Every physical therapy practice aims to offer seamless services to their patients, and this includes not only top-quality therapeutic services but also a frictionless payment process. One of the key elements in achieving this is having a robust credit card processing system. This article will guide you through the ins and outs of credit card processing, and provide recommendations on the best payment processing tools for physical therapy practices.
How to Choose the Right Credit Card Processing for Your Practice
Choosing the right credit card processing system for your physical therapy practice can significantly impact the overall patient experience and the efficiency of your operations. Here are some key features to consider:
Storing Cards on File
A system that allows you to store cards on file can significantly streamline the payment process, particularly for patients who have recurring appointments. This feature enables automatic payments, reducing the need for manual payment entry each time, and can also aid in improving patient collections.
Automatic Payment Posting
This feature automates the reconciliation process, automatically updating patient accounts once their payment has been processed. This can save your staff a significant amount of time and reduce the chance of errors in manual entry.
Digital Invoices or Online Payments
With the increasing shift towards digital transactions, offering the option for digital invoices or online payments can greatly enhance the patient experience. This allows patients to pay their invoices at their convenience, potentially leading to faster payments and improved cash flow for your practice.
Understanding the fee structure of your chosen credit card processing system is crucial. Most providers charge a percentage of each transaction, along with a fixed fee. Some may also have monthly or annual fees. It's important to consider these costs when evaluating different processors.
What Is The Average Fee for Credit Card Processing?
The average fee for credit card processing can vary widely, depending on the provider and the specific pricing model they use. However, a typical range is between 2% - 3.5% per transaction, along with a fixed fee of around $0.10 - $0.30. Note that some types of cards, like rewards or corporate cards, may have higher processing fees.
Can I Require a Credit Card on File?
As a physical therapist, you can require a credit card on file, particularly for patients with recurring appointments. This can facilitate smoother transactions and ensure timely payments. However, it's crucial to communicate this requirement clearly to your patients and assure them of the safety measures in place to protect their information. This can be done using a financial policy consent form during the patient's digital intake.
What Is PCI Compliance?
PCI compliance is mandatory for any business that processes, stores, or transmits credit card information. It involves adhering to a set of security standards designed to protect cardholder data. Non-compliance can lead to fines, increased transaction fees, or even the loss of the ability to accept credit card payments.
Top 5 Credit Card and Payment Processing Tools for Physical Therapists
PatientStudio Payment Processing: PatientStudio provides the all in one billing and payments platform for physical therapists. Store cards on file, Post payments automatically, allow patients to pay online and more. Reduce your days to collect and accounts receivable with integrated payment processing.
Stripe: Stripe is highly versatile and supports all major debit and credit cards. It provides a simplified and secure approach to online transactions, which can be particularly beneficial for recurring therapy sessions.
Square: Square provides a range of hardware and software options, making it easy to manage all payment processing requirements for your practice. It simplifies the transaction process by offering physical devices that enable direct and easy payments.
Podium Payments: This tool not only streamlines your payment processing methods but also offers a continuous communication channel with your customers. It allows you to accept a wide range of payment methods and even turn your phone into a card reader for easy transactions.
PayPal: As one of the most popular online payment methods, PayPal provides a simple and efficient way of handling transactions. Many customers are already familiar with the interface and payment process, which can enhance customer satisfaction.
Remember, the right credit card processing system for your physical therapy practice will depend on your specific needs and operations. By considering the factors outlined in this guide and evaluating different processors, you can choose a system that not only enhances your workflow but also improves the overall patient experience.
Ready to learn more about PatientStudio's integrated payment processing? Click here to schedule a free call with one of our consultants.