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6 payment acceptance tips when starting a dental practice

Congratulations on buying your own dental practice. This is a busy and exciting time, and we know you have a lot of decisions to make. To help make this launch as easy as possible, we’ve compiled a list of six payment acceptance tips for new practice owners.

1. Accept multiple types of payments

Between credit and debit cards, online payments, HSAs and FSAs, checks and mobile wallets, your patients are accustomed to choosing from a variety of payment options. Ensure that your payment solution and eCommerce site can securely accommodate various payment methods to help improve your patients’ experience. You’ll also want to consider the benefits of electronic check acceptance which can include a warranty against chargebacks and fraud (if a check is approved but turns out to be bad, your service provider absorbs that loss so you don’t have to, giving you an increased level of protection.)


2. Protect patient card data

A fraud or security breach could greatly damage your professional reputation. Your payment solution should accept chip cards to help prevent the acceptance of counterfeit credit cards. It should also encrypt and tokenize patient card data to help secure payment information. If you take payments online, use a PCI compliant payment gateway that will secure and tokenize data.


3. Establish a tech-forward payments environment

Research shows patients prefer businesses that use modern-looking payment systems.¹ Additionally, leading point-of-sale (POS) systems incorporate a handheld payment acceptance device that allows practitioners to take payments on the go (think exam rooms or mobile units). This allows for more flexibility and can help reduce wait times in the front office.


4. Improve cash flow

Many dentists experience tight cash flow due to factors like declining insurance reimbursement rates and the high overhead costs required to run a practice. To help mitigate this issue, consider an integrated banking and merchant services relationship that offers next-day funding and other potential savings opportunities.


5. Optimize your payment solution

Sixty percent of small business owners, including healthcare practitioners, use their POS for business management tasks like filing sales tax and inventory management.¹ Leveraging additional functionalities that some payment systems offer can make it easier for you to run your practice.


6. Always feel supported

Most companies provide customer support during standard business hours. What if your practice is open early, late or on a Saturday? Find a payments provider that has support available to you whenever you need it. And check to see if its solutions can still operate if you lose power. Some leading POS systems are backed up on the cloud and will hold transactions while the power is out, then process them when your practice is back online.


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