Payment processors are taking over traditional forms of payment. COVID-19 has accelerated and demonstrated that cash and credit cards are ineffective and timely payment methods to efficiently manage customer money efficiently.
According to a recent Roy Morgan report on digital payment, more Australians nowadays recognize the value of the digital payment. This is reflected in Generation Z and Millenials' increasing use of financial technology as their preferred and streamlined payment method. In detail, it is reported that 1.4 million people use online payment system services outside major banks like Apple Pay, Android Pay, Samsung Pay, and Google Wallet.
On the other hand, some clinics have payment methods like credit cards or cash as their preferred methods of managing medical bills.
Healthcare providers should respond to this changing trend and expand their payment options. Having a payment processor is an innovative solution to paying medical bills faster while providing more payment options to patients.
Here are five reasons healthcare providers should have a payment processor system for their establishments.
Payment Processor for Healthcare Services PayChoice
Traditionally, medical bills are processed through credit cards and cash. On cash payment, there are no additional charges associated with online payments like service fees or taxes. Nevertheless, it’s less secure and inconvenient as there may not be enough cash to cover unexpected costs.
On the other hand, credit cards offer an effortless way to pay and provide an opportunity to build credit scores, which can help patients qualify for better terms on loans in the future. Nonetheless, it can be detrimental as it may be easy to overspend when using a credit card. Overcharging or maxing out credit leads to potential credit card debt, bad credit scores, and other financial problems.
Through PayChoice’s convenient and accessible payment processor, patients can view their bills, make payments, save their card information, and transfer money quickly with no additional overheads.
Printing and mailing out patient statements can be a costly and time-consuming process. This cost can be eliminated by providing the ability to make statements available online through a payment processor.
Having a payment processor in place and opening up new forms of payment means staff now have the flexibility to allocate their resources effectively toward assisting patients.
Fewer calls from customers and fewer patients waiting at the front desk for their financial questions means happier patients and staff.
Making transactions with a payment processor means bills are processed faster and more securely. This, in turn, gives the patients a sense of comfort as there are fewer efforts involved and knowing that their money is processed and managed by the hands of experts.
Patients will enjoy the flexibility that comes as a benefit of the healthcare provider payment processing, increasing their overall satisfaction.
Medical bill payment is faster than ever with a payment processor because patients get their money processed in real time. Patients will also be less likely to forget healthcare bills if they can view their statements and have a platform to pay them in one place. The ideal payment processor, combined with online gateways, gives patients a seamless experience and improves cash flow with fast payout.
At PayChoice, we provide multiple payment methods to make your payment process more memorable. Additionally, we provide innovative payment solutions for medical and healthcare services. For more information about our service, contact us!