How can a credit card surcharge program boost profits at your hair loss treatment center?It’s simple math, really. Because hair loss treatment is only covered by insurance if a medical condition has caused the hair loss, many of your clients pay out of pocket. Many clients will opt to use a credit card when paying for this treatment (which can cost anywhere from $4,000 to $15,000).That means you must pay processing fees. And these fees can cost an average of 3.5% per transaction. That means paying anywhere from $140–$525 per client in processing fees. That’s ridiculous. And it’s undoubtedly hurting your business. But we have some excellent news.You can eliminate credit card processing fees at your hair loss treatment center. You just need to implement the right credit card surcharge program.
First, what is a credit card surcharge program?
A credit card surcharge program works by adding a fee to customers’ bills each time they pay with credit. This covers the fees credit card companies charge each time a merchant processes a client’s credit card payment. Traditionally, your hair loss treatment center would’ve paid this transaction fee. With credit card surcharge fees, you can offset the impact of processing fees on your bottom line.But—you can also give your clients a choice: if they don’t want to pay with credit, they can pay with debit or cash instead. If they pay with cash, then it’s a win-win for everyone because there are no fees involved. And if they pay with debit, you have to pay a much lower fee (usually less than 1%).Credit card surcharge programs have been around for some time. If you want to set up a credit card surcharge program, you must follow specific rules (more on this later).
Why you should want a credit card surcharge program at your hair loss treatment center
Think of all you’ve invested in having your hair renewal and transplant center.You’ve complete 10+ years of schooling and training. You obtained your bachelor’s degree and a four-year doctorate and slogged through residency. You also got certified by the American Board of Medical Specialties. Needless to say, you’ve invested a lot of time into your practice. You’ve also spent a great deal of money to start your hair restoration business. Besides graduating with an average of more than $200,000 in student debt, doctors can pay well more than $100,000 to open a medical practice. On top of that, hair-loss treatment centers require specific technologies and equipment. Hair restoration equipment and technology, such as restoration robotics and follicular unit extraction technology, can be quite expensive. And in addition to technology and equipment costs, you have ongoing expenses, including labor, rent, insurance, marketing, legal, and more. It all adds up, and you have a lot on the line. Considering your investment, you want to look after your finances carefully. That begins with making sure you aren’t throwing money out the window. And paying too much in credit card processing fees is letting money fly out the window. This is why you need a credit card surcharge program. It will make you more financially sustainable so that you can continue to care for your patients and provide them with the benefits of hair loss treatment.
How much does your hair loss treatment center pay in processing fees?
It helps to put the impact of a credit card surcharge program into actual numbers. From nose job clinics to eye care centers, we’ve seen the financial benefits of offsetting credit card fees across all areas of the medical industry. Hair loss treatment centers can enjoy those same benefits. To get a closer look at the benefits of having a credit card surcharge program, let’s start with a realistic example. Let’s say:
Your hair loss treatment center does 150 restoration and transplant procedures per year.
The average cost per treatment or procedure is $9,000. Your yearly revenue from restoration and transplant treatment is $1,350,000.
On that $1,350,000 in revenue, you earn a profit of $250,000. You’re doing well, but you could be doing better.
60% of your revenue comes via credit card payments. The rest is a mix of cash and insurance payments. That means $810,000 of your revenue is subject to credit card processing fees.
After you calculate other fees, like the payment processor markup, average credit card fees can average over 3% and even reach 3.5%.
You pay an average credit card processing fee of 3.5% on that $810,000. That’s a total of $28,350 in transaction fees per year.
Now, your profits are $250,000. Per year, you pay $28,350 in credit card transaction fees. Imagine if you could implement a credit card surcharge program that gets rid of those processing fees. You’d make $28,350 more per year. That increases your profits from $250,000 to $278,350. That’s a salary increase of 11.3%! And all you had to do was change the way you accept payments. With that extra money on hand, think of what you could do. You could:
Expand your hair loss treatment center.
Save more for retirement.
Take a nicer vacation.
Pay off personal debt.
The point is this: That money should be in your wallet—not going to a credit card company.
Can your hair loss treatment center implement a credit card surcharge program?
Now, you may be wondering:
Is a credit card surcharge program legal?
Can my center use a credit card surcharge program?
The short answer is yes to both questions. Credit card surcharge programs are legal in 46 states in America. You currently can’t assess credit card surcharges if you operate in Connecticut, Colorado, Kansas, or Massachusetts, but that could change soon. Our page here has the latest updates on credit card surcharge rules and regulations. Now, you may worry if surcharge programs will upset your hair loss treatment clients. The answer is no. While your patients will have to pay a surcharge for using a credit card, they can save money by paying with cash or debit. As long as you follow the rules and are honest, your customers will appreciate having options. They can choose the convenience of swiping the card or save money by paying with cash. There are some rules you must follow when using a credit card surcharge program. These help with ensuring your clients have full transparency into how you accept payments. To comply with surcharge regulations, your hair restoration and transplant business must:
Accept major credit cards.
Display signage showing credit card fees.
Not assess a credit card fee greater than 4%.
Process the credit card fee and service together, with the fee listed separately.
Not apply a fee to payments made with debit cards.
As long as you follow those rules, your hair loss treatment center can enjoy the benefits of a credit card surcharge program. Over five to ten years, you could have more than $100,000 back into your wallet just by getting a surcharge program.
Ready to offset credit card processing fees?
Your hair restoration and transplant clinic can boost profits overnight with a credit card surcharge program. Each year, you could increase your salary by 10% or more. That’s simply too good of an opportunity to pass up. At NadaPayments, we’re ready to help you implement a credit card surcharge program. Our surcharge solution is best in class with:
24/7/365 support: We’re always prepared to help you get the most out of our surcharge program. Contact us anytime.
Full transparency: We provide clear signage. Your customers will understand there's a 3.5% credit surcharge and learn how to save by paying with cash or debit card.
No setup costs: We have no hidden charges, and our virtual terminal is free. Our smart terminal works with most credit card installment plans and costs $35 per month. If you aren’t satisfied, you can cancel anytime.
Our credit card surcharge program is 100% legally compliant and ready to be installed immediately. By next week, your hair loss treatment center could say goodbye to processing fees for good. Ready for NadaPayments’ credit card surcharge program? Dial +1 (929) 293-1800 or click the link below.