Private Practice -- Which Payment Processor Do You Use?

[foreverbull]

Hi all, I am blown away by the high charges for manual entry of credit card numbers at Square (I get charged about 3.5-3.6% for every manual credit entry transaction, something in that range, and I also constantly get payments declined with new clients due to banks red-flagging my manual entry as fraud, which is annoying). I used to get charged less when seeing clients in person, but now I'm fully virtual and can only do manual credit card number entry these days. The fees really add up throughout the year and I'm wondering if I'm getting a bad deal here. I started using Square because it was HIPAA-compliant (with a caveat consent form--i.e. a receipt may be sent automatically, etc.), but I'm starting to wonder if I'm getting a raw deal and should switch to a new payment processor that won't gouge me for manual credit card entry.

Which HIPAA-compliant payment processor do you use? What are their transaction fees? Any pros/cons?

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[WisNeuro]

I'd do a search of the psychiatry forum, I believe that this came up over there several months ago, with several examples and figures given.

 

[calimich]

For most payments I use the feature within simple practice, it's right around 3%. I've also used availity, which I think is free for 1 payment source. As I've done a bit more private pay assessment recently, I've gone back to collecting paper checks, sometimes via regular mail. I agree that the convenience isn't always worth 3%

Availity Providers Home

Availity delivers revenue cycle and related business solutions for healthcare professionals who want to build healthy, thriving organizations.

www.availity.com

 

[PsyDr]

Costco!

(I also accept diamonds produced before they added serial numbers in 1983.)

 

[medium rare]

Yes, Elavon through Costco has the lowest fees. I’ve checked pretty much everywhere at one time or another (often several times) over the last decade and have yet to find a better deal. And, yes, it adds up taking credit cards for payment but most people expect it at this point (at least in my practice). And I’d rather deal with that than bounced checks…

 

[foreverbull]

For most payments I use the feature within simple practice, it's right around 3%. I've also used availity, which I think is free for 1 payment source. As I've done a bit more private pay assessment recently, I've gone back to collecting paper checks, sometimes via regular mail. I agree that the convenience isn't always worth 3%

Availity Providers Home

Availity delivers revenue cycle and related business solutions for healthcare professionals who want to build healthy, thriving organizations.

www.availity.com

I didn't realize Simple Practice charged per transaction on top of their monthly fees--I didn't get that impression browsing the website (they hid that in a tiny info graphic that you have to scroll over!). After more digging, I see that every practice software that comes with credit card processing charges transaction fees on top of their subscription, which is a bit disappointing but the reality of taking credit cards. Availity looks like a good option for those who take insurance!

I have received checks for evaluations as well and appreciate that a fair portion doesn't go to transaction fees! My spouse also contracts with Lyra and gets paid in full through Lyra rather than processing payment via credit card for those sessions.

I think the best deal I'm going to get is to switch to Ivy Pay, which is 2.75% flat fee per transaction and is just an outside payment source (like I use Square for now). I would've saved quite a bit off of that minute difference (0.75%). Stripe is commonly used as well, but doesn't have a BAA for HIPAA compliance.

Yes, Elavon through Costco has the lowest fees. I’ve checked pretty much everywhere at one time or another (often several times) over the last decade and have yet to find a better deal. And, yes, it adds up taking credit cards for payment but most people expect it at this point (at least in my practice). And I’d rather deal with that than bounced checks…

Interesting, never heard of it! I'm not seeing HIPAA-compliant language anywhere on their website....do they provide a BAA? They also have that gimmicky system of refusing to share info about their services unless you provide your phone number. Anyone know the transaction fees for manual credit card entry payment processing off hand?

 

[calimich]

My spouse also contracts with Lyra and gets paid in full through Lyra rather than processing payment via credit card for those sessions.

I've heard good things about Lyra from other providers as well!

 

[PsySeeker]

TherapyNotes is good.

• 2.7% plus 10¢ per transaction for Visa, MasterCard, Discover, American Express, and HSA/FSA cards. In credit card merchant accounts, fees are paid per transaction: Each time a merchant accesses the payment processing system to authorize a customer's purchase, the merchant is charged a fee.