Credit Card Payments Only?

Flipperlady

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Do you think dentists would go for this ? Make payments and collect statements via website? I know CC companies charge extra for this service so
that would have to be worked into cost somehow. I've had dentists irritated because i didn't offer this service. Maybe not having to mail out bills would make up the extra expense?
 
amadent

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Do you think dentists would go for this ? Make payments and collect statements via website? I know CC companies charge extra for this service so
that would have to be worked into cost somehow. I've had dentists irritated because i didn't offer this service. Maybe not having to mail out bills would make up the extra expense?

think you may have answered your own ?- it sounds like something your accounts may be looking for- if it were up to me i would like to get paid COD for everything- but thats not going to happenhard enough collecting what is owed in a timely fashion
let us know if you decide to make the switch and how it works out for you

Greg Amendola MDT
 
Flipperlady

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think you may have answered your own ?- it sounds like something your accounts may be looking for- if it were up to me i would like to get paid COD for everything- but thats not going to happenhard enough collecting what is owed in a timely fashion
let us know if you decide to make the switch and how it works out for you

Greg Amendola MDT

Thanks, it's something i would like to try. May go over like a lead balloon but wouldn't it be cool to go paperless. I would think you'd have to look at your audience. The olders docs may not like it and the younger ones probably would? As for COD, I have a couple of accounts that don't wait for a bill, they send payment right away. I also have a couple that you have to send 3 bills and then call to see if I need to send a fourth (they always eventually pay).
 
doug

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The docs that I work with who use CC know that I will hit it the first of the month, unless they say otherwise. Getting the money NOW has a cost, and it's really not too bad
 
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rhicks3302

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check out Marathon Processing. We've been with them for about 3 years now. They used to have a software called Fusion which stored the doc's CC numbers in a digital Rolodex. We could process 25 cc's in less than 15mins. I think the processing charges are under 3%. The money is in your account in 2 days. They have since changed their software to an internet based company which slows things down some but it's still good.

We process cc's when we do statements at the beginning of the month. It's nice having that cash injection by the 1st or 2nd of the month, especially for a small lab. I don't chase my money around anymore.

Bob Hicks
 
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rhicks3302

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I guess Marathon is called Basys now.
 
Toast

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The docs that I work with who use CC know that I will hit it the first of the month, unless they say otherwise. Getting the money NOW has a cost, and it's really not too bad

Bingo!!
 
Toast

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If you complain loud and often enough you can usually get the fees knocked down some. Also, some of the "perk" cards your Dr. may use (points, miles, etc.) will cost YOU more to process than just the regular cards.
 
Flipperlady

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Thanks all, I'll check out the Marathon processing and think this might be a good way to go.
 
TheLabGuy

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check out Marathon Processing. We've been with them for about 3 years now. They used to have a software called Fusion which stored the doc's CC numbers in a digital Rolodex. We could process 25 cc's in less than 15mins. I think the processing charges are under 3%. The money is in your account in 2 days. They have since changed their software to an internet based company which slows things down some but it's still good.

We process cc's when we do statements at the beginning of the month. It's nice having that cash injection by the 1st or 2nd of the month, especially for a small lab. I don't chase my money around anymore.

Bob Hicks

Yep, that's what I've done and experienced. I'm with Doug also, love having my money in the bank on the 2nd day of the month, it's worth the 2.5%. Just a reminder folks, it's against ALL credit card companies policies...YOU cannot charge extra for that 2.5, 1.8, 3%, or whatever your fee is to the customer. That goes for gas stations, shopping centers, etc... I had one awhile back try that and when confronted the business owner just didn't know. He thought he could charge an extra (5%) because that's what the credit card companies were charging him. I told him he has to raise the price of his product to incorporate that 5% instead of creating a separate charge because if the credit card companies find out he's doing that they will pull his credit card privileges instantly and won't let him use any credit cards at his business.
 
JohnWilson

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Good point Rob,

Its real hard for the processing people to find out your charging a service fee but there are many ways you can put a fee on with out it being expressly written out as a penalty to using their card.Only way they will find out is if your client get pissed and call them.

AMEX is by far the most expensive card to take, they give the best returns to the user but at 4% its a big chunk of change to give away.

Its just like anything else its a part of doing business, what is the worst is when you have a slow pay call the last day of the month and asks to clear his balance with a AMEX card. I always agree, but state that I only run AMEX cards once a month and that is on the first. I explained that since he waited till the last day that their will be a finance charge which essentially I will wave if he uses another card today. Then I tell them that we will set them up on auto pay with what ever card they want to use and bill it out on the 1st.

Generally this makes me look like I am offering them a discount when in fact I am actually saving money.
 
TheLabGuy

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Yeah, I forgot that John, American Express is way too expensive. I just don't accept them and ask for another card. Most that have an American Express will have another card because there is so many business who won't take that card.
 
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XxJamesAxX

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Do you think dentists would go for this ? Make payments and collect statements via website? I know CC companies charge extra for this service so
that would have to be worked into cost somehow. I've had dentists irritated because i didn't offer this service. Maybe not having to mail out bills would make up the extra expense?

Check out AcceptPay.com aswell. We started using them the first of this year and have been very pleased. They make it really easy for you to incorporate a payment option into your website aswell if you have one. I have a few doc's we send out statements thru email then sometime during the month no later then the 20th (our due date) they go to our website and make a payment. Money is deposited into our checking account in 2-3days...
 
Flipperlady

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Check out AcceptPay.com aswell. We started using them the first of this year and have been very pleased. They make it really easy for you to incorporate a payment option into your website aswell if you have one. I have a few doc's we send out statements thru email then sometime during the month no later then the 20th (our due date) they go to our website and make a payment. Money is deposited into our checking account in 2-3days...

Thanks, I'll check out the site in a few minutes. Speaking of websites, I don't have one but would like to. I was checking out Yahoo webhosting and a few others but I'm unclear on fees etc..... It would seem you have domain name fee. web hosting fee, then you would have to add setting up credit card fee and pay for fees associated with that each month..... I sold a few old pieces of dental equipment on Ebay and by the time you pay ebay and paypal fees it's a chunk out of the profits. I'm starting to think this will be the same. I'd probably also need someone to build a decent website, so there's another fee.
If someone here does that kind of thing and doesn't charge an arm and a leg please pm me. I also wonder if SBA has website help, may call them tomorrow.
 
Luke

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Old thread, but whats everyone use now for cc payments? A couple offices have asked and I don't know where to start.
 
rc75

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Our card machine thingy is from Bank of America. The owner negotiated some really low percentage rates.
 
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Randy Hill PhD

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just don't get locked into equipment like back in the day. I use MarathonGateway, and they have been good. In the bank in 2 days. Others always pay on time, and it always seems the biggest account with the fanciest office, and the most docs on site are the latest to pay.
Everything that goes out of the lab has the payment terms on them............... just try charging a late fee............... your'e toast!
 
doug

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We use Marathon (now Card Connect) also and have had no problems with them.
 
JMN

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just don't get locked into equipment like back in the day. I use MarathonGateway, and they have been good. In the bank in 2 days. Others always pay on time, and it always seems the biggest account with the fanciest office, and the most docs on site are the latest to pay.
Everything that goes out of the lab has the payment terms on them............... just try charging a late fee............... your'e toast!
Guess I'm lucky. I've gotten away with the late fee stick when I've had to use it.
 
JTG

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We use Quickbooks, when we checked a couple of years ago the fees were comparable. I should probably check things out again, it was when I 1st opened so was trying to make it as easy on myself as possible. Also, no equipment rental, just run it through the software.
 
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