From retail to dentistry, if you own a small business, you know the importance of finances. Despite the financial opportunity, in dentistry, just as with any other business, you can end up in debt if you’re not careful. That’s why it is important to monitor your cash flow and to increase revenue. Here we will discuss several tips for increasing your revenue and improving your cash flow through dental credit card processing and other tips to make your business stronger.
Increasing the number of new patients you take in can significantly boost your revenue. This can be done through careful marketing strategies. In addition, you can provide incentives to existing patients for referring new customers that can help you bring in new patients. Referrals add long-term strength to your business.
Increasing your capacity can increase your revenue. The more people you can take in during a day, the more money you can make. By adding more staff, adding additional rooms, or simply by streamlining appointments & schedules, you can take in more patients during a given period and thereby increase your profits. You can also increase your capacity by streamlining the processes in your office, whether it be by improving the organization or decreasing set up and wait time.
Another way to increase revenue is by asking each of your patients if they would like to whiten their teeth. Either as an upsell or a complementary service, asking your patients if they would like to whiten their teeth is an easy way to increase revenue. Plus, it can open the door to other cosmetic procedures that have the potential to be lucrative. This may even lead to your customers referring others, which can help you with taking in new patients.
One of the simplest and most necessary way to help your revenue is to make sure you get paid. It’s important to offer payment systems that work for your patients, such as payment plans; you can also incentivize payment in full by offering discounts. Stay on top of collections and make sure that you receive payments for all the services you provide.
If you haven’t discussed your finances with a good accountant, then you may be missing out. Find an accountant who knows your profession and discuss your finances with them in-detail. This will allow you to have your finances analyzed, which can result in you receiving suggestions for improvements, and ultimately coming up with a game plan that can help you improve your revenue and reach your financial goals.
Finding the right payment processor can help your budget. Not only can it make sure you are able to take all forms of payments, which will thereby increase your clientele, but it can increase your efficiency and make sure that you get paid. At Moolah we provide services that make dental credit card processing easier. All of our accounts come with a free Poynt Smart Terminal, which allows for a variety of payment options, including EMV cards and even Apple Pay and Android Pay. With our simple fee structure and wealth of features, Moolah and Poynt are ideal for your 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.