Big Data can be an intimidating term, and it’s been used more and more as the technology bar to harvest it has progressively lowered. Still, if you’re a small business, the term probably calls to mind the massive amounts of data that the big boys like google and Facebook compute. You may feel a little company like yours has neither the ability nor the need to invest in collecting information. But that just isn’t true.
Collecting data related to your sales transactions is by no means a new concept. Even before the advent of all the shiny payment processing technology, business owners did it, whether on paper or in their head. Your inventory tracking, accounting, and other processes were an essential and time-consuming part of running a proper business. This was also the main way you gained the insight into what, if anything, in your business needed attention, change, and action. Now, often when businesses make the upgrade to the best mobile credit card processing, they are confronted with the opportunity to update much more, in the form of cloud-based programs that leverage data for you.
Setting up the proper systems to better report on the transactions of your shop is not a “new” way of doing things; it’s just a better, far less labor-intensive way, and the reason is automations. When your point of sale is wired to talk to the other systems that you use to run your business, the real difference is that things just happen!
Here’s what getting insight from your data can do for your business.
With cloud-based point of sale and the best mobile credit card processing, you can easily view historical sales, which in turn can prepare you for future growth. That’s because you’ll be able to plan for new products, and know when to run promotions to clear out old merchandise. When you have a more complete understanding of your peak business times on the daily, weekly, monthly, and annual levels, you’re going to be better able to plan your staffing, which can save you thousands, annually.
Product shortages can really take the air out of your sails. There is nothing worse than losing a sale that would have happened because you were out of stock of something because of lack of understanding of the demand. At the very least, analytics allow you to more easily know, through reporting, when it’s time to place orders on what. Over and above that, your smart point of sale can allow you access to cloud-based solutions that can automate things, enabling you to set up automatic reorders of the things you sell out of quickest.
If you’re looking at changing your credit card processor, you may be in the perfect place to look at what other cloud-based business intelligence systems might also benefit your company. Start with the best mobile credit card processing: start with Moolah!
Thank you for scheduling. If you have any questions, please contact us at 800-625-1670.
A credit card surcharge is an additional fee added to a transaction when a patient chooses to pay with a credit card. The surcharge is intended to help offset the cost of credit card processing and applies only to eligible credit card transactions.
No. Debit card transactions may not be surcharged under any circumstances, even if the debit card is processed as a credit transaction or entered manually.
Yes. Credit card surcharges may not exceed the merchant’s actual cost of accepting credit cards and are capped at a maximum of 3% of the total transaction amount, in accordance with card-network rules and applicable law.
Yes. Card networks require clear and transparent disclosure of any credit card surcharge. Practices must notify patients through appropriate signage at the practice entrance, point of sale, and anywhere payments are accepted. If payments are accepted online, the surcharge must also be clearly disclosed on the practice’s website.
Yes. Some U.S. states and territories prohibit or restrict credit card surcharging. Practices are responsible for understanding and complying with their state’s specific requirements before implementing a surcharge.
No. While Moolah provides tools and general guidance to support credit card surcharging, compliance with all applicable laws and card-network rules is the responsibility of the merchant. Moolah does not provide legal advice and assumes no liability for a merchant’s compliance.
Most major credit card networks permit surcharging when done in accordance with their rules, but additional requirements or restrictions may apply. Practices should ensure they have completed all required network notifications and disclosures prior to enabling surcharging.
Failure to comply with surcharging rules may result in card-network fines, required refunds, or other enforcement actions. Practices should ensure they fully understand all applicable requirements before applying a surcharge.
Flex does not currently offer built-in support for credit card surcharging. If a practice chooses to enroll in a surcharge plan, payments would need to be processed through Moolah’s payment platform, which is designed to support surcharging and integrates directly with Open Dental.
If you are considering introducing a credit card surcharge for your patients, it is important to understand that there are specific rules and regulations that must be followed when enrolling in and operating under a surcharge plan.
This article provides a general overview of common surcharging requirements. This content is provided for informational purposes only and does not constitute legal advice. It is the responsibility of each merchant to review, understand, and comply with all applicable laws, card-network rules, and regulatory requirements, including notification timeframes, signage requirements, surcharge percentage limits, and jurisdictions where surcharging is prohibited.
If you are unsure about the laws or regulations applicable to your practice, you should consult with qualified legal counsel. Moolah assumes no liability for a merchant’s compliance or non-compliance with credit card surcharging rules or regulations.
Transparent Communication
Card networks, including Visa, Mastercard, Discover, and American Express, require merchants to clearly and transparently disclose when a credit card surcharge is applied.
Practices must clearly notify patients of a credit card surcharge through appropriate signage placed at the practice entrance, at the point of sale or terminal, and anywhere payments are accepted. If payments are accepted online, surcharge disclosures must also be clearly visible on the practice’s website. All disclosures must inform patients that the surcharge applies only to credit card transactions.
Surcharge Limits
Credit card surcharges must comply with both card-network rules and applicable law. The surcharge amount may not exceed the merchant’s actual cost of accepting credit cards and may not exceed 3% of the total transaction amount.
Card-network rules cap credit card surcharges at 3%, meaning that if a merchant’s processing costs exceed this amount, the excess portion cannot be passed on to the patient.
Network and State Restrictions
The major credit card networks, such as Visa and Mastercard, impose specific requirements related to surcharge limits, advance notification, and disclosure.
In addition, several U.S. states and territories regulate or prohibit credit card surcharging. At the time of writing, credit card surcharging is prohibited in Connecticut, Maine, Massachusetts, and Puerto Rico. Other states, including Colorado, Minnesota, Mississippi, New Jersey, and New York, impose restrictions on surcharge amounts or require specific disclosures.
If your practice operates in a state that restricts or prohibits credit card surcharging, you must fully understand and comply with those requirements before implementing a surcharge.
Debit card transactions may never be surcharged, even if the debit card is processed as a credit transaction.
Applicability
Credit card surcharges may be applied only to credit card transactions. Other payment types, including debit cards and alternative payment methods, are not eligible for surcharging.
Regulatory Compliance
Merchants are responsible for maintaining ongoing compliance with all applicable card-network and legal requirements. This includes meeting advance notification obligations, using compliant signage and disclosures, adhering to surcharge percentage limits, and respecting jurisdiction-specific restrictions.
By following these guidelines, dental practices can implement credit card surcharging in a way that aligns with card-network rules and promotes transparency with patients. Clear and upfront communication helps maintain patient trust and supports a positive payment experience.