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How dentists can reduce their payment processing fees

There are several ways to make credit card processing for your dental practice both less expensive and simpler. When you reduce your costs, you will certainly be more profitable, but more importantly, you’ll be able to put more focus on making your patient care better.

Choosing the right payment processing solution for your dental practice will result in three main improvements:

  1. Getting the lowest rates,
  2. Getting your funds quickly, and
  3. Simple and flexible ways for patients to pay.

Getting the lowest rates is generally the most difficult and most important. The good news is that Clearly Payments specializes to help dental practices get the lowest rates. Dental offices have very few chargebacks and are considered low risk. This alone means you can have lower rates than most other types of businesses.

Dental practices also benefit from lower wholesale rates due to their business category. Every business is categorized with an MCC code (Merchant Category Code), for example, dentists have an MCC code of 8021. We ensure you are categorized properly to optimize your credit card wholesale rates. It is important to keep in mind, you will only benefit from those reduced wholesale costs if you’re on a specific type of pricing methodology such as interchange plus pricing. At Clearly Payments, we specialize in helping dental practices become set up properly to offer the right pricing model. Many other payment processors use tiered pricing models where wholesale prices and markups are bundled together. You will not get the wholesale savings for dentists that way.

Another important characteristic of great credit card processing is how fast you get your funds. Getting your funds quickly improves your cash flow. Some payment processors take 2 to 7 days to deposit funds into your bank. Speed matters. You should aim to have funds delivered into your bank within 24 hours. When you get funds faster, you’re able to use that cash. There is also peace of mind when you see your funds coming quickly.

Lastly, allowing patients to pay easily is vital, whether they are paying in-person at your practice, over the phone, or even over the internet on your website with a payment form. Some dentists integrate payment processing into their dental practice software, which is also available. Regardless of which way your patients pay, they should be able to use any type of credit card or debit card such as Visa, MasterCard, Discover, China Union Pay, or any other.

Overall, there are specific needs that dental practices have and that is why Clearly Payments has built a set of payment processing solutions specifically for the dental industry. To learn more about how you can reduce cost and offer a better patient experience with payment processing, reach out to Clearly Payments.

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