If you accept credit card payments from patients at the point of service or online, you need to understand that all payment processors are not created equal. Your merchant processor can affect efficiency, profitability and overall security, so choose wisely.
Keep an Eye on PCI Compliance
Security is always top-of-mind in hospitals, from protecting patients’ health records to their billing information. Sometimes it is taken for granted or assumed that all companies selling merchant services are PCI (payment card industry) compliant. However, that’s a dangerous assumption; you’re only as secure as the partners you work with. You must be certain your payment processor adheres to data storage and security guidelines and that the appropriate firewalls are in place. Falling short in PCI compliance can be costly on many levels. According to pcicomplianceguide.org, “The payment brands may, at their discretion, fine an acquiring bank $5,000 to $100,000 per month for PCI compliance violations. The banks will most likely pass this fine on downstream until it eventually hits the merchant. Furthermore, the bank will also most likely either terminate your relationship or increase transaction fees.”
Aside from the costly fees associated with doing business with a merchant processor that isn’t PCI compliant, your hospital might also be at risk of exposing sensitive patient billing information too.
In addition to steering clear of merchant processors that aren’t PCI compliant, you should also be aware of other common pitfalls associated with fly-by-night merchant processors.
Watch Out for Bait-and-Switch Rates
There’s a reason they are called “teaser rates.” Some merchant processors use low introductory rates to lure you in, only to hike the rates soon after the relationship is established or add fees along the way. Seek out processors that offer full disclosure of rates and provide a lower overall cost and effective rate from the start.
Beware of Long-Term Obligations
If you are required to sign a long-term contract to initiate a working relationship, be on guard. Companies that demand lengthy agreements will likely levy heavy fees should you need to cancel before term. Some merchant processors are more flexible, working on short term or month-to-month agreements that never lock you into situations or lead you into costly fees.
Demand Clear Reporting & Support
As with any solid business relationship, set high standards for service. Amidst the array of potential partners you have to choose from, there are those that take a consultative approach, provide customizable reporting tools and offer support. You need access to clear reports and statements online, in addition to support services to promptly answer any issues that may arise.
Prioritize Implementation
Find a merchant processor that is sensitive to the fact that your organization is already entrenched in IT solutions and systems that run your business and is willing to work with you to ensure smooth implementation and integration. They should be with you each step of the way, integrating systems and determining the best solutions to help you collect more of what you are owed, while keeping costs low and efficiency within your hospital high.
If you’d like peace of mind knowing your merchant processor is not only PCI compliant, but also a trusted leader in the industry, Emdeon Merchant Services and Chase Paymentech are here to help. Emdeon is collaborating with Chase Paymentech, a global leader of payment processing, to simplify patient payment processing and integrate seamlessly with Emdeon solutions. Call 877.EMDEON.6 (877.363.3666) or visit us online to learn more today.
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