Have you ever looked at your monthly credit card processing bill and wished that the transaction fees would just… disappear?It’s a common wish among business owners. And when you factor in the substantial revenue a successful clinic like yours brings in, we can’t blame you.Luckily, there’s a simple way to avoid these fees—one that’s overlooked by many businesses.Fee-free credit card processing apps can save you tens of thousands of dollars that you’d otherwise pay to payment processors. Here, we’ll go over how this approach works, how much you’d save with one of these apps, and how to get one for your cosmetic surgery practice in two easy steps.
How card payment processing apps save you money (100% legally, too)
Fee-free credit card processing apps allow you to pass your transaction fees on to your customers, so you can keep the entirety of the revenue you get from nose surgeries and other cosmetic procedures.This is possible thanks to credit surcharge programs, which offer lower prices to customers that pay with cash (and it’s entirely legal and compliant, thanks to the Dodd-Frank Act).So, how does a credit surcharge program work? With one in place, your patients will be presented with two options: pay with cash as normal, or pay with credit for an additional 3.5% fee.You might already be imagining the backlash you’d get once customers see this fee, considering how expensive plastic surgery is. But the truth is, it’s actually the better option for your customers. Credit card processing fees aren’t a new issue, and many business owners have searched for a way around this for years. Their workaround? Raising their base prices to cover not only these transaction fees, but also the price of their point-of-sale systems and any additional costs of running their business. These new prices often end up being much more than the amount customers would pay if they were responsible for credit card transaction fees alone. With a fee-free credit card payment processing app in place, your patients would actually save more money than with alternative options. And if they pay with cash, they could save even more.Unsure if this system is right for you? You may change your mind when you see just how much credit card transaction fees are costing you.
How much revenue you lose to credit card processing fees
For simplicity’s sake, we’ll focus on just one procedure offered at your clinic: nose surgeries, also known as rhinoplasty.According to the American Society of Plastic Surgeons, the average cost of rhinoplasty in 2019 was $5,409. However, that number doesn’t take into account additional fees, like the initial consultation, anesthesia, and postoperative medication. If you charged the 2019 average for nose surgeries and performed 10 of these procedures every month, you’d be looking at $54,090 in monthly revenue. And because these surgeries cost a lot, you can expect to pay a comparable amount in credit card processing fees, as well. But how can we be so sure?Since rhinoplasty is a high-ticket expense, most of your patients will pay for their procedure with their credit card. In fact, a 2018 Federal Reserve study supports this: as the value of a purchase goes up, consumers become much more likely to pay with credit than with cash.So, let’s crunch the numbers. Most merchant service providers (MSPs) charge anywhere between 1.3% and 3.3% of every credit card transaction they process.
For this example, let’s say your MSP charges you an even 3% fee. Since you made $54,090 this month, you can expect to pay $1,622.70 in credit card fees. That means that every year, you’d lose $19,472.40 to completely unnecessary fees—and that’s just from nose surgeries alone. It’s tough to consider how much more money your clinic is losing from other procedures on top of that. The worst part? You’d get much more use applying those funds to other areas of your business. What could you do with an additional $19K? Well, you could add another part-time receptionist to your team. You could upgrade your existing computer operating system or renovate your office. You could even use those funds to pay for training programs that improve your skills and allow you to charge more for your services.On the other hand, you could also use that money to pay off any lingering debt from medical school, take your partner on a nice trip to the tropics, or save for your grandchildren’s college tuition. No matter what you decide to do with the money, the point is that you have the freedom to choose. When you eliminate credit card processing fees, you free up additional funds to reach your financial goals sooner. Read on to learn how.
How to obtain a fee-free credit card payment processing app for your business
Getting started with a fee-free credit card payment processing app is much simpler than you might think. The process only takes two steps to complete, and if you already have a merchant account set up, you can start saving on transaction fees in as little as one business day.
Step 1: Apply for a merchant account
Because your business is one that readily accepts credit and debit card payments, you might already have a merchant account. If that’s the case, you’re well on your way to saving thousands of dollars in revenue for your business. Go ahead and skip to the next step.But if you don’t, not to worry—let’s take a look at how to get set up with a merchant service provider (MSP).Although it’s not a difficult process, you’ll want to take some time to make sure you choose the right MSP for your business. After all, when it comes to saving your business money, you want to ensure that you find the best possible solution.Some of the most important criteria to look out for when researching MSPs include:
Meticulous customer service (and 24/7 support, ideally)
Experience with medical credit card processing: These MSPs already understand your industry and are able to tailor their assistance to your specific needs right from the beginning, saving you time and effort.
Stellar reviews from satisfied clients
The latest in credit card processing technology, including virtual terminal credit card processing, to ensure seamless transactions for your customers—regardless of what your payment processing setup looks like.
Of course, you’ll also want to consider the prices and fees of each provider charges. Here are four of the most common fees you’ll encounter:
Interchange fee: What you pay the card-issuing bank (like Chase)
Network fee: What you pay the payment network (like Visa)
Assessment fee: What you pay the card-issuing brand (like Delta Airlines)
Markup fee: What you pay the MSP for their services
However, if you want to brush up on your negotiation skills, you can save additional money by negotiating on the markup fee.How’s that possible? Markup fees are how merchant service providers make a profit on their services. However, they may decide to lower their rates to accommodate highly-profitable businesses like yours. In some cases, you can see as much as a 5–10% decrease in markup fees. Once you decide on the right MSP for your business, they’ll set you up with your new merchant account in as little as a few business days. After that, you’ll connect your merchant account to your payment processor.
Step 2: Connect your fee-free credit card payment processing app to your merchant account
Your merchant service provider and payment processor will handle most of this for you, so all you have to do is wait for them to complete their work.However, there is one important thing you must take care of: you’ll need to ensure that your merchant account and payment processor can connect seamlessly. Otherwise, you’ll still be responsible for your transaction fees.Once your MSP and payment processor complete their setup (it should take a few business days at most), you can now accept credit card transactions without paying the fees for them.Not sure where to find a trustworthy fee-free credit card payment processor? We can help.
Save tens of thousands of dollars every year with Nadapayments
For an effortless way to save money, choose NadaPayments and pay “nada” on every credit card transaction.Our fee-free credit card payment processing app works with most POS systems and connects to wifi, so you can process transactions anywhere—in-store, online, or on the go. You’ll also receive 24/7/365 customer service—because technology issues are something that no one wants to deal with by themselves. And if you decide that NadaPayments isn’t right for you, you can cancel your services anytime. No hard feelings, and no complicated hoops to jump through. (Promise.)If you’re ready to save thousands of dollars every year in processing fees, contact our support team by calling +1 (929) 293-1800 or click the link below.