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Finding the correct merchant services provider for your veterinary practice is an important factor in your company’s ability to generate revenue throughout its whole existence. You can save money, boost client retention, protect your business from fraud, and gain more time to dedicate to your patients if you offer a competitive rate, flexible payment methods, and comply with important industry standards. During your search, you need to keep the following in mind at all times:
Get A Firm Grasp Of Your Pricing Model
When selecting a payment processor, finding one that offers cheap rates and is reliable might be the difference between overpaying for limited capabilities and having a comprehensive set of advantages while paying only a portion of the original price. Understanding your pricing strategy and the expenses that are associated with it is essential to secure a decent bargain. Flat models, tiered models, and interchange plus models are the three that are used the most frequently in the Merchant Services for Veterinary Practices business today. Interchange plus is still the least priced complete disclosure model that’s available, even though each option has both positives and negatives. It is simpler to keep track of, and it maintains the same margin for the processor regardless of the volume you process. No matter which option you go with, you should make it a point to thoroughly read and comprehend the terms of your credit card account.
Using EMV Technology, You Can Prevent Fraud
Verifying that your veterinary practice’s hardware and software are EMV-enabled is essential, regardless of whether or not you now accept credit and debit cards for payments or are just beginning to investigate the possibility of doing so. This compliance has become mandatory as a result of the rollout of the EMV global standard, which makes use of the microchip technology that is present in many cards in use today. The purpose of this mandate is to protect businesses similar to yours from chargebacks and liability for fraudulent transactions. Even if chargebacks aren’t a common occurrence in your medical practice, EMV technology ensures that the bank, and not you, is fully responsible for any fraudulent activity that may occur.
PCI Compliance Is Your Best Defense Against Identity Theft
Every company that takes credit or debit cards is required to comply with PCI compliance, which is a security checklist developed by the Payment Card Industry Data Security Standard (PCI DSS). This compliance requirement provides an additional safeguard against fraud. If you do not take these precautions, your practice may suffer significant financial losses if a fraudulent transaction occurs. The good news is that a reliable merchant services provider can make compliance like this simple.
Take Advantage Of Credit Card Processing Via Mobile Devices
Some veterinary clinics, particularly those that employ veterinarians who specialize in equines, food animals, or food safety and inspection, would benefit from being able to receive payments remotely. If yours is one of these practices, you should think about implementing a mobile payment option. It is an excellent choice for individuals who are looking for an option that is safe, quick, and convenient, and which provides even more than a conventional credit card terminal.
