Are Credit Card Fees Hurting
Your Surgical, Dental,
or Medical Practice?
Bill $1,000. Get $1,000. Pay $0 in fees. That’s the way it should be.
Now it’s possible with
zero-fee credit card processing.
If you own a clinic of any kind—especially one that sells ‘high-ticket’ services like cosmetic surgery, cosmetic dentistry, or cryotherapy—you most likely get a lot of your payments via credit cards.
How many of your customers pay with credit? According to data on more than 12,500 dental practices in the U.S., 82% of dental patients paid with credit cards in 2016.
With that in mind, here are two simple questions:
Do you know how high your credit card processing fees are right now?
What about how much you’re paying in yearly processing fees?
If you’re like most medical practice owners using one of the ‘Big 4’ credit card networks, then your fees are between
Source: Value Penguin
Credit Card Processing Rate
Customers Paying with Credit Cards
Money Paid to MSP Each Month
You know what’s really crazy about paying as much as 3.5% per transaction?
For starters, if you process over $1 million per year in transactions, your credit card processing fees may end up costing more than your scheduler.
Don’t believe me? Let’s pretend you’re a cosmetic dentist who makes $1.1 million in revenue per year. Let’s also assume you have the “lowest” credit card processing fee:
Annual Credit Card Processing Fee
At a glance, $1,525 in fees doesn’t seem too bad, right? Except it’s just for 1 year. If you run your own practice for 30 years, you end up paying $45,756.
According to the Bureau of Labor Statistics (BLS), the average medical scheduler only makes $37,090 per year!
But what about if you run a surgical practice? This information is harder to find. But check out this detailed case study of a cosmetic surgery practice.
The study authors (3 of the 5 surgeons who ran the practice) analyzed the 11,000 transactions the practice processed over 5 years, amounting to $8 million in revenue.
Guess what they realized? That if they could have somehow avoided credit cards entirely (e.g., by asking customers to pay with a personal check or cash), they would have saved as much as $132,713.
In other words, they still spent $26,500 per year on credit card processing fees despite being so cost-conscious to begin with.
The credit card fees were simply unavoidable. At least, that’s what they thought...
Here’s a little-known secret that most MSPs will never tell you: credit card processing is a business expense that’s completely unnecessary today.
That’s because, for many years now, there has been a 100% legal way to bypass credit card transaction fees and effectively enjoy zero fee credit card processing.
This workaround, which can be set up almost instantly, is called a cash discount program.
Never heard of it? No worries—most people haven’t. But that’s because the Big 4 credit card networks HATE that they lost the battle to ban this workaround.
So here’s another question:
Why pay any credit card processing fees when you don’t have to?
When average private medical practice overhead costs can be as high as 65%, 1.55–3.5% credit card processing fees are a very big deal.
That’s because you’re only taking home 35% of your revenue as profit (and splitting that if you have partners).
What does this mean?
That a 3.5% credit card processing fee is a 10% decrease in your take-home profits.
Forget being a specialist. If you have an M.D., you’ve worked too hard to just burn money on something you can get for free instead.
Just fill out this form, and we’ll send you a PDF giving you a detailed breakdown of how we can help you start paying $0 in credit card processing fees in just 1 day:
Stop paying credit card processing fees. Start earning what you deserve.
Copyright © 2020 Nadapayments
T: +1 (929) 293-1800