Finding the Right Veterinary Merchant Service Provider

The importance of offering seamless payment solutions in veterinary practices cannot be overstated. Veterinary clinics, like other businesses, need to provide their clients with convenient and secure payment options. This is where veterinary merchant service providers come into play. Selecting the right provider can enhance your clinic's efficiency, improve client satisfaction, and even boost your bottom line. Here's a guide to help you find the right veterinary merchant service provider.

1. Understand Your Needs

Before diving into the selection process, it's essential to understand your specific needs. Consider the following questions:

• What types of payments do you want to accept? (Credit/debit cards, mobile payments, online payments, etc.) The more payment options offered, the wider client base you can service.  
  
• Do you need a point-of-sale (POS) system that integrates with your practice management software?
  
• How important are additional features like recurring billing, invoicing, or electronic check processing?

2. Research Potential Providers

Start by researching various merchant service providers. Look for companies that specialize in veterinary or healthcare services, as they will be more familiar with the unique needs of your practice. 

3. Compare Fees and Rates

Merchant service providers charge different fees for their services. It's crucial to compare these costs to ensure you're getting a fair deal. Common fees include:

• Transaction Fees: A percentage of each transaction, typically ranging from 1.5% to 3.5%.
  
• Monthly Fees: Some providers charge a monthly fee for maintaining your account.
• Setup Fees: Initial costs for setting up the payment processing system.
• Equipment Costs: Costs for purchasing or leasing POS terminals and other hardware.
  

Request a detailed breakdown of all fees from each provider to make an informed comparison.  For those opting for dual price processing, these fees and costs are waived and the practice can see up to a 4% savings.

4. Review Alternate Processing Options

Dual price processing, also known as cash discount or dual pricing, involves offering clients two different prices for services: one price for cash payments and a slightly higher price for credit card payments. This approach encourages clients to choose the more cost-effective option for the practice (cash) while still providing the convenience of card payments for those who prefer it.  Some of the benefits of dual price processing include:

• Cost Savings: Dual price processing reduces credit card processing fees, allowing practices to save money and reinvest in other areas of the business.
  
• Increased Revenue: Offering a lower price for cash payments can attract price-sensitive clients and offset credit card processing costs, boosting overall revenue.
• Enhanced Client Satisfaction: Providing clients with flexible payment options enhances their experience and satisfaction, leading to increased loyalty.
• Streamlined Operations: Handling cash payments simplifies administrative steps, resulting in faster checkouts, reduced wait times, and improved overall productivity.
  
• Competitive Advantage: Offering a cost-saving payment option differentiates your practice, attracting clients looking to manage their veterinary care expenses.