Point of Care Payment Solutions
In today’s fast-paced digital world and with new rules released by the card brands, merchants who are processing more than 10% non-EMV cards, meaning swiping cards using magstripe readers and or key-entering at businesses that are coded for retail will get assessed a minimum of .10 basis points and 10 cents per transaction. Some processors are adding on their own – Non-Compliance fees sometimes doubling merchants’ fees.
The Shift to EMV – October 2015
EMV has been required since October 2015 mandate, but many low chargeback merchants – mostly medical-related businesses have not complied and many of the software companies who supply the software have not upgraded to EMV. Forcing some medical companies to use terminals on the side while many still swipe or key enter and pay higher fees.
The EMV Liability Shift means that if a customer disputes the transaction, the merchant will be debited for the transaction, and there is no way to fight the dispute (chargeback or retrieval request) the business would have to contact the cardholder and try to collect the funds or take the person to court to collect.
Medical Office and HIPPA
Many medical offices are processing credit cards and using services, like PayPal, Square, Stripe, etc…
These are PayFac companies, and they share your patient’s data – that is not HIPPA compliant. There are HIPPA-compliant solutions where data is not shared if you are using a PayFac service – the data of each patient/cardholder is being shared and that data is being sold.
Benefits of EMV for Medical Businesses
Enhanced Security – Chip Cards are the most secure.
Accept the latest forms of payment – Accepting EMV – the readers have near field communication (NFC), which allows you to accept Apple Pay, Google Pay, Chip Cards, EMV Cards, and Tap and Go Cards, These forms of payment are the most popular right now.
Improved Customer Trust – Customers want to see businesses using the latest technology
Reduced Liability – You will not have to call patients and try to collect on disputed non-EMV transactions that get charged back.
Reduced Fees – You will not be paying the added fees and fines.
Implementing EMV – Staying Ahead of the Curve.
How hard is it to implement EMV?
Get in touch with Nationwide Payment Systems and we can get you set up with a point of care payment solution or we can integrate an EMV reader into many medical software services.
If you want to get your statement analysis we offer free statement analysis go to this link, upload your statement and we will call you back after our AI reviews your statement and we can go over your fees.
What are you waiting for? Don’t wait until you get chargebacks and or get fined or pay increased fees. It’s time to upgrade to EMV!
