Chances are, you’re losing tens of thousands of dollars every year. The worst part? You probably don’t even realize it.
Cosmetic surgery practices make hundreds of thousands of dollars a year. But this means that you’re paying an exorbitant amount in credit card processing fees, as well. In fact, for mini facelifts alone, you could be looking at a loss of about $21K a year.
However, there’s a way to avoid paying these fees completely.
The solution? Fee-free credit card processing apps.
These apps let you stop paying tens of thousands of dollars in credit card fees every year and start taking home 100% of the revenue you earn.
Here, we’ll show you everything you need to know about these lucrative programs. We’ll give you an idea of how much you can save with one, and even show you how to set one up for your plastic surgery practice.
So, let’s get started!
Fee-free credit card processing apps allow you to accept credit cards without paying any of the fees you’d typically incur from traditional payment processors.
How is this possible? It’s all thanks to credit surcharge programs.
These programs let you offset transaction fees by giving your customers two choices: pay a small fee for using their credit card, or avoid these fees entirely by paying with cash, debit, or check.
It’s that easy—and it’s completely legal, too, thanks to the Dodd-Frank Act.
With a fee-free credit card processing app in place for your plastic surgery practice, you can completely eliminate credit card processing fees from your business’s expenses.
But wait… Wouldn’t your patients object to paying more than they’re used to, especially if they’re regular clients of your clinic?
Implementing a credit surcharge program would actually cost your customers less money than if you raised your prices to account for the costs of accepting credit card payments (which would include the hardware and software needed to accept cards, as well as credit card processing fees themselves).
And because you give your customers the option to forego these fees entirely, they can save even more by paying with cash.
But maybe you’re the type that isn’t swayed without cold, hard facts to back up a claim. To show you just how much you can save, we’ll break down how much transaction fees would cost you for a popular procedure performed at cosmetic surgery practices like yours.
Mini facelifts are modified versions of traditional facelift surgeries. Incisions are made in the patient’s face, and the muscle underneath is pulled tighter, resulting in a visual “lift” in the neck and jawline.
Mini facelifts are considered invasive procedures requiring anesthesia—and their price reflects this. These procedures typically cost between $3,500 and $8,000, although the exact price will vary depending on the surgeon and location of the practice.
So, let’s say you charge $6,000 for every mini facelift. If you performed 10 of these procedures every month, you’d make $60,000 a month—just from these operations alone.
However, $6,000 isn’t chump change for many of your patients. On top of that, these surgeries aren’t covered by health insurance because they’re considered cosmetic procedures.
This means that your patients will most likely pay for their mini facelifts with credit. After all, a study performed by the Federal Reserve revealed that people tend to reach for their credit cards for more expensive purchases. So, although you might make $60,000 a month from your mini facelift procedures, you’ll lose a portion of it to credit card processing fees.
Merchant service providers (MSPs), the vendors that process your card transactions, typically charge anywhere between 1.3% and 3.3% for every payment made with a credit card.
Although that number seems inconsequential, the fees quickly add up for high-ticket procedures like mini facelifts.
Let’s say your MSP charges you a 3% fee for every credit card transaction. When you take into account the $60,000 you make in mini facelift revenue, you’re losing about $1,800 to fees alone. That comes out to an annual loss of $21,600—and that’s not even taking into account the other procedures you’re performing.
As an experienced business owner, you know that that money could be put to better use elsewhere in your cosmetic surgery practice.
If you wanted to invest those funds back into your business, $21K could easily pay for malpractice insurance, hardware and software updates for your office, additional medical supplies and equipment, or even a part-time receptionist.
On the other hand, you could set aside the extra money for personal use.
Medical school is expensive, and if you haven’t paid off your loans yet, this money could bring down your total debt considerably. You could also use this money towards your dream home or car, or treating your family to a vacation in the tropics.
With a credit surcharge program, you can say goodbye to credit card transaction fees and start putting that money to better use.
Ready to get started? Keep reading to learn how to set up your own fee-free credit card processing app in two simple steps.
It only takes two easy steps to start saving money with a fee-free credit card processing app.
Considering the average cost of plastic surgery procedures, your business probably already accepts card payments. If this is the case, congratulations—you’ve already completed the first step!
But if you don’t yet accept credit cards, no worries. Keep reading to learn how to find the right merchant service provider (MSP) for your practice.
When shopping for merchant service providers, you’ll want to take a few things into consideration:
Of course, you’ll also want to keep an eye out for their fees. Here are three of the most common ones you’ll see:
If this seems like a lot to pay for every credit card transaction, you’re right. Luckily, there’s a secret way to bring down your costs in this step.
Markup fees are how merchant service providers turn a profit on their services. Because they’re the ones to set these rates, your agent may be able to lower them in order to gain your business. Successful negotiations can reduce your markup fees by as much as 5–10%, saving your practice even more money.
Once you have your merchant account up and running, it’s on to the next step.
In this step, your biggest priority is ensuring that your credit card processing app and your merchant account connect seamlessly.
From there, your vendors will take care of most of the setup on their ends. Your main role here is acting as the liaison between the two vendors—but in some cases, even that’s not necessary.
Once your app and merchant account are connected, you can begin accepting credit card payments with ease and avoid the annoying processing fees that come with them.
If you’re in search of fee-free credit card processing apps for your business, turn to NadaPayments.
Credit surcharge programs can be complicated to handle on your own. That’s why we handle all of the government regulations behind the scenes. All you have to do is plug in the hardware and let the software run.
On top of that, our setup process is quick, simple, and free—we’ll even throw in the hardware and software you need free of charge, too.
Our app is a breeze to use, even if you don’t consider yourself especially tech-savvy. And you can take NadaPayments with you wherever you need to process credit card transactions: use it in-store, online, or on the go.
Best of all, if you don’t completely love it, you can cancel your plan any time—no hard feelings (and no convoluted cancelation process to deal with, either).
So, what do you say? Give NadaPayments a try today and see why business owners across the United States choose us as their fee-free credit card processing app.
Call +1 (929) 293-1800 or click the link below to get started.