Merchant Accounts and Dental Offices
Three Case Studies
Recently we heard back from three dentists and doctors that recently completed a merchant account review completed for their practice.
And with a real slowdown in the economy, it’s no wonder why.
In fact, long before it became “fashionable” to save folks money, we have quietly helped business owners save real money on their credit card processing fees by requesting a merchant account quote.
Anyway, here are the results of what was shared with us…
Case Study #1
Dr. Schwartz
Reviewing Dr. Schwartz’s merchant statement revealed opportunities for savings. Since he was set up for 3-Tier pricing (fairly normal for a “retail” type of business), as expected his 2nd and 3rd tier rates were much higher than “normal.”
On a side note, the 2nd and 3rd tier are technically called “mid qualified” and “non qualified” respectively. And most companies never disclose these rates when they sign you up.
He was able to save roughly 0.5% from each rate category, resulting in an overall savings of 17.6%.
This means that, in actual dollars and cents, Dr. Schwartz saved $724.89 per year by switching to another merchant processing company.
Case Study #2
Premier Dental Care.
Kelly from Automated Merchant Processing, LLC shared with us that she reviewed the latest copy of their merchant statement. Since Premier Dental never reviewed their account since opening their doors years ago, Kelly was confident that she would find ways to save them money.
Unlike Dr. Schwartz above, here’s what she discovered:
- Their “face to face” rate (“discount” rate) was much higher than usual
- Their “per transaction fee” was 27 cents (extremely high)
Across the board she was able to reduce their fees, saving them roughly 15.3% overall. Their projected annual savings came out to $1,450.47 per year.
That’s not too shabby in my book.
Case Study #3
Dr. Cherrone
Technically Dr. Cherrone is not a dentist. Rather, her specialty is functional medicine. So why put her in this list?
Well, for starters her overall processing volume is approximately the same as the other two examples. And since she has an office where patients come by for treatment, her merchant processing solution is similar to the other two case studies.
So what did Dr. Cherrone find out by requesting a quote from the website?
Believe it or not, her highest tiered rate was 4.6%. Outrageously high. Forget all the other rate reduction opportunities combined. Slashing this fee made a huge difference to her bottom line.
At the end of the day, she was able to save more than 32.1% off of her current processing fees. In total dollars and cents it means that Dr. Cherrone saved $2,377.15 per year.
So How About You?
You can request a merchant account quote. Simply fill out the short form and we will contact the appropriate merchant account providers for you.
Are you ready to discover how setting up a new merchant account can help you accept credit cards with little or no money out of pocket?
You can download a free report of the Merchant Account Guide. Just follow the link to download your copy today.
Finally, you can follow the link to scan a list of merchant account providers in your area that can help you set up a new merchant account.
Comments? Questions? Other merchant account issue you’d like to share?
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