Keep Profits in Your Practice: Skip credit card fees with QuantaPay

Rising credit card transaction fees are quietly draining profits from dental practices like yours. For many dentists, it’s just another cost of doing business that is included in your expenses with resignation or a shrug. But what if there were a way to recover the cost of credit card fees without increasing your production or the treatment fees for your patients?

As a business owner, you’re more profit-focused these days than ever. And as a dentist, you’re balancing that profit focus with serving patients through amazing dental care.

You might think credit/debit card fees are just part of the deal when accepting that form of payment, but that doesn’t have to be true. When you use QuantaPay’s merchant surcharge feature, you can pass the nominal transaction fee to the patient rather than deduct it from your service fee.

If you’re wondering, “Wait, do credit card fees really add up to much?” or “Am I allowed to pass the transaction fee to the patient?” then keep reading, because we’re going to explain it all.

Key takeaways about avoiding credit card fees as a dental practice:

• Passing credit/debit card fees to patients through a merchant surcharge program allows dental practices to keep 100% of their revenue.

• Surcharging boosts profitability and increases revenue without raising treatment prices or increasing production or administrative workflow.

• With the right payment processor, implementing surcharges is compliant and simple—and also transparent for patients.

How much practice profit is lost to credit card fees?

Have you looked at your merchant fees lately? It may be more than you think. According to NerdWallet—

Credit card processing fees typically cost 1.5% to 3.5% of the transaction total.

That single-digit percentage might not sound like much, but the dollars they represent can add up to tens of thousands of dollars every year.

Here’s what typical merchant processing fees amount to for some sample revenue numbers:

Those costs cut directly into profit margin—and that cut can be a deep one. It depends on your production, so consider what your annual revenue is and what you might do with an additional $4,500—or $35,000—next year.

In an industry where staffing shortages continue and lab fees and supply costs are increasing, the last thing you need is to lose revenue to fees. You want to collect every dollar to cover operational expenses, pay your employees, and still turn a profit.

So, here’s how you can stop paying credit card fees…?

How can dental practices avoid paying credit card fees?

Surcharging is your friend. Surcharging is a simple, compliant way to pass credit card processing costs directly to patients who choose the convenience of paying with a card. The process adds the small percentage fee to card transactions, allowing the practice to avoid the cost of payment processing while still offering patients the option of credit card payments.

If you didn’t know that you could pass on these costs, you’re not alone! It’s a welcome surprise to many QuantaPay customers. And if you’re wondering if surcharging is legal, the experts at LawPay wrote—

“The legal landscape of credit card surcharging fluctuates, but as of February 2024,credit card surcharging is legal in most states.”

Be sure to do your due diligence before implementing surcharges, but according to LawPay, it is probably legal for practices in your state.

Now you might be thinking, “Do we tell our patients?” and to that we say: YES! At both DCS and QuantaPay, we fully believe transparency is the best policy. If you have any kind of financial agreement you have patients sign, you can include information on the surcharge there or even post a sign right by your payment terminal—and again, verify what’s appropriate for your area.

How does a dental practice benefit from surcharging?

Bottom line: You keep 100% of your revenue. You’re no longer sending thousands of dollars—or tens of thousands—to payment processors every year.

But there are other benefits alongside and beyond preserving revenue. You will also:

• Increase revenue without increasing production.

• Boost profitability without raising treatment prices.

• Streamline payment processes—and with QuantaPay, you also get seamless integration with your existing system (if you use QuantaPay).

• And with QuantaPay, there’s no disruption to your team’s workflow thanks to hands-free patient collections from the moment their balance is known.

QuantaPay has features you won’t find elsewhere at this price, but you’ll benefit from whichever payment processing software you choose.

Truly, think of what you could do with thousands in extra revenue every year—starting today. You could upgrade equipment, give staff bonuses, host fun activities with your team, send gifts to patients, and more.

QuantaPay is a payment processor that facilitates credit card surcharges with ease—is yours?

When you use QuantaPay, you can have all the benefits listed above and start saving immediately with just a few clicks.

Your practice will eliminate card processing expenses and keep every dollar from every credit card transaction while still offering a frictionless payment process to your patients.

You, your team, and your patients will also love QuantaPay’s:

• Text-to-Pay, Email-to-Pay, and online portal for easy payments from anywhere

• Membership subscriptions

• Payment plans to make treatment costs manageable

• Virtual and in-office payment terminals

• ZeroBalance patient collections software with insight-filled dashboards and easy

• integration with your PMS (practice management software)

• Optional printed statements for patients who prefer paper

This straightforward approach offered by QuantaPay ensures you receive the full payment amount of every credit card and debit card payment, enhancing your bottom line while maintaining a convenient payment experience.

Will you give your revenue a boost by skipping the credit card fees?

To recap, we answered the following questions:

• How much practice profit is lost to credit card fees?

• How can dental practices avoid paying credit card fees?

• How does a dental practice benefit from surcharging?

• Which payment processor facilitates surcharges with ease?

Dental practices no longer need to absorb the cost of convenience. With compliant surcharging, you can pass credit card fees directly to patients, reclaim tens of thousands in lost profits each year, and implement it with just a few clicks when you have the right patient collections software.

Turn to QuantaPay for all your dental patient collection needs—and keep more of the money your practice earns. Learn more about QuantaPay today.