It’s widely recognized that starting a business and growing it into something that is self-sustaining and can last is hard—so hard, in fact, that for most, it doesn’t work. But why? It’s not really fair to say that your point of sale is a deciding factor in that chances of success. Still, as so much of what causes success or failure centers around cash flow, having the best mobile POS system, the point through which cash and goods flow, may have more of an influence than you previously thought.
If cash flow is king, overages and shortages in your inventory are the assassins waiting to take him out. As a small business, margins are tight, and you feel these pinches far faster than mega-retailers might. If a Walmart gets a few extra cases of toothpaste, it goes virtually unfelt because their position on the economy of scale is such that they can afford to let those cases sit tight until they are sold. Not so with smaller retailers. It’s been said that inventory should be seen as what it is: money sitting on your shelves. Measuring this can be scary. One estimate says that the average retailer is sitting on $1.43 of inventory for every $1.00 in sales. The manager in charge of inventory has the job of keeping that money moving.
An adequate POS will help. That’s because most modern Point of Sale machines are far more than just a point of sale. An essential tool these POS systems make available is an inventory management solution, that ideally takes care of a good amount of the grunt work through automation.
When your operations for your online experience and your in-store experience differ, it becomes a problem. This can cause issues in a number of areas, but inventory issues come up again right out of the gate. Having two sales channels is essentially like having two storefronts, which may or may not have the same warehousing and distribution/order fulfillment system. Without a robust way of tracking your wares, you’ll be in a world of headaches.
The cloud-based solutions on offer for many integrated payment solutions can make all the difference in allowing you to see when it’s time to reorder, and also see how your sales activity differs in the digital world.
The other end of the cash flow problem can be just as serious, if not more so. Having your books in disarray can be a nail in the coffin if other areas of your business are disorderly.
The general rule for most is that the more aspects of your accounting are fully in the responsibility of human hands, the more mistakes, and chaos, you’ll find—not to mention the more time (and therefore money) you’ll sink in it. When your accounting procedures are automated, mistakes are minimized.
If you use an integrated payment solution, such as those that integrate with mobile POS units, like the Poynt Smart Terminal, you’ll have a wealth of fully-automated, highly customizable software solutions that will make the financial wellbeing of your business more transparent than ever.
Is it necessary to have the best mobile POS system to prevent your business from folding? It’s too hard to say. But if your business is booming and successful, you would do well make sure that you have a POS to match.
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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.