Let’s face it: credit cards are a necessity. That means that if you are a small business, you need to be able to accept them. But that also means that you will need to work with a credit card or payment processor. The question is: How do you choose one? We’ve put together some considerations to make when choosing a payment processor, all of which can help you separate the best credit card processing company for a small business from the rest.
Support isn’t always easy to find with your credit card processing company. Many companies will treat you well upfront, but simply don’t staff the adequate number of people for hands-on attention; some companies don’t even have internal support teams. When looking for a credit card processing company, look for someone who can help you with your needs. Look for someone who provides support at the level that small businesses need. Ask what kind of support a company provides. Find someone who will be able to provide support when you need it.
Some credit card processing companies offer you the option of leasing equipment. But over the long run, leasing equipment can cost you more than buying it, even if it is pitched as having lower up-front costs. Be prepared if companies try to make it sound like leasing equipment is in your best interest.
When considering a payment processor, it is important to find one with competitive rates. Better yet to find one that doesn’t have any hidden fees. But that alone is not enough. It is important to know how often they raise rates. The average credit card processing company will raise rates every few years. This is natural and is often necessary to manage the costs of inflation and changes in technology. But some companies will change rates more frequently. Find a company with a good track record. Look for someone who won’t change rates on you out of the blue. And find someone whose rates are manageable and will fit within your needs.
Security is ever-important when it comes to payment processing. It is especially important with increases in fraud. That’s why it’s important to find a credit card processing company that takes security seriously. How do they deal with PCI compliance? Do they offer fraud protection? These are questions to ask when looking for a payment processor. Look for a processor that offers fraud protection, and helps you stay PCI compliant.
At Moolah, we pride ourselves on our payment processing. We provide incredible support to our clients. We don’t require clients to rent equipment. In fact, we provide the Poynt Smart Terminal to our customers free of charge. We have reasonable flat rate fees without any hidden charges. We also take security seriously. We even offer the DataGuardian PCI compliance suite to all our account holders, along with fraud protection that will protect you from breaches up to $100,000. All of these reasons contribute to why we are the best credit card processing company for small businesses. If you want to find a payment processor you can count on, look to Moolah.
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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.