How to Select the Right Payment Processing System
What happens when your patient pays a bill? From their hands to yours, a process takes place. Behind the scenes, payment processing is complicated; it requires collecting, processing, and transferring funds. In the hands of your business, it can feel like a burden. But with a quality system, payment processing becomes nearly invisible to your practice and clients.
Generally, a payment processing system involves transactions between two parties. Choosing a service does not lie only on the financial department’s shoulders; if a service is user-friendly, it can exponentially affect conversion rates, and it takes a team to determine the quality of a user-friendly experience.
Payment Processing: Why Is It Important?
Payment processing systems create seamless businesses. Involve a third-party to save your practice time—time you could spend improving and growing. Allow a payment processing system to collect payments, process transactions, and transfer funds between accounts to spend your efforts in more deliberate areas meant to improve the patient experience further.
With a quality system in place, you’ll simplify checkouts and reduce transaction errors. Over time, you’ll cut administrative costs with better time management, accuracy, and accelerated payments. However, keep in mind that not every payment processing system is created equal.
Choosing the Right Payment Processing: 4 Things to Consider
Integration is key. The system should flow and operate with your business; furthermore, it should fuse with how your practice runs. The payment system should involve multiple payment options. In a consumer-focused industry, even payment processing services should work in the interest of yourself, your business, and your patients.
Ensure that the system can grow with your business without significantly increasing expenses and time-consuming hassles. The system should be able to accommodate increasing amounts of traffic and hold promise for advancement in the ever-changing industry of digital health. Ask questions about their service and expectations concerning the dynamic field of healthcare payment processing.
The service should be communicative and accessible; ensure that the service provides opportunities to ask questions, make comments, and voice concerns. Contact customer service to experience the quality of communication and technological support. The system you choose should be accessible, reliable, on-time, and transparent.
Data security is probably the most critical factor to consider when choosing a payment processing system. The system you select should utilize the most advanced technological tools–from advanced fraud detection to encryption and tokenization. Come to understand how the third-party service will secure the data of your practice and patients.
ClearGage payment processing offers the following services in an integrative, growable, communicative, and secure manner:
- Our Credit Card and ACH Processing integrates all major credit cards including FSA/HSA cards and payments from checking and savings accounts
- AutoPay / Account on File securely stores a patient’s payment account. Receive the patient’s prior approval to automatically charge them for costs not covered by insurance
- Automatic Payment Posting reduces manual entry errors, eliminates hassles and saves staff time
- Online Bill Pay, or self-pay options, allows your patients the convenience to make payments anytime, anywhere through a fully customizable, practice-branded website
- Recurring/Subscription Payments easily implement patient payment plans and recurring billing for wellness plans
To create a seamless medical practice, and continually grow in an integrative, innovative, and reliable manner, enlist ClearGage as your payment processing system.