What to Know Before Getting Started
Starting a New Business?
Selecting a credit card processor is often more complicated than most people expect. How much should you be paying in fees? Should you lease or buy equipment? Should you be locked into a service agreement for anything length of time? These considerations and several others are imporant to understand before signing up with any merchant account provider. Mistakes are easily made and can be very costly to your business. Along with seeing our top choices for payment services below, be sure to checkout this post to avoid common traps in the merchant services industry.
Considerations For Current Business Owners
Changing merchant accounts can be an expensive, complicated, and time consuming process. Are you really going to save as much as promised? Do you need to buy to new equipment or sign new lease agreements? Will there be other less accountable costs such as those associated with employee retraining? Before selecting one of our choices below, you may want to consider renegotiating your fees with your current payment processing vendors using the help of a contingency-compensated consultant. It can result in a dramatic decrease in costs without the pains of switching. In some cases business owner have also obtained substantial refunds of prior overcharges along with saving thousands in future processing costs. See this post to learn more about this little-known alternative to changing merchant account provider.
Hospitals are some of the most challenging payment environments in the credit card processing industry. Many hospitals are accustomed to using all-in-one patient management and billing systems, so the best fits for major medical centers will be third-party merchant account providers that can integrate with their existing systems. Hospitals also have a wide variety of patients to care for, which requires versatile payment processing systems that can accept multiple types of payments in person, online, by mail, and over the phone. Finally, it’s always important for health care providers to keep HIPAA standards in mind, especially when it comes to securely accepting patient payments.
To help you find a provider that meets all of these standards for a reasonable cost, we’ve put together the following list of the best merchant accounts for hospitals. The providers on this list offer third-party software integration, numerous modes of payment acceptance, automated billing tools, secure payment protocols, and other essential features for any hospital. They are also known to provide low-commitment contracts with transparent pricing and quality customer service. To find the right provider for your health care facility, be sure to research each processor’s products and features and compare pricing and terms.
Our unbiased articles are supported in part by helping you find highly reviewed merchant accounts. You can learn more here.
Why These Merchant Account Providers
Host Merchant Services
Host Merchant Services is a Newark, Delaware-based merchant account provider that is well-suited for hospitals of all sizes and specialties. The company’s products and services include point-of-sale solutions, an online payment gateway and virtual terminal, integrated billing solutions, mobile credit card processing, and custom third-party integration. Host Merchant Services specializes in e-commerce businesses and provides a free website and email address to interested merchants. Host is a great all-around fit for hospitals of all types.
Host Merchant Services has received only positive feedback on public forums, with most reviewers singling out the company’s customer service for praise. Host offers interchange-plus pricing with no early termination fees to all of its merchants, meaning that users will enjoy the most transparent pricing model and can cancel service without penalty. The Better Business Bureau gives Host an “A+” rating, and CPO also gives the company an “A+.”
Based in Woodland Hills, California, PaymentCloud is a merchant account provider that specializes in serving standard to high risk business types. The company’s products and services include point-of-sale solutions, mobile phone swipers, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances. PaymentCloud is a good option for any type of hospital or emergency clinic.
PaymentCloud provides a dedicated account rep to all new merchants for the life of the account. The company has not received any negative complaints on consumer forums, and it customizes its pricing according to each merchant’s business type and processing history. The BBB does not maintain a profile for PaymentCloud at this time, but CPO gives the company an “A.”
Active since early 2014, Fattmerchant is a merchant account provider leading the industry’s move toward flat-rate, subscription-style pricing. The company’s products and services include EMV-compatible countertop terminals, a virtual terminal, an online payment gateway, an online shopping cart, mobile phone processing, QuickBooks integration, online invoicing, and recurring billing. Fattmerchant is capable of serving all standard-risk hospitals and offers a comprehensive dashboard for tracking all payments and customers.
Fattmerchant offers multiple pricing plans with different rates. Merchants can select either a plan that charges a flat fee on all transactions or a plan that charges a fixed monthly fee plus a fixed per-transaction dollar amount above interchange. In other words, merchants can choose whether or not they are charged a percentage markup on each transaction. Fattmerchant currently has an “A” rating on CPO and an “A+” rating with the Better Business Bureau.
Other Merchant Account Options
The providers in this section may not have been researched as thoroughly or may lack a quality that prevented them from being listed above. We have listed them here to provide a broader view of potential merchant account options. Are you a decision maker with your company and believe that you should be listed below? Tell us here.
Located in Chesapeake, Virginia, CDG Commerce is another great option for hospitals of all sizes and types. CDG has been privately owned since 1998 and offers a proprietary payment gateway (as well as a discount on Authorize.Net’s payment gateway), a virtual terminal, QuickBooks integration, mobile phone processing, sales reporting, security breach protection, and vulnerability scanning. CDG Commerce is a strong option for hospitals that are interested in a simple, low-cost, fully integrated method for accepting payments across all possible channels.
CDG Commerce only charges a low, fixed fee per transaction and offers competitive contractual terms, including no annual fees, monthly minimums, or termination fees. CDG also offers next day funding to most business types. CDG has earned an “A+” rating in our review as well as an “A+” rating with the BBB.
Headquartered in Chicago, Illinois, Payline Data has consistently been rated as one of the best merchant account providers on CPO since we first reviewed the company. Payline is capable of serving hospitals of all sizes and types. The company offers traditional retail credit card terminals, mobile phone credit card processing (via Flint), an online payment gateway and virtual terminal, QuickBooks integration, and API integration for websites. Payline Data is a great all-purpose provider for any type of hospital or emergency clinic.
In addition to its wide array of services, Payline Data offers interchange-plus pricing with month-to-month contracts and no early termination fees. As a result, the company enjoys a large number of positive testimonials from its clients on this website and in other consumer protection forums. The Better Business Bureau currently assigns Payline Data an “A+” rating, and CPO also gives Payline an “A+.”
Dharma Merchant Services
Based in San Francisco, California, Dharma Merchant Services is a highly rated merchant account provider that places a corporate emphasis on social consciousness and community outreach. The company’s products and services include countertop terminals, mobile device payment processing, an online payment gateway and virtual terminal (Authorize.Net), QuickBooks integration, business financing, and custom fundraising pages for non-profits. The company extends special pricing to non-profit organizations and donates a percentage of its profits to non-profits of its choosing every year. Dharma is best suited to provide savings for non-profit hospitals and hospitals that process over $10,000 per month.
Dharma scores highly in our review and elsewhere due to its positively reviewed customer service, transparent marketing practices, competitive interchange-plus rates, and fair service agreements. The BBB currently assigns a rating of “A+” for Dharma Merchant Services, while CardPaymentOptions.com also gives the company an “A+.”
Headquartered in Levi, Utah, ProPay is an e-commerce merchant account provider that provides simple billing and payment options for hospitals. ProPay users can utilize digital invoicing to collect payments from clients via email or purchase ProPay Jak, the company’s mobile phone processing solution, to take payments in person. ProPay is also able to process ACH transactions through its virtual terminal and online payment gateway. ProPay is an ideal choice for hospitals that require a fully-featured digital payments option without the physical equipment offered by traditional providers.
ProPay’s pricing will vary depending on each merchant’s business type, size, time in business, and preferred method of payment acceptance. The company is a TSYS subsidiary and has a very low complaint total in the past three years for a provider of its size. Our review of ProPay currently gives the company an “A” rating, while the Better Business Bureau gives ProPay an “A+.”
For more information, see the ProPay website.
If your business offers merchant services for hospitals, please leave a comment in the comment section below or contact us through our contact page in order to get listed in this article.