QuadraPay offers Tier 1 Quality Physician Credit Card Processing
A physician merchant account is a credit card processing solution for the physician’s office. This kind of account is used by physician offices to accept credit and debit card payments from their patients. Physicians can accept payments over the website as well as in person. QuadraPay offers physician credit card processing for online as well as retail payments.
When choosing a merchant account for a physician’s office, it is important to consider some key features that will improve the overall payment processing experience. The physician merchant account provider must offer all measures to securely protect the transaction data. Along with that, the physician payment gateway must offer the ability to accept payments by multiple payment methods. Integration of the solution should be super easy, as physicians generally do not have technical professionals who can handle turnkey integration.
Popular physician merchant services available across the nation.
Physician office online merchant services: If a physician maintains a website or a mobile application where patients visit to schedule a consultation or appointment, then they can use physician office online merchant account services. With this online payment gateway they can easily accept all major credit and debit card payments from patients over the internet. This kind of solution has become extremely popular after the coronavirus pandemic.
It’s quite common for patients to avoid visiting the physician’s office for smaller illnesses, which can be easily taken care of by remote consultation or tele-physician consultation. This kind of solution is also known as a virtual physician merchant account, where the physician offers consultation and recommendations to the patients virtually over the internet and collects online payments for the same.
Physician office retail merchant services: We also offer traditional retail credit card processing terminals for physician offices. Our terminals are brand new and come with all the latest features, allowing physicians to collect face-to-face payments. These terminals can accept all major credit and debit cards, as well as payments from various other modes, including QR code payments, PIN pad payments, and many more. These terminals are backward and forward compatible, meaning they can support previous payment methods and can also be upgraded for payment methods that may emerge in the next two or three years.
We offer a range of payment terminals including countertop and wireless terminals. Physicians can easily set up the terminals with preset payment amounts. The most cost-effective option starts at $199 and comes with advanced technology features like NFC and contactless payments for enhanced security. Physicians can purchase these credit card processing terminals with a one-time payment or can opt for a rental scheme where they pay a small amount each month on their billing statement.
These terminals come with a company warranty as well as a money-back guarantee. For details of the warranty and money-back guarantee terms, contact our team to get more information.
Features of Physician Merchant Processing Solutions
Our payment solutions for physicians ensure a high level of security when it comes to protecting sensitive transaction information. All of the solutions we offer to physicians are powered by some of the best payment processing companies in the nation, which is why we are super confident that the transaction data stays highly secure.
Now, you can accept all major credit and debit cards using our payment solutions. Our payment processing partners have the ability to accept all types of credit and debit cards, as well as gift cards and various other payment methods, so you can offer your services to patients without worrying about the available payment methods.
Our solutions come with omnichannel payment processing, which means you can accept payments both over the internet and in your office. If you have a mobile application, we also offer mobile API integration. Altogether, we give you the ability to accept digital payments in a 360-degree way.
Some physicians may require recurring billing facilities and for that we offer subscription payment solutions. Now, your patients can make payments to you in installments. Patients’ cards will be billed on a specific date as per the agreed schedule. This facility can be extremely beneficial for high-ticket physicians.
Real-time reporting and analytics with the Physician Portal provide you with a detailed view of all the transactions happening on your merchant account. This gives you a clear picture of the types of transactions your clients are making and the average value of transactions. Based on this simple information, you can make informed decisions that will help grow your physician practice.
Application Process for Physician Merchant Services
We have implemented a simple application process for physician merchant services. The process begins with initiating contact with us. You can do this by completing a short form on our website. In this form, we will collect your name, phone number, email address, and your message. We recommend sending us a descriptive message outlining your requirements. Our team will inform you about any additional documents needed to process your application. Please note that the phone number you provide may be used to contact you, so kindly specify your preferred working hours for communication regarding physician merchant services.
KYC documents for Physician Merchants Services
To get approval for a credit card processing account for physician services, there are some required documents. In payment industry terminology, these documents are called KYC documents, or Know Your Customer documents. Let’s look at these in detail:
National ID: This is required to confirm the identity of the individual making the application. This can be a driver’s license, a copy of a passport, or any other national identification card.
Proof of Business Entity: This is required to confirm the identity of the company with which the payment processor will sign the agreement. This can be the certificate of incorporation or LLC certificate.
Bank Statement: This is required to confirm the depository bank account where the payment processor will send the collected funds.
Utility Bill: This is required to confirm the place of business. This can be an electricity bill or any other utility bill that confirms the physical location of the physician’s office.
Copy of Professional License: This confirms the approval of the individual to perform and practice medical services issued by the relevant regulatory authority.
The payment processing company may ask for additional documents depending on the specific nature of the business.
Rates and Fees for Physician Merchant Services
At QuadraPay, we believe in offering you cost-effective physician merchant services. We aim to provide rates that are competitive with your current payment service provider. However, you must keep in mind that rates and fees for physician services can vary depending on factors such as transaction volume, average transaction size, and additional value-added services that you opt for. Let’s look at some of the most common types of fees associated with physician merchant services.
Transaction Fee: This is the amount that the merchant pays on each transaction. It can be a flat rate fee, a percentage, or a combination of both, depending on how you negotiate rates with your merchant account provider. At Quadrapay, we strive to help you secure extremely low rates for merchant services.
Interchange Fees: If your payment processor offers an interchange-plus pricing model, you should be aware of interchange fees. These fees are charges levied by credit card networks and are generally passed on to the merchant by the payment processor. They can vary based on factors such as the type of card used and the method of transaction.
Monthly Fees: Some merchant service providers charge fees for maintaining the account. This may include a monthly gateway fee. If you anticipate a high volume of business, you can negotiate with your payment processor to waive this fee.
Chargeback Fees: Physicians are expected to pay a chargeback fee when a customer disputes a transaction and the funds are reversed to the customer. However, with proper tools and solutions, merchants can effectively represent their case and potentially avoid chargeback fees.
Terminal Rental Fee: This is a monthly fee that physicians pay for using a credit card terminal for in-person payments. Alternatively, you can make a one-time payment and get a better deal on a credit card processing terminal.
It is crucial for physicians to carefully review and compare the rates offered by payment processors before accepting the terms and conditions. Additionally, physicians should inquire about any hidden charges apart from those mentioned in the term sheet. By considering these factors, physicians can make informed decisions and choose the most economical payment processor for their business
FAQ Physician Merchant Services
What are payment solutions for physicians, and why are they important?
Payment solutions for physicians include online payment gateways and retail credit card terminals. These modern tools allow physicians to easily accept payments from patients. Without these tools, physicians are stuck with traditional cash transactions, which can be highly time-consuming and cumbersome. When a physician adopts digital payments in their medical practice, they can focus on core business activities rather than worrying about various payment processing roles. Many of these tasks can be automated using digital payments. Features like recurring billing and scheduled payments can benefit physicians.
How can QuadraPay help with physician merchant processing?
QuadraPay has been assisting with high-quality physician merchant processing solutions since 2016. As a proud reseller of well-known credit card processing companies, we bring you a variety of physician merchant processing solutions that can greatly benefit your practice. Our ability to help you choose payment solutions powered by industry-best processors gives you the upper hand, as you can negotiate with them more effectively.
Are there any setup fees associated with physician payment processing through QuadraPay?
Generally, there are no setup costs associated with online payment processing for physicians. However, if the requirement is for retail credit card processing, then you should understand that there is a cost involved in these terminals. Physicians can either make a one-time payment or opt for a monthly payment plan for these physician payment processing terminals.”
