What types of payments will you accept from patients at your new medical practice? In addition to working with various health insurance companies, you may want to accept payments via credit card, debit card, and other means of electronic payment. A merchant processor, also known as a merchant services company or credit card processing company, will be responsible for handling and processing these types of payments for your practice.
Here’s how it works:
- When a patient or vendor makes a credit card or electronic payment to your practice, the merchant processor completes a 4-step process.
- First, they verify sales details such as the amount of the authorized transaction.
- Second, they obtain and authorize the transaction itself.
- Third, they collect money from whichever bank originally issued the credit card.
- Fourth, they forward that money to you, the merchant.
Every growing medical practice needs a reliable merchant processor to ensure accurate transactions and up-to-date payment options for vendors and patients alike.
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