Are you preparing to accept payment for your professional services by credit card? Before you decide which credit cards to accept in your private practice, check out
Before you decide which credit cards to accept in your private practice, check out Cracking the Code by Jennifer Gill. In her post, Jennifer lists 8 common credit card fees including
In her post, Jennifer lists 8 common credit card fees including
In her post, Jennifer lists 8 common credit card fees including skimming, debit cards (which are not always accepted), bill backs, and even hidden fees that you may incur and should be aware of when comparing costs.
Jennifer suggests that to determine what your merchant account is actually costing, you should divide your monthly credit card sales by the total merchant account fees.
Are you accepting credit cards in your practice? Got any horror stories or tips to share?
thanks for passing this on. i am about to transition to a merchant account. the reason for the transition, is that i feel paypal does not send a professional, “real” image. so far, though, i have been happy with paypal.
Welcome back, Dana! I’m new to using PayPal and am finding the appearance is not all I had hoped it would be. Would you recommend PayPal as a good “starter” and moving up to a merchant account as your income from there increases?
I have a merchant account with intuit that I am very happy with.
I read the article. It’s complicated. What about merchant accounts thru Costco and similar warehouse companies?
Ana! It’s so good to hear from you again! There’s nothing inherently wrong with using a merchant account through Costco or other big warehouse companies. I’ve talked to several therapists that are pleased with their services. You’ll still need to scrutinize and compare the potential for hidden fees and customer services that they provide to you but they are certainly worth your consideration.
Hello,
I use my personal bank as the merchant account. I trust and like my bank. I liked the idea that if there were any problems I sould walk into my bank to get it resolved.
I have a little swipe card that I plug into computer and swipe for the charge.
The intial cost was exspensive. But, I had some charges waved. The one thing I was disappointed about was the fact that when you accept credit cards you have to go through an independent company to verify safety of information. this is an additional yearly cost.
I don’t really have an absolute opinion. I will say I haven’t had any problems and the charges go straight into my business checking account. I have been using them for about 5 months.
Hi, Brenda! Welcome back! I haven’t heard from you in a while!
You didn’t mention the name of your bank but it sounds like they are working well for you. Feel free to drop back in and let us know the name! (Pass the love along!) Some merchant accounts actually include the safety verification in their services. Others will charge you a higher fee but not require that step.
Thanks for dropping in here to join the conversation! I hope you’ll be back again soon!
I have found Google Wallet to be a useful alternative to the traditional credit card merchant account. Clients can create their own account to initiate a payment. Google Wallet does not charge fees for bank transfer or debit card, but does charge 2.9% + 30 cents to the client if the client chooses to pay with a credit card.
Jeremy, thank you so much for taking time tonight to share this tool with us! I hadn’t heard about it! Do you send invoices through Google Wallet?
Hi Tamara! I’ve been using a simple spreadsheet template for invoices, then sending by email (if consent for email communication is on file) or by mail. Clients then have the option to pay by check or through Google Wallet. My financial policy includes a disclaimer indicating that use of online payment services is at the client’s own initiative and may create privacy risks.