There are many unavoidable costs that come with running a dermabrasion business: taxes, equipment, rent for your office space, payroll… the list goes on.
But there are also many fees that aren’t necessary at all.
One of the biggest of these is credit card processing fees. As they add up, credit card processing fees can seriously weigh your business down.
Luckily, it’s easy to get rid of these fees and start taking home 100% of the revenue you earn from procedures like dermabrasion, microneedling, and more.
The secret? A fee-free credit card processing app.
Once you’ve eliminated credit card processing fees, you could start bringing in tens of thousands of dollars in additional revenue each year—all in a few simple steps.
Here we’ll break down what exactly these apps are and how to set yourself up with one in as little as one business day. So, let’s get started!
First and foremost, what exactly is a fee-free credit card processing app?
In short, it’s a 100% legal way of saving money on your credit card transactions, making it the savvy business owner’s solution to eliminating those frustrating fees. Technically speaking, fee-free credit card processing apps implement what’s called a credit surcharge program, which allows you to bypass the fees that usually come with credit transactions.
Here’s how it works: when you implement a fee-free credit card processing app, your clients will have two options to choose from when paying for their services. They can pay with credit and incur a 3.5% fee, or they can choose to pay with cash, debit card, or check and avoid fees entirely.
You may be wondering: Wouldn’t implementing a credit surcharge program and charging a 3.5% fee upset my clients? In reality, this isn’t the case. Many customers may actually prefer a credit surcharge program over traditional pricing structures (which may include the fees you’d usually have to pay for credit card transactions). They’ll also have the option to save money by paying with cash, debit, or check, and will appreciate your business’ transparency around payment options.
Let’s first take a look at how much money you’re really losing to credit card processing fees each year.
The American Society of Plastic Surgeons (ASPS) placed the average cost of dermabrasion at $1,296 in 2019. However, that only covers the cost of the procedure itself. When you factor in additional expenses (like anesthetics and operating room costs), that total can easily come out to $4,000 or more.
Because dermabrasion is a cosmetic procedure, it’s not typically covered by medical insurance. For better or worse, your clients will likely have to pay out of pocket for it.
And because of its high sticker price, many of those clients won’t feel comfortable paying for dermabrasion with cash or debit. In fact, a study conducted by the Federal Reserve revealed that, the higher the cost of a purchase goes up, the more likely a person is to reach for their credit card to cover it.
Here’s where those credit card fees come in.
While credit card fees will vary between payment networks, you can expect to shell out anywhere from 1.3% to 3.30% for every credit card purchase.
So, let’s say you perform 15 dermabrasion procedures a month at $3,000 each. You’ll easily make $45,000 in just one month. But if credit card processors charged you 3% on every transaction paid for with a credit card, you’d lose $1,350 a month. In one year alone, you’d lose $16,200 of revenue. And that’s not even counting the money lost from the other services you perform too.
Think about what you could do with an extra 16 grand.
For one, you could take that money and put it back into your business. $16,200 could easily pay for an office renovation, medical supplies and equipment, additional employees, or malpractice insurance.
Of course, you could just as easily spend that money on yourself and your family: you could pay for the home remodel you’ve always wanted, send your children or grandchildren to school, contribute to your retirement fund, or buy your dream car.
When you don’t have to pay thousands of dollars in unnecessary fees every month, the opportunities are endless.
So you’ve decided to make the switch to fee-free credit card transactions. Where do you start?
First, you’ll need to find the right merchant service provider (MSP), which handles all of your debit and credit card transactions. Given the price of dermabrasion procedures, chances are you already have one set up!
But if you don’t, the process is relatively simple and takes a few business days (at most) to complete.
Start by doing some research and creating a list of potential providers. You’ll want to keep an eye out for ones that specialize in medical businesses—especially if you accept insurance for some of your procedures. These MSPs are already up-to-speed on healthcare best practices and can help you with your most pressing transaction questions from day one.
When looking for an MSP, you can gain some insight into pricing by taking a look at the following fees:
While you can’t negotiate with banks or payment networks, you may be able to score a deal by negotiating the MSP markup—we’ve seen practices get 5–10% off!
Generally, however, you won’t want to automatically opt for the cheapest MSP. You should make sure they have all the features you need, including 24/7 customer service and the latest in payment processing hardware (such as mobile credit card processing, virtual terminal credit card processing, and contactless or chip payments).
Now for the second step: once you get set up with your new merchant service provider, next you’ll need to find the best fee-free credit card processing app. As you look into different companies, make sure to choose one that integrates with your current MSP.
Linking your merchant service provider with your new fee-free credit card processing app won’t take too long. In most cases, the process takes about one business day. This is great news, as it means you’ll be able to start saving money on credit card processing fees as soon as possible.
Eliminating credit card processing fees is one of the easiest things you can do to start increasing your revenue almost immediately. When you work with Nadapayments, you can rest assured that our services are completely above-board. Our surcharge program is 100% legal and compliant, thanks to the Dodd-Frank Act.
And when you choose us, you get much more than just the money you save on credit card fees.
Setup with Nadapayments is quick, painless, and completely free. You get 24/7/365 customer service, and we’ll even throw in the hardware you need for your transactions at no additional cost to you. And the best part? Our surcharge solution seamlessly integrates with your existing payment processing system and works on the go, in-store, and online.
So, what are you waiting for?
Get in touch by calling us at +1 (929) 293-1800, or click the link below to get started with your new credit card processing app.