If you’re a veterinarian, then you know that credit card processing is a necessary part of doing business. But what do you really need to know about veterinary credit card processing? This guide will give you all the details you need to make sure your practice is getting the best possible rates and terms.
First, let’s start with the basics. Credit card processing is the process of accepting credit cards as payment for goods or services. This can be done either online or offline, but most veterinarians choose to do it offline so that they can provide their clients with a more convenient experience.
There are two main types of veterinary credit card processing: swipe and key-entered. Swipe processing is the most common type and it’s what most people think of when they think of credit card processing. With swipe processing, you simply swipe the client’s credit card through a terminal and the transaction is processed automatically.
Key-entered processing is less common, but it’s still used by some veterinarians. With key-entered processing, you manually enter the credit card information into a terminal. This type of processing is often used for mail order or phone orders, since the card isn’t present during the transaction.
Now that you know the basics of how credit card processing works, let’s take a look at some of the things you need to consider when choosing a processor for your veterinary practice.
The first thing you need to look at is transaction fees. Most processors charge a per-transaction fee, which is a percentage of the total sale. For example, if you’re processing a $100 sale, and your processor charges a 3% transaction fee, you would be charged $3.00.
You also need to look at monthly fees. Some processors charge a monthly fee, regardless of how many transactions you process. Others charge a monthly fee only if you process a certain number of transactions. For example, some processors charge a $10 monthly fee, but if you process more than 200 transactions per month, the fee is waived.
Another fee to watch out for is the chargeback fee. A chargeback occurs when a customer disputes a charge on their credit card statement. If the dispute is found in the customer’s favor, the processor will refund the customer’s money and also charge you a fee, typically around $25.
To avoid paying high fees, it’s important to shop around and compare rates from different processors. It’s also a good idea to read the fine print carefully so that you know exactly what fees you’ll be paying.
Once you’ve found a processor that you’re happy with, it’s time to set up your account and start processing payments. Most processors will require you to provide some basic information about your business, such as your business name, address, and phone number. You’ll also need to provide your bank account information so that they can deposit your payments.
Once you’ve set up your account, you’ll be given a terminal or point-of-sale system to process transactions. If you’re using a terminal, you’ll simply swipe the client’s credit card and enter the sale amount. If you’re using a point-of-sale system, you’ll need to manually enter the credit card information into the system.
Once you’ve processed a few transactions, you’ll start to get a feel for how everything works. And if you ever have any questions, most processors have customer service representatives available 24/7 to help you out.
Now that you know the basics of veterinary credit card processing, you can start accepting credit cards at your practice today. And with a little bit of research, you can find a processor that offers great rates and terms. So what are you waiting for? Start
