The answer is…almost!
With the growing ease and security of plastic payment options, along with the innovations of mobile devices, small businesses have more ways to accept payments than ever before. With all this advancement, is it possible to rely solely on your mobile device, and ditch the traditional cash box all together? And what about more novel solutions like the Poynt POS? Let’s take a look at the right questions to ask.
On-the-go businesses obviously benefit from the portability of mobile card readers and their corresponding apps. Service providers such as pool cleaners, window washers, and landscapers are able to get paid faster than ever, now that tech solutions allow them to accept a card payment at the time of service. Previously, it was necessary to invoice your services, wait for a check in the mail, take these checks to the bank, and wait for the bank to deposit them. Most will agree that the light-speed increase in deposit time is well worth the small fee these providers charge. Moolah in particular makes the decision easy, with a low rate of 2.69% + $0.29, even for keyed-in transactions, which tend to come up when you’re running payments out on your service route.
If you’re transitioning to accepting cards, it’s important to consider your customers’ views and needs. There are certainly those that prefer their good old fashioned check to the idea of sticking their card into someone’s phone. Do what you can to ease the transition by informing them about it, and making them feel comfortable. As for your side, it’s a good idea to use a second dedicated device for business, for security purposes. Doing everything you can to keep your customers’ information safe is a must for helping them feel comfortable about the new payment method.
Technology has progressed in a variety of ways since Square came up with the idea of using an iPad as a POS terminal. As more competitors entered the disruption game, the question of the perfect POS has only grown more complex. Providing the optimum payment experience for your customers can really depend on your particular industry. Still, one rule stands firm: the more payment options you’re able to accept, the greater your likelihood of making someone’s day easier, which is what good customer service is all about. This means that, for now, a cash drawer may still be necessary.
However, just because you need a cash drawer doesn’t mean you have to settle for a low-tech or boring POS terminal. To drive the POS excitement, Moolah offers a free Poynt Smart Terminal when you sign up for a merchant account. With the Poynt Smart Terminal, you’re free to choose where payments happen: it sits comfortably at the counter, but also easily goes mobile to the customer’s table, or wherever they are in your store. The Poynt POS also integrates easily with cash drawers and other peripherals, allowing you to craft a payment experience that suits your needs.
At the end of the day, it’s essential to be able to offer your customers options for their payment. With the robust features you get through Moolah, like the option of a beautiful Poynt POS terminal and the same low rate for keyed-in mobile transactions, offering a great payment experience for your customers is more possible.
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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.