Five common misconceptions about payment processing.
Updated 6/30/20Accepting credit and debit cards is a necessary part of doing business. Your patients expect it. But when it comes to understanding all the rates and fees involved in the credit card processing game, it can get complicated quickly.
We recently hosted a joint webinar with Worldpay, our payment processing partner to discuss some of the common misconceptions many people have regarding credit card payment processing. We boiled it down to five myths and we spent some time debunking each of them.
Myth 1 – Processors Control ALL the Rates and Fees
There are a lot of costs that go into the rates and fees you pay to process credit cards. Costs such as bank interchange fees and credit card brand assessments make up around 80 percent of the total costs. The card processor actually only controls about 20 percent of the processing fees. So when you come across a processor that is offering super low processing rates, make sure you check the bottom line. The total amount you pay may not be all that different from what you have been paying.
Myth 2 – Interchange Varies by Processor
Interchange fees are established by the card issuing banks. Although there are variables in things such as card types, the fees are standard across all processors. These rates are all publicly available at sites such as VISA and MASTERCARD.
Myth 3 – All Credit Card Processors Offer the Same Level of Security
There are varying levels of security and encryption offered by different credit card processing methods. With security at the foundation of all electronic transaction processing with your patients, it makes sense to properly vet the partner you choose.
Myth 4 – An Integration is an Integration
You may hear the term ‘integration’ thrown around by numerous technology providers in the dental industry. Don’t be taken in by their liberal use of this term. Not all integrations are created equal. A payment solution that is fully integrated into Dentrix (like Dentrix Pay) will help you simplify, or even eliminate, tasks such as payment entry into the ledger, end-of-day reconciliations, manual payment plans and more.
Myth 5 – Integration Doesn’t Offer Value or Additional Savings
Integration between your credit card processing and practice management solution provides more value than might be obvious on the surface. Apart from reducing clerical and account errors by manual entry, an integrated workflow saves valuable time by processing payments faster so you can focus on acquiring new patients and providing better care for your current patients.
Dentrix-Integrated Payment Processing Options
Henry Schein One offers two payment processing options that are fully integrated with Dentrix. Dentrix Pay is available to any Dentrix customer using version G7.2 or higher. PowerPayLE EMV continues to be the payment processing option for Dentrix customers on version G5.2 to G7.1.
If you are interested in learning more about these five common myths, please check out a recorded webinar.Read Introducing Integrated Payments with Dentrix Pay to learn more about Dentrix Pay.
By Ken Woodbury, Senior Marketing Manager
Originally published in the Dentrix eNewsletter, October 2019