Running a small business is fraught with challenges, from generating business, to operational concerns, to finding credit card processing for small businesses. Starting the business alone is hard. But finding success as a business is even more difficult. While running your business, you are bound to make mistakes; however, if you know what mistakes to avoid, you can save yourself time and trouble, and improve your chances of success in the long term. Here are some common mistakes to avoid when running your business.
Doing the research is incredibly important when starting and running a business. No matter how great your idea seems, it is essential that you conduct thorough market research before embarking on a business venture. Whether you take the time and use your resources to do the research yourself, or you hire a market research firm to help you, it is important that you study the market. Only once you have done the proper research should you proceed.
A mistake that many businesses make is not making big enough plans. While succeeding as a business can be difficult, it is possible to grow your business if you take the right steps. But if you don’t plan right, you may fail to grow or even succeed. Many businesses start small, but that doesn’t mean they have to stay small. Make plans to take the next steps for smart growth, no matter the size.
Another mistake that many businesses make is not reaching out for support. If you try to do everything yourself, it is easy to get overwhelmed and start to struggle. This can impact the growth of your business. Instead of trying to do it all on your own, hire employees to do jobs that will make your life easier, and make your business run more smoothly. You can even consider reaching out to outside companies to handle certain aspects of your business, such as payroll, marketing, or social media. Getting the support you need will make it easier for you to run your business, and for your business to grow.
If you want your business to be as successful as possible, then you will likely need to accept card payments. That means you will probably need to work with a payment processor. But a major mistake that many businesses make is not choosing the right payment processor for them. With so many similar-sounding options out there, it can be tough to find the right choice for you. But there are some things to look for. Look for a payment processor that is up-front about their fees. Make sure they disclose what they will be charging you, and don’t have any hidden fees. Make sure your payment processor prioritizes security. The last thing you want is your customer information to get leaked and wind up liable for it, without any protections. Look for someone who makes an effort to provide PCI-compliance safeguards. And make sure your payment processor makes it easy for you. Moolah provides credit card processing for small businesses, and does so with a simple fee structure, without any hidden fees. We make security a chief priority and provide safeguards to make sure your transactions are secure and your customer information is protected. And we make it easy for you. With our experience providing credit card processing for small businesses, we are an obvious choice for any business trying to find success, and we hope you will consider us for your payment processing needs.
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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.