As therapists and small business owners, we're hearing this question much more frequently today than if we were in practice 10 years ago. It's time to get informed about credit card readers and make the best choice for your practice. First, let's start by mentioning that we are not affiliated by any credit card processing company, and we don't have a preference for one over any other necessarily. We do believe that therapists practice in an era where accepting credit cards is the norm and if you're not offering this service, you might be alienating a group of potential clients. To make the decision a little easier, we've created a little payment matrix to help you decide which company offers the best rates for your practice. The best option will vary based on how much is charged, whether you pay a monthly fee, etc.
- Most banking institutions also offer this service and cut processing time, but most require you to purchase your reader. Ask your bank for details.
- Accepting credit cards also makes it easer for clients to use their HSA/FSA cards to pay for services.
- Payments take a few days to process and appear in your bank account.
- Sometimes there are hiccups. Although rare, on occasion the app may fail to open or you might not have a strong enough connection to process a transaction. Make sure to always have a backup.
- In most places, it is illegal to charge the credit card fee to the customer, not to mention kind of tacky. As a business owner, make peace with the charge of a few bucks - it's a tax write-off anyway!
- Accepting credit cards also makes it easer for clients to use their HSA/FSA cards to pay for services.
- Payments take a few days to process and appear in your bank account.
- Sometimes there are hiccups. Although rare, on occasion the app may fail to open or you might not have a strong enough connection to process a transaction. Make sure to always have a backup.
- In most places, it is illegal to charge the credit card fee to the customer, not to mention kind of tacky. As a business owner, make peace with the charge of a few bucks - it's a tax write-off anyway!
Are you loving your credit card reader as a way to take payment? Let us know in the comments below how it's helped your practice!