Updated: Mar 25, 2021
Below we lay out the top five ways dentists can lower their credit card processing fees.
1. Choose an Interchange Plus Plan
When it comes to merchant services, there are four different pricing plans that processors use.
1. Interchange Plus: Credit card fees based on a markup (the "plus") to wholesale costs ("interchange"). Pros: Typically cheapest way to process. Cons: Processing fees to vary based on customer cards.
2. Flat-Rate: Credit card fees based on a flat percentage of volume. While this percentage can be negotiated, a processor is going to give you a rate that is a certain percentage above your estimated wholesale ("interchange") costs. Pros: Know your processing fee on every transaction. Cons: More expensive than interchange plus pricing.
3. Tiered: Credit card fees based on a flat percentage that varies by card type. Typically a processor will group cards into "non-qualified", "mid-qualified" and "qualified" rates. Pros: Qualified rates may be lower than wholesale ('interchange") rates. Cons: Typically most expensive and least transparent pricing option.
4. Cash Surcharge: Credit card fees passed onto your customers. These are known as "zero credit card fee" plans. Pros: Zero credit card fees as your customers end up paying a 4% surcharge on transactions. Cons: Upset customers.
2. Check Your Rates
You're probably overpaying and you don't even know it. In fact, most dental offices significantly overpay for credit card processing simply because they haven't checked their rates since opening their business. Over the past few years, credit card processing rates have come down significantly as the merchant services industry has grown more competitive. That's why we suggest getting your statement analyzed at least once a year (click here).
3. Vet Your Processor
Payment processors are notorious for seasonal rate increases and hidden fees. That's because the merchant services industry is lightly regulated. Make sure that when you sign-up to a processor you're able to access real reviews from real customers. That's why we vet all our Payment Processing Partners for customer service and 24/7/365 support capabilities.
4. Don't Lease a Credit Card Terminal
Credit card processors love leasing equipment, and that's because they're often able to lease out terminals at monthly rates equal to the terminal costs! Whatever you do, NEVER LEASE EQUIPMENT. In fact, we believe so strongly in this that almost all Zilment's equipment is free.
5. Use Zilment
When processors compete, you win! When you use Zilment you get access to industry-low, certified quotes from our vetted payment processing partners. That's why we're able to save the average dentists ~$10,000 per year. Better yet, all our quotes have ZERO cancellation fees, ZERO annual fees and ZERO hidden fees.
Click HERE to get saving today!