In the fast-paced, unpredictable world of the small business, any and every advantage can make a difference. Here’s yet another way Moolah can give you a leg up in payment processing: the option for next-day funding.
Two words: Cash Flow.
In a sense, cash flow is the lifeblood of your business. You may be a coffee shop, dress shop, or plumber, but at the end of the day, the reason you’re able to continue selling coffee, making dresses, and fixing drains is that you’ve got a dependable cash flow.
We know the struggle. So, for those who’d prefer to make that cash flow a lot more certain, Moolah has unveiled next-day funding. No more waiting, continually checking your account to see if payments have come in so you can send a check—you’ll know when the funds will be there.
Here’s how it works: when you settle a transaction by 8 pm, the funds will be available the next morning.
That’s it!
It couldn’t be simpler, and it couldn’t be more useful. With the assurance of knowing your money is on the way, you’ll have the ability to grow your business like never before. Think of inventory, payroll, rent, and all the other countless expenses that depend on cash flow. Next-day funding takes out the guesswork and gives you the confidence to know your money will be there.
For this assurance, you only pay an extra 0.2%—which still puts Moolah in the price range of its competitors. However, your payment processing will be lightyears ahead (Square usually takes 3 to 5 business days for payments to show up).
Merchants may not realize how big a difference this speed and convenience can make. You may be a business that has heavy weekend sales volumes. Wouldn’t it be amazing to be able to count on that funding on Monday instead of Wednesday? Maybe you run a party business, but you aren’t able to keep a huge amount of inventory on hand. Having dependable cash flow can mean that you won’t find yourself on the hook paying out of pocket, or on a credit card with interest that will cut into your profits. Knowing the funds will be there in the morning can eliminate a lot of stress. And when you’re operating your business with less stress, you’re making smarter decisions. When you’re making smarter decisions, your business is thriving and growing.
Remember that not all payment processing companies are created equal. If cash flow is essential to the success of your business, pick a service that can deliver with next-day funding.
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.