they sign. This helps you to clearly understand what rates and fees you are expected to pay for the therapy merchant services. You can compare our rates with the rates of other solution providers so that you can choose the one that offers you the most economical pricing with the best features.
Application Process for Physical Therapy Merchant Services with QuadraPay
At QuadraPay, we strive to make the application process easy and efficient. Here is a step-by-step guide to help you understand the entire process.
Initial Consultation: The application process begins with an initial consultation. You can request information by filling out the contact form on our website. Once we receive this information, we will discuss your specific requirements, the needs of your business, and any questions you may have about our services.
Documentation Gathering: When you’re ready to proceed with our solutions, we request that you gather the critical KYC documents.
Application Submission: Once we receive the complete set of KYC documents, we submit them to our processing partner for approval of therapy merchant services.
Underwriting Process: When the application is submitted, the underwriting team at our partner processor’s location evaluates your application and the complete KYC set. Additionally, they consider your website to see if you have applied for an online credit card processing solution. Suppose your requirement is for a retail credit card terminal for your physical therapy clinic. In that case, they will initiate a merchant site inspection. This entire process helps the underwriters assess your risk profile, financial stability, and compliance with industry regulations, based on which they come to a judgment of eligibility.
Approval and Agreement: Once we receive a green light from the underwriters, you will receive a merchant account agreement. Carefully observe this agreement and request any further modifications. Once you sign the deal, you will have to accept the rules set by the processing company.
Integration and Setup: After signing the agreement, you will receive proper assistance in terms of integrating the online payment gateway or the installation of the retail credit card terminal.
Training and Support: Once everything is set up, you will be informed about how to make test transactions. These test transactions will help you evaluate how the payment gateway is working for you. Once the test transactions are successful, you can start accepting live transactions for your physical therapy business. Keep in mind that you can always contact the support numbers to get assistance if you require any.
FAQ Physical Therapy Merchant Services
What is the possible MCC Code for Physical Therapists?
The most appropriate merchant classification code for physical therapists is 8099. MCC 8099 is for medical services and healthcare productions that are not elsewhere classified. This category includes a broad range of merchants like: Fertility Clinics, Hair Replacements Surgical, Health Practitioners, Hearing Testing Services, Therapeutic Massage, Mental Health Practitioners, Physical Therapists, Psychiatrists, Psychologists and Sports Medicine Clinics
The MCC includes a wide range of therapeutic services and offers coverage that not only includes physical therapists but also other specialists in mental health, sports medicine, and various therapeutic services domains.
What is physical therapy, and why is it important?
Physical therapy is basically exercise with a purpose. These exercises help people with various medical conditions, including injuries or pain that won’t quickly go away. A physical therapist is a skilled individual who properly assists people with multiple exercises that can help fix different problems. These professionals teach special exercises and stretches that make the body stronger and increase its flexibility. They also offer heat-based massages, which make the muscles feel better and aid in recovery. The goal of physical therapy is to get an individual back to what they used to do before, like playing sports, moving around without pain, and performing everyday activities.
Free Resource for Physical Therapy Merchants
Download Free Physical Therapy Business Plan Template Doc and PDF.
Download Free Free SEO Keyword Database For Physical Therapy Business
