By Phillip Nieto, President Best Card Team
Like you, our business has been upended by the recent health crisis. Best Card is the endorsed credit card processing provider for more than 40 dental associations, including ADA Member Advantage and the Iowa Dental Association, and 95 percent of our clients are dental practices. We’ve seen how dramatically COVID-19 has affected the operations for dental offices and have talked to hundreds of offices that are using this time to analyze their costs. In addition to savings, practices are looking for ways to streamline their patient/staff interactions in order to maintain safe distancing procedures. Best Card can help on both accounts.
Reduce Your Overhead
There are two big trends in dental credit card processing over the last few years.
- The average dental office is taking 94.8 percent more in credit card payments than they did just 10 years ago.
- The average cost of running cards for dental offices has gone up and those costs are mainly from the processors rather than the card brands themselves. The average credit card processor charged dental offices 3.05 percent in 2020, based on our comparisons for thousands of dental offices throughout the year. This was the first time in our company history that the average practice using another processor was paying more than 3 percent.
Do the math on a recent statement: total fees paid ÷ total card sales = your effective rate. What percentage are you paying? Best Card dental practices average a 2.18 percent effective rate; by switching to Best Card, practices save an average of $3,736 annually (24 percent) on their processing fees.
Understand Your Costs
Unfortunately, credit card processing pricing can be confusing. There are many direct fees that all processors share that come from the major card brands (Visa, Mastercard, etc.) and there are fees paid to the processors for their services.
Many processors inflate profits by adding in hidden fees or surcharges in addition to legitimate fees. Many companies will also frequently raise their rates and fees above what you signed up to pay! A great deal you signed up for even a few months ago may no longer be saving you money.
Streamline Your Processing
Many offices are looking for “contactless” or “touch-free” options for processing credit cards, to minimize the contact between patients and staff during the payment process. We offer a variety of payment options to fit the needs of any office including the ability to accept payments through your website and automatically post payments directly to popular dental software. Customer Vault offers a secure way to store cards for future payments, an easy way to reduce accounts receivable. Text-to-Pay and Link-to-Pay solutions to enhance your team’s ability to collect out of office payments with secure payment storage and new ways to pay on any device.
Find a Trustworthy Processor to Help You Do It All
You can send Best Card a recent statement for a complimentary cost analysis. We’ll give you a detailed breakdown of your estimated savings, and we will help you determine the processing method(s) that will work best for your practice, your patients, and your staff. Email a recent statement to email@example.com or fax it to 866.717.7247.
Best Card offers exclusive pricing to IDA members and unbeatable customer service. Reach us at 877.739.3952 to see what we can do to help bolster your practice’s bottom line. Visit BestCardTeam.com/IA.