Factors ODs Should Consider When Choosing a Payment Processor

Choosing the right credit and debit card processor can help make an optometry practice more cost-efficient and save money in the long run. When choosing a payment processor, there are several key factors to consider. A quick way to evaluate an offering is to compare rates, fees, contract terms, and service. Here are some tips to aid in the evaluation process:

• Rates – Question if the rate is ongoing or only for a certain period. Determine if the rate is eligible for all card types accepted or just a “low teaser rate.” Often a processor may promote a teaser rate that patients paying with rewards credit cards will not qualify for.
• Fees – Inquire what fees are expected, such as setup fees, Payment Card Industry (PCI) compliance fees, annual fees, chargeback fees, batch fees, etc. These fees increase the overall rate doctors incur.
• Contracts – If a contract is required, request information on the term length and cancellation procedures. Some contracts may have hefty fees associated with early cancellation.
• Service – Ask about the availability of 24-hour customer service and the service model. Recently, more providers have moved to virtual support. A doctor should determine if they prefer this model or a live customer service agent.
• Reputation – Consider whether the payment processor has a stable and longstanding reputation. Opting for a well-established processor can help ensure your practice won’t face unexpected disruptions due to instability or lack of experience.

As an AOA member, you are eligible for a complimentary contract review from AOAExcel-endorsed business partner Chase to help ensure you are getting the best deal with your payment processor. Learn more about AOAExcel’s options for payment processing and set up your complimentary review today.