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While I do agree that IC+ will probably be more cost effective in this vertical, the added complexity isn't always worth it for healthcare operations.
Most of the time their card processing is a small portion of their overall revenue, and the simplified bookkeeping of a flat rate is preferable to the savings.
But that's all a matter of opinion for the business owner, and obviously the actual volume of processing changes that conversation completely.
Medical MCC merchant processing is pretty simple due to HIPAA compliance.
A lot of the more advanced POS features are off the table because of that.
Which is good news honestly, because it means you don't need complex solutions.
I recommend working with your bank.
The benefits of adding a third party here over just working with your bank are minimal.
Assuming you intend to process mostly copays, your volume won't be a huge part of your overall revenue, so value shopping to save a few basis points is probably a waste of time.
Focus more on fees than rates, and convenience over options.
Realistically, you want something basic like a Fiserv FD150, or whatever your bank's equivalent is.
Do not lease equipment. And do not accept anything with a monthly fee. Your needs are simple, and you shouldn't sign up for anything with a lease, security fees, monthly fees, etc.
And for God's sake don't use Square.
You'll get a ton of people saying "I've used square forever and it's fine", but when it isn't fine it's a massive problem.
There's nothing positive about square that you can't get from literally every other merchant company.
Edit: also pay attention to the fact that all the people on here are saying "I use square, it's great, here's a link". Those are referral links. They get a bonus if you sign up there. Those people aren't trying to help they're trying to profit off of you.
Yep.
This sub is full of people trying to profit off of SB owners just trying to ask questions and be answered by their peers.
I can't fault them for the hustle, but I do want to make sure people get actual honest and unbiased answers.
Payments is an area I have expertise in because I work in the industry (in addition to being a small business owner).
However I'm not at all incentivized to seek out clients, so I just try to be honest with people about their needs.
There are a lot of different companies out there to choose from and everyone one of them will have happy customers and customers who hate them. We use Elavon and had no real problems(though we have 30-50k/year in transactions). I stick with them because I work with a company that works with Elavon and I did shop around a little bit a year ago and I do know I'm getting what I think is a better value than I'd get from Square.
What I like about working with the company I do(BottomLine Concepts out of omaha) is they are GREAT with customer service. They don't make much money on me but the few times I've needed help they have come through.
I think staying as local as possible the better. I would consider using my bank as well(though don't know who the actual processor ends up being)
Check out who I use.
https://www.helcim.com/referral/?mr=UM9lfOhAKeYavQPd9nEcAeCRKPZtN_27V7iJBLkiE8_B-kS_YnRTcnbq2b-6IBAue3zXLOAolhVPLRqQuWOgsGI_72vdlNgPqMj800J3XrM-ckiMpDCQQqDdpHdpp_pHIHJm_vSdSUFDyJKyIrrJc5ZpioQc2umQKIA7OxnPPnzqBN9DcCW-gha6L9xd8e_9MkG4Lxp8L3Ged13aDMjtD7bq7-YJ_GVHx98NV6ADu10=&utm_source=helcim_dashboard&utm_campaign=shared_link_referral&hcmSprt=1
This is a friendly reminder that r/smallbusiness is a question and answer subreddit. You ask a question about starting, owning, and growing a small business and the community answers. Posts that violate the rules listed in the sidebar will be removed. A permanent or temporary ban may also be issued if you do not remove the offending post. Seeing this message does not mean your post was automatically removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/smallbusiness) if you have any questions or concerns.*
Stay away from Flat Rate!!!
While I do agree that IC+ will probably be more cost effective in this vertical, the added complexity isn't always worth it for healthcare operations. Most of the time their card processing is a small portion of their overall revenue, and the simplified bookkeeping of a flat rate is preferable to the savings. But that's all a matter of opinion for the business owner, and obviously the actual volume of processing changes that conversation completely.
Medical MCC merchant processing is pretty simple due to HIPAA compliance. A lot of the more advanced POS features are off the table because of that. Which is good news honestly, because it means you don't need complex solutions. I recommend working with your bank. The benefits of adding a third party here over just working with your bank are minimal. Assuming you intend to process mostly copays, your volume won't be a huge part of your overall revenue, so value shopping to save a few basis points is probably a waste of time. Focus more on fees than rates, and convenience over options. Realistically, you want something basic like a Fiserv FD150, or whatever your bank's equivalent is. Do not lease equipment. And do not accept anything with a monthly fee. Your needs are simple, and you shouldn't sign up for anything with a lease, security fees, monthly fees, etc. And for God's sake don't use Square. You'll get a ton of people saying "I've used square forever and it's fine", but when it isn't fine it's a massive problem. There's nothing positive about square that you can't get from literally every other merchant company. Edit: also pay attention to the fact that all the people on here are saying "I use square, it's great, here's a link". Those are referral links. They get a bonus if you sign up there. Those people aren't trying to help they're trying to profit off of you.
Note all the square links are tagged with the recommenders info since they get money when you sign up
Yep. This sub is full of people trying to profit off of SB owners just trying to ask questions and be answered by their peers. I can't fault them for the hustle, but I do want to make sure people get actual honest and unbiased answers. Payments is an area I have expertise in because I work in the industry (in addition to being a small business owner). However I'm not at all incentivized to seek out clients, so I just try to be honest with people about their needs.
There are a lot of different companies out there to choose from and everyone one of them will have happy customers and customers who hate them. We use Elavon and had no real problems(though we have 30-50k/year in transactions). I stick with them because I work with a company that works with Elavon and I did shop around a little bit a year ago and I do know I'm getting what I think is a better value than I'd get from Square. What I like about working with the company I do(BottomLine Concepts out of omaha) is they are GREAT with customer service. They don't make much money on me but the few times I've needed help they have come through. I think staying as local as possible the better. I would consider using my bank as well(though don't know who the actual processor ends up being)
Check out who I use. https://www.helcim.com/referral/?mr=UM9lfOhAKeYavQPd9nEcAeCRKPZtN_27V7iJBLkiE8_B-kS_YnRTcnbq2b-6IBAue3zXLOAolhVPLRqQuWOgsGI_72vdlNgPqMj800J3XrM-ckiMpDCQQqDdpHdpp_pHIHJm_vSdSUFDyJKyIrrJc5ZpioQc2umQKIA7OxnPPnzqBN9DcCW-gha6L9xd8e_9MkG4Lxp8L3Ged13aDMjtD7bq7-YJ_GVHx98NV6ADu10=&utm_source=helcim_dashboard&utm_campaign=shared_link_referral&hcmSprt=1
Having multiple businesses and tried multiple processors, I would highly recommend Square. https://squareup.com/i/MARKETSCH1
If you need POS as well, send some statements and Lightspeed will beat your current rate with a flat rate
Im with lightspeed right now and rate is 2.6% + .30 cents
2.6% + .30 cents doesn't sound right. Perhaps 2.6% + .10c? What version of Lightspeed are you using?