Hidden Fees in Your Merchant Services : Tips to Save Your Practice Money

30 de may. de 2024 · 40m 25s
Hidden Fees in Your Merchant Services : Tips to Save Your Practice Money
Descripción

Welcome to the Hey Docs! Podcast with your host Jill Allen.   Today, we have a special guest: Matt Rej, one of the founders of Merchant Cost Consulting, a company that...

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Welcome to the Hey Docs! Podcast with your host Jill Allen.  

Today, we have a special guest: Matt Rej, one of the founders of Merchant Cost Consulting, a company that specializes in helping businesses, including orthodontic practices, save on credit card processing fees. We'll dive into what led him to start Merchant Cost Consulting, how his company can assist with fee negotiations and practical tips for managing these costs.  

Let’s get into it! 

Summary
 
Matt Rej, founder of Merchant Cost Consulting, discusses the complexities of credit card processing fees and how his company helps businesses, including orthodontic practices, reduce costs. He shares his journey into the industry and the motivation behind starting his own consulting firm. Matt explains the importance of integrated credit card processing systems and the potential cost savings for practices. He also highlights common hidden fees and provides tips for negotiating better rates with processing companies. In this conversation, Matt Rej provides valuable insights into credit card processing fees for healthcare practices. He explains the difference between flat rate pricing and interchange plus pricing, emphasizing that startups should ask for interchange plus pricing. He also highlights the benefits of accepting ACH payments and encourages practices to leverage this option to save money. Matt discusses how his company, Merchant Cost Consulting, helps practices reduce fees and provides ongoing auditing to ensure the best pricing is maintained. He offers three pieces of advice: get multiple quotes, scrutinize statements regularly, and compare fees over time. Matt's top business skill recommendation is effective communication.

https://merchantcostconsulting.com/
https://www.facebook.com/sharer.php?u=https%3A%2F%2Fmerchantcostconsulting.com&t=Merchant%20Cost%20Consulting https://twitter.com/professionalts
http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fmerchantcostconsulting.com&title=Merchant%20Cost%20Consulting
https://www.instagram.com/MCCSavings/

Takeaways
  • Credit card processing fees can be complex and deceptive, with rates and fees constantly increasing.
  • Integrated credit card processing systems offer convenience but can come with higher costs.
  • Common hidden fees include PCI compliance fees and auto-enrollment monthly fees.
  • Interchange rates are non-negotiable, but processing companies can add markup fees.
  • Startups should be cautious of tiered pricing structures and consider flat rate pricing.
  • Negotiating rates with processing companies is possible, even for startups. Startups should ask for interchange plus pricing for credit card processing fees.
  • Accepting ACH payments can save healthcare practices a significant amount of money.
  • Regularly scrutinize credit card processing statements and compare fees over time.
  • Effective communication is a crucial business skill for healthcare professionals.

Connect With Our Advertisers Kaleidoscope - Orthodontic Digital Marketing
GC Orthodontics - Manufacturing and Supply Sales
SmileSuite - Customizable Presentation Software and Post-Consultation Follow-Up


Chapters
 
00:00 Introduction and Background
03:06 How Merchant Cost Consulting Helps Practices
06:32 Integrated vs. Non-Integrated Credit Card Processing
09:27 The Truth Behind PCI Compliance Fees
12:45 Unpacking Interchange Rates and Markup Fees
16:13 Challenges for Startups and Negotiating Rates
26:28 The Benefits of ACH Payments
31:30 Reducing Fees with Merchant Cost Consulting
34:57 Auditing Credit Card Processing Statements
41:58 Effective Communication as a Business Skill 


Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com.    
 
If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode.   
 
New episodes drop every Thursday!   
 
Episode Credits:
 
Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Johnny Mitchell
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