When you open your practice, you have to decide how you want to accept payment. Seems simple enough doesn’t it. You want people to pay you! It’s essential to have a cash flow in order to keep your office open. But that is where the simplicity ends.
Cash…okay that’s easy. But think about this…will you have enough cash on hand to make change? How will you handle the potentially large sums of cash? Who will manage it and track it for you?
Checks. For the most part it can be straight forward. Some people insist you take their checks and are downright insulted when you don’t. Okay…but what is your policy for checks that are returned? And what does the bank charge you as the merchant? How will your recover any bounced check charges?
Credit Cards|Debit Cards. Not simple and potentially very expensive. Usually when you are looking to take these, you will need a swiper (over $600 at Costco when I checked last year), plus you will have monthly fees for the gateway account, swiper software, fees that are a % of collected fees based on cards, and so forth. There are also fees based on the amount of business that you will do.
Here is what I did .I got a PayPal virtual terminal account . We pay a flat monthly fee, plus a transaction fee. We enter the information right on line (we had DSL, and there fore are constantly on). The patient gets a copy right there of the transaction, and the money is in our account in real time. No spends swipers.
Since the majority of people pay us with cash and checks, it made no sense to spend a lot of money on credit cards when our intake could not justify the cost.
So assess your situation and then make a choice. Remember to…you can always change your choice as your business grows.