What if there was a way to generate even more profit on breast reduction surgery and other cosmetic procedures?The great news? There is… and it’s simpler than you might think. According to the American Society of Plastic Surgeons (ASPS), breast reduction surgery ranks as one of the most expensive procedures performed today. But that hasn’t stopped people from getting them. The ASPS reveals that cosmetic surgeons performed 43,591 of these procedures in 2018 alone. And due to their high cost, chances are, most of your patients pay with their credit cards. But this puts you in a bind. Accepting thousands of dollars in credit card payments means you’re losing thousands of dollars in revenue to credit card processing fees.But imagine being able to pocket all the money you make for yourself.Luckily, you don’t just have to imagine: there’s a way to work around credit card processing fees, so you can take home 100% of your revenue. With a fee-free credit card processing app, you can boost your profits by as much as 10%. After all, you work hard for your money. You deserve to see every cent you earn. Keep reading to learn how to get rid of those annoying credit card transaction fees (completely legally!), so you can put that money to good use elsewhere in your business (or even toward a vacation—we promise not to tell).
What are fee-free credit card processing apps?
As their name implies, fee-free credit card processing apps allow you to process credit card transactions without incurring the pesky fees that usually accompany them.But credit card companies like Visa and MasterCard won’t just let you skate by without paying them their due. So what’s the secret to avoiding those expenses?Credit surcharge programs.These programs give customers a choice: Use credit and pay an additional fee, or pay with cash and avoid the fee entirely.In both cases, you take on none of the credit card transaction fees. So, if a customer pays you $1,000 for a procedure, all of that $1,000 is yours to keep.Best of all, thanks to the Dodd-Frank Act, these programs are 100% legal and compliant. That means you’ll never have to worry about fines or lawsuits down the road.Let’s take a look at a real-life example of what a fee-free credit card processing app can do for your private plastic surgery practice.
How you benefit from using a fee-free credit card processing app
The ASPS reports that, in 2018 alone, Americans spent more than $16.5 billion on cosmetic surgery. The industry is highly lucrative, with more and more people seeking out these procedures every year. But no profitable business is without its startup costs. The cost of higher education alone isn’t one to scoff at. NerdWallet docks the average amount of student debt for those graduating from medical school at a little over $200,000. And it isn’t until you’ve completed a residency or two and passed your board exams (which also cost several thousand dollars) that you can then open your own practice. This will put you at least another $220,000 in the red as well. As you know well, these costs quickly add up, so you’ll want to make your money back (and then some) as soon as possible. The ASPS states that the national average cost for breast reduction surgery sits at $7,655. Because of this high price tag, many of your patients may not feel comfortable paying for this procedure in cash. So, when you ask for their payment, out comes their credit card. That can take a real toll on your profits. Without a fee-free credit card processing app in place, you can expect to lose about 3% of every payment to transaction fees.
Let’s say you perform 15 breast reduction surgeries each year. If you were to charge the national average for each procedure, you’d make a cool $335,665 from breast reductions alone. But before you celebrate, you need to factor in the credit card fees. The damage? A whopping $10,069.95 loss. With all of your costs to consider, every cent lost to fees is money that you could be reinvesting into your business. Imagine what you could pay for with that $10,000+:
A full year of malpractice insurance
Several months’ worth of rent for your office space
Upgrades to your office or computer system
Marketing costs or medical supplies
The list goes on and on.There’s no reason to wait around for this extra cash. You could save all of that money—or more—simply by switching to a fee-free credit card processing app like NadaPayments. Here’s how.
How to get rid of fees with a fee-free credit card processing app
You can complete the entire process in two easy steps:
Find the right merchant service provider (MSP)
Implement your credit surcharge program
That’s it. It really doesn’t get easier than this. In fact, if you’ve set up a payment processor before, you’re already familiar with half of the process. Let’s break this down further. Shop for the right merchant service providerWhen considering the best MSP for your business, price is certainly a factor to take into consideration—but don’t let it be the only one!Research merchant service providers that offer reasonable fees as well as all the capabilities you need for your business—and of course, impeccable customer service. If it helps, make a list of all the things you want in your ideal MSP and compare it to the options you find.Once you’ve narrowed down your list to a few top choices, you’ll want to take a closer look at each provider’s fees, including:
Interchange fee: What the merchant pays to the cardholder’s bank (for example, JPMorgan Chase)
Network fee: What the merchant pays to the payment network (for example, MasterCard)
Assessment fee: What the merchant pays to the brand issuing the card
MSP markup fee: What the merchant pays to your payment processing company
While the first three fees are set in stone before you even begin discussions with your MSP, the last one isn’t. You can try negotiating on the markup fee, potentially saving you 5–10% off the original rate. What’s up with that? Well, this fee is how these companies make a profit from their services, which means that there may be some leeway in how much lower you can negotiate the fee. After all, they may be willing to offer you a lower rate in order to gain your business. Once you’ve decided which company to go with, set everything up before moving on to the final step. Implement your credit surcharge programNext, you’ll connect your fee-free credit card processing app to your merchant service provider. Most importantly, you’ll want to make sure that you can integrate the app without any issues. You don’t want to go through the effort of setting up your payment processor only to find out that your app isn’t even compatible with it!The process of linking these two can be completed in as little as one day—which means that you can start saving money on your credit card transactions as soon as tomorrow. NadaPayments, for instance, effortlessly integrates with your payment processor and website for a seamless experience from the beginning of your transaction to the end. Plus, our surcharge program saves your customers an extra 3.5% off their purchase total when they pay with cash, check, or debit card. With NadaPayments as your fee-free credit card processing app, you’re not the only one saving money on each transaction—your patients do too.
NadaPayments is the credit card processing solution you need if you want to make nada payments on every credit card transaction. Our system is a cinch to set up, even if you don’t consider yourself tech-savvy in the slightest. There are zero setup fees involved, and our app works wherever you do: In-store, online, and even when you’re out and about. Now you can take home all of the money you earn from procedures like breast reduction surgery, with only the slightest tweak to your credit card transaction process. Plus, we’ll even cover the cost of your hardware, so all you need to do is set it up. And at every step of the way, know that we’re here to lend a hand if you need it.Get started today by calling us at +1 (929) 293-1800 or by clicking the link below.