Should I start accepting credit cards?
by Tracy Schmidt on Tuesday, January 26, 2016
The convenience of using a credit or debit card resonates with most Americans these days. In fact, the number of Visa, MasterCard and American Express cards in circulation was over 500 million as of late 2014. How often do you leave the house without yours?
Few businesses are so special that they can afford to accept cash only. This includes naturopathic practices.
Most patients who walk through your door will expect you to accept credit cards. In fact, new patients may even construe your practice to be old-fashioned if you don't. But that's not the only reason to accept credit and debit cards. It will allow you to expand your customer base and provide a more convenient method of payment than cash or checks.
If you’re an ND who is successfully invoicing your customers, you may be put off by the costs of merchant services, which is typically a percentage of each credit card transaction. However, when you consider the following advantages of credit and debit card acceptance, you may think twice:
- Reduces your potential loss from non-payment
- Less time spent on invoicing
- Savings realized from no longer sending bills and reminders
- Increased customer service for patients
- No longer waiting 30, 60 or 90 days to receive payment for your services
- Allowing funds to be transferred to your bank account in less than a week—this becomes very important, especially for start-up practices experiencing tighter cash flow
When considering these factors, accepting credit and debit cards presents itself as the most logical and cost-effective method of payment acceptance.
When it's time to choose a credit card processing service, it's easy to get overwhelmed. After all there are hundreds of options, sales pitches can be confusing, and so many providers can be overly aggressive.
Even if you’ve accepted credit cards for years, it’s important to know the ins and outs so you can compare your current plan to ensure you’re getting the best pricing possible.
If you’re considering accepting credit or debit cards or switching providers, we invite you to find our more about NCMIC's program.
- cash practice
- credit card processsing
- credit cards