Banks may say they can save you $$$. However, this is usually a result of the competing bank comparing their apples to oranges, so to speak. In order to be fair we need to compare apples to apples. For example, most banks quoting you a savings compared to using Cash Practice are usually comparing their Retail rates (apples) to our MOTO rates (oranges), when really they should be comparing Retail to Retail and MOTO to MOTO. Below is an example of someone comparing rates to Cash Practice members’ rates.
In order to provide competitive rates, Cash Practice members are setup with two different merchant accounts.
1. Retail Merchant Account: This account is used to ‘swipe’ credit cards, using the USB card swiper for one time transactions. (In Cash Practice the tool is called the Simple Swiper.)
2. MOTO Merchant Account: This account is used in order to get the lowest rates on credit cards that are not swiped. This is referred to as ‘credit-keyed’ transactions and is typically done for recurring auto-debits or one time transactions when the card is not present. (In Cash Practice the tools used for this are the Virtual Terminal & Auto-Debit Scheduler.)
There are two main reasons we setup both Retail & Moto merchant accounts for our members:
1. It’s illegal to store credit card numbers in a readable format and key enter them number into a retail terminal. (Refer to PCI DSS Compliance Regulations)
2. Even if it were legal to store credit card numbers and key enter them into a retail terminal, it would be very expensive. All banks charge an additional fee to ‘key-enter’ a credit card VS swiping a card due to the risk factors involved.
By setting up both Retail & MOTO merchant accounts, you are able to process payments in a compliant fashion and save the most on processing fees by running the payment through the proper account.
Fees Paid to the Bank for Swiping Credit Cards:
$9.95 Monthly Access Fee
$0 Statement Fee
1.50% for Debit Cards
1.70% Qualified* Visa/MC/Discover Credit/Debit Cards
$0.19 transaction fee
For Credit Cards NOT swiped:
$0 Statement Fee
2.30% Qualified* Visa/MC/Discover Credit/Debit Cards
$0.31 transaction fee
*Mid-Qualified Rate +1.29%
*Non-Qualified Rate +1.59%
(American Express sets their own fees)
For bank accounts (Bank EFT) it’s 1.79% plus a $0.50 transaction fee
$0 Gateway Fee
$0 Address Verification Fee
If you compare these rates to key-entered transactions on a credit card machine you are typically paying 1.0% to 2.0% lower with the Auto-Debit System® Tools. The minimums are $25 monthly for card-not-present transactions and a minimum $15 monthly for EFT transactions. These are NOT additional monthly fees. If you process approximately $1,200 per month in qualified credit cards transactions, you will meet the $25 minimum for the credit card account and approximately $850 per month in EFT’s will meet the $15 per month EFT minimum. If you process less, you will be charged the balance to meet the minimums.
When compared to other internet merchant accounts, these are the lowest fees you will find without any monthly statement fees or contract term.
Additional Benefits You Won’t Find With a “Bank”:
We have a direct relationship with the bank that provides our members’ merchant accounts and we have an entire department at Cash Practice devoted to “Merchant Services”
This means that our members do not have to call an automated system or third world country if they require assistance with a banking issue. Our members would simply call us and we would act on their behalf, allowing them to “adjust & serve,” instead of the frustrations one would normally have when calling a bank. This is just one of many things that we take pride in, as part of the exceptional service and integrity we provide to our members.
Included With Your Membership:
- Live Training Webinars
- Live Teleclasses with Practice Management Advice
- Full Access to the Recorded Webinars & Teleclass Library
- Full Access to Bonus Material section that includes:
New Patient Scripting: Learn how to master the Cash Practice® Consultation, Exam, ROF & Financial Report
Auto-Debit Objection Scripting: How to talk to patients who do not want to leave billing on file.
Super CA Daily Operations Checklist: Help your front desk CA to perform flawlessly.
Auto-Debit Announcement Letter: How to excite your patients about the benefits of an auto-debit policy.
E-Z Payment Authorization Form: Keep patient signatures on file for their billing. No more receipt printing!
Mini-Course Articles: Information to help you have more success with running your cash-based practice!
Staff Bonus System & Payroll Report Generator
Important Chiropractic Research Information
- Exceptional Customer Service from “well-adjusted” staff.
- Web Based, Which Means NO Software to Install!
- Access from ANY Computer With Internet Access (Perfect for Screening Events!)
- Create Separate Login for All Staff (Including Permission Settings)
- HIPPA Compliant
- PCI DSS Compliant
- No long term contracts…membership is month to month!