How A Single Physician Medical Practice Can Start A Card Payment System

1111 Words5 Pages
Introduction.
There are advantages and ways that a single physician medical practice can start a card payment system. According to the research firm Javelin Strategy and Research; by the year 2017, twenty-three percent of all point of sale or counter sales will be made in cash ( Brooks, 2014). What this means is that over seventy percent of counter sales or point of sale transactions will be made electronically. It is, for this reason, prudent for all forms of business to ensure that they can evolve with the market. If the business is unable to do so, it is likely to lose its edge over its competitors. The Payment Card Industry Data Security Standard, regulates the way businesses or organisations handle credit card information or data.
…show more content…
If the patient is using a credit card payment is also deducted immediately and would be declined if the patient 's account has no funds. If the physician received a personal check and the patient had insufficient funds in the checking account, the physician would not know this until the check bounced.
Other good advantage is the chances of losing funds due to a robbery are minimized. Since the practice is accepting cash and check, payments visits to the bank are increased. The chances that one can lose the funds in a robbery are for this reason increased. When using a card payment system, the payments are made directly to the physicians’ business account. This reduces chances of the practice losing funds due to a robbery or employee theft. Also, research has shown that the majority of people prefer to use a credit or debit cards instead of cash. The reason for this is that most people find it more convenient to use an electronic payment instead of cash as it is less risky; a physician can receive full payment at once. For example, a patient is unable to make a cash payment for an expensive procedure or prescription; he or she can make payment with their credit card and then make the payments in installments to the credit card company.
What to do?
The Physician should visit the bank that holds his business account. Most banks are acquirers and can, for this reason, set up a merchant account for the physician and provide him with the Point of
Get Access