It’s a known fact that increasing your company’s profits usually requires putting in an equal amount of work to see results. If you’re looking to bring some extra revenue into your dermal filler business, you’re likely anticipating hours of carefully-calculated work.But what you may not know is that there’s one effortless way to generate more revenue for your business—and you can implement it in a matter of days.According to the American Society of Plastic Surgeons (ASPS), 2.6 million dermal filler injections were performed in 2018, making it the second-most popular minimally-invasive cosmetic procedure. (Only Botox injections outperformed it, with 7.4 million injections.) You can reasonably expect to perform many more dermal filler procedures in the years ahead. But no matter how successful your business is, one often-overlooked cost eats up tens of thousands of dollars in revenue every year. The culprit? Credit card transaction fees. Luckily, you don’t have to continue losing money on each transaction. With a fee-free credit card processing app, you can increase your bottom line with minimal time and effort.Here, we’ll show you exactly how much you’re losing out on in credit card processing fees—and, more importantly, how to start taking home 100% of your revenue in two easy steps.
Why eliminating credit card processing fees benefits cosmetic surgery practices
By offering dermal fillers, you’re providing your clients with one of the most in-demand cosmetic procedures on the market. According to the Aesthetic Society, hyaluronic acid dermal filler injections were the second-most popular nonsurgical aesthetic procedure in 2019, with total national spending on the procedure over $468 million. That’s great news—especially given the small fortune you’ve spent to get to where you are today.First, you invested in your education. By the time you finished medical school, you likely spent anywhere from $150,224 to $248,920. opening a medical spa or cosmetic surgery practice is another investment in itself, with startup costs for a med spa ranging from $700,000 to $1,000,000 (not to mention the hard work you put in to get started). And you probably didn’t turn a profit right away, either. Like most other small businesses, you can expect to make a profit starting at around the three-year mark. Along with the cost of equipment, renting your office space, and payroll, you can’t afford to spend money carelessly. Credit card processing fees are not only expensive—they’re also entirely avoidable. Why pay unnecessary fees when you’ve got so many more important costs to consider?
The true cost of credit card processing fees
Let’s take a look at the numbers. According to 2019 statistics from the ASPS, soft tissue fillers can cost anywhere from $652 to $2,163 per injection. And because most patients will require two to four of these injections to achieve the youthful look they want, the total cost of each session is usually even higher than this. So, let’s say a patient received four Juvederm Ultra injections at $652 each. This would come out to $2,608 per procedure. And because these minimally-invasive procedures take as little as 15 minutes to complete, you can do several of them in a day.If you see 10 dermal filler patients every week, you’d make $104,320 a month and $1,251,840 in a year. And that’s not counting the other procedures you’re doing on a daily basis.How would credit card fees stack up against your revenue? Much more than you might think.Typical transaction fees start at 1.3% but can easily soar to rates of 3% or higher. Although this number sounds small, the costs seriously add up.
A study from the Federal Reserve also shows that people are more likely to reach for their credit card for more expensive purchases. Because of the high sticker price of some dermal filler sessions, many of your clients are pulling out the plastic to pay for their visits.So, let’s say 60% of your patients pay with credit. With a 3% credit card processing fee on each of these transactions, you could expect to lose $1,877.76 every month just from dermal fillers alone. That’s a staggering $22,533.12 every year. Wouldn’t you rather spend that money elsewhere? If were to reinvest that money into your business instead, $22,000 could get you:
Six months’ worth of treatments and merchandise
One month of business expenses, including payroll and rent
A lawyer or financial planner to help you with your business
Renovations for your office or clinic
You could even increase your marketing budget to bring in more customers or put that money toward a college fund for your children or grandchildren. As you can see, when you don’t give your hard-earned money away to credit card companies, a world of options opens up to you.Now that you understand the true cost of credit card transactions, let’s take a look at how you can stop paying processing fees for good and start using the money you earn as you see fit.The best part? Because this process can take as little as 24 hours to complete, you could start saving money by the next business day.
How to avoid credit card fees for your dermal filler business
You can start taking home 100% of your revenue in two easy steps. The best part? If you’re already accepting credit card transactions, the chances are that you’ve already completed the first (and most time-intensive) step.First, you’ll start by finding the right merchant service provider (MSP). You’ll want to look for providers that offer all the features you need, 24/7 customer service, and, of course, competitive prices. The best ones are those that specialize in the medical industry, as they’re the most knowledgeable on the guidelines and best practices for your business.While doing your research, you’ll want to keep in mind the different fees that merchant service providers will charge you for doing business with them, including:
Interchange fee: The amount charged by the card-issuing bank, such as Bank of America.
Network fee: The amount charged by the payment network, such as MasterCard or Visa.
Assessment fee: The amount charged by the card-issuing brand, such as Delta Airlines.
MSP markup fee: The amount charged by the payment processing company. This is typically assessed through subscription charges, as well as hardware and software fees.
Unfortunately, there’s nothing you can do about your interchange, network, and assessment fees, as these rates are controlled by the companies your provider works with. But the good news is that you can negotiate with your MSP for a lower markup rate. These fees are how merchant service providers turn a profit, which is why they’re sometimes able to lower your rate by 5–10%.And because medical spas and cosmetic surgery clinics can bring in upwards of $1 million in revenue every year, they’ll be willing to do more to gain your business.
The secret to fee-free credit card processing
Once you enable credit card transactions with your merchant service provider, you’ll want to look for a fee-free credit card processing app. These programs allow you to bypass the fees that come with every swipe of your patients’ plastic. But what happens to these fees? Fee-free credit card processing apps allow you to give your patients the option of paying with cash for no fee or paying with a card for a small fee. Here’s how it works: when the time comes to pay for their dermal filler procedures, your patients have the option to use their credit card and pay an additional 3.5% fee to cover the transaction. If they choose to pay with cash, debit, or check instead, they can forego these fees entirely and save money on their procedure. Best of all, this money doesn’t come out of your bottom line like it used to.Sound too good to be true? Thankfully, it’s not. This practice is 100% legal and compliant, thanks to the Dodd-Frank Act. And when you work with a fee-free credit card processing app like NadaPayments, you won’t have to pay for your hardware, software, or setup. This means you have absolutely nothing to lose—and tens of thousands of dollars to gain.Contact us at +1 (929) 293-1800 or click the link below to get NadaPayments set up for your cosmetic surgery clinic or med spa.