Debit & Credit Card Processing In Your Dental Practice Are You Playing Your Cards Right?
Making significant changes for your practice doesnt always have to take up valuable time
. Switching card processing providers, for example, can prove to be an extremely beneficial exercise for both your practice and your patients. BDA Plus has put together a case study highlighting the benefits of switching from typical bank rates to the exclusive card processing services available to you as a BDA member.
Streamline introduction
One of the major advantages of arranging your card processing facilities through BDA Plus is that we have negotiated exclusive rates from Streamline (part of RBS WorldPay), the leading provider of merchant accounts in Europe*. Switching providers is actually a lot simpler than it sounds. The process usually takes around three to four weeks to complete, and does not require the need to disrupt your practices schedule in any way.
Rates
There are various options available to suit every practices needs. As an example of rates, looking at a typical practice with an annual credit card turnover of less than 100,000, the following demonstrates our exclusive rates for BDA members:
Maestro & Solo- 16p per transaction
VISA Debit & VISA Electron - 17p per transaction
VISA Credit Card - 1.21% per transaction
Master Card - 1.24% per transaction
Commercial Cards - 1.76% per transaction
If your credit card turnover exceeds 100,000, percentage based rates can be lowered by 0.02%, and by a further 0.04% should your credit card turnover exceed 250,000.
A standard payment terminal is extremely well priced at just 10 per month (excluding VAT), allowing speedy and efficient services from a simple, user- friendly terminal. For those looking for something a little more hands free, a wireless Bluetooth operated terminal is also available, priced at just 18.95 per month (excluding VAT).
The costs of switching to Streamline are minimal, with only an initial one-off payment of 25 (excluding VAT) being charged in order to create a Streamline account and set up the necessary rental and support services.
To demonstrate just how much your practice can save, we would like to use a typical client switchover as an example. As a BDA member, our client was eager to find services that would not only assist her practice, but would also benefit her patients. Having used his previous providers for the past four years, our client thought it was time to review her card processing facilities. During an average month, the practice has a credit card turnover of 5,600 and processes approximately 125 debit card transactions. The following list illustrates how much was saved during the year:
Clients savings
Typical Rates
Credit Card charge - 1.8%
Annual Credit Card cost - 1209.60
Debit Card charge - 0.250
Annual Debit Card cost - 375
Monthly Terminal lease (inc. VAT) - 21.15
Annual Terminal cost - 253.80
Total Annual cost - 1838.40
BDA Plus Rates
Credit Card charge - 1.21%
Annual Credit Card cost - 813.12
Debit Card charge - 0.17
Annual Debit Card cost - 255
Monthly Terminal lease (inc. VAT) - 11.75
Annual Terminal cost - 141
Total Annual cost - 1209.12
Total Annual BDA Plus Savings - 629.28
In total, an annual saving of approximately 629.28 was gained, leading to an average saving of 52.44 per month. When you add everything up, the savings gained through these preferential rates alone could pay for your BDA membership, to name but one benefit.
The Process
The process itself is very simple; after receiving an initial enquiry, a member of the BDA Plus team will contact you in order to discuss our rates and to make sure that you are aware of all possible options available.
An application form is promptly sent to you, which serves as a thorough assessment, so that Streamline can ensure that their services correspond with your needs. On completion, the form is returned to BDA Plus, checked and then forwarded to Streamline. From there onwards, Streamline take control of the application, and finalize the set up. An engineer will be promptly sent to your practice to install the new debit and credit card processing facility, which should only take around twenty minutes to complete.
Switching to our debit and credit card processing in your dental practice is only one example of using BDA Plus to get more from your membership. Here at BDA Plus, we are dedicated to providing Insurance and Financial Services tailored to the needs of the dental professional. We can provide your practice with a suite of services specifically designed for the needs of you and your practice, offering additional preferential rates for BDA members. Whether looking for Practice Insurance, Practice Overheads Protection or Commercial Finance, we are confident that our services will meet the needs of your practice. We are also proud to offer you a variety of products designed to protect your personal finances too, including Home Insurance, Income Protection and Retirement Planning.
We are always happy to provide guidance to find the best solutions for you and your practice. If you would like further advice on any aspect of this article, or would like to discuss the best financial options open to you, please do not hesitate to contact us on 0845 130 1366.
Notes
Lloyd & Whyte Ltd is authorised and regulated by the Financial Services Authority.
BDA Plus is a trading name of Lloyd & Whyte Ltd used under license from the British Dental Association.
Calls may be recorded for use in quality management, training and customer support.
by: Pete Lishman
Bad Credit Loans-no Documents No Credit Record Consideration An Introduction To Credit Union Companies Things That You Need To Consider Before You Get Bad Credit Loans How To Repaid Your Credit Score In Less Than One Year 5 Ways To Dispute Discrepancies On Your Credit Score Saving Accounts For People Who Have Very Poor Credit Bad Credit Loans:- Apply And Get Approved Bad Credit Personal Loans: Meet Your Personal Ends Effectively Quick Loans For Bad Credit An Immediate Financial Help Money Loans With No Credit Check - A Concept Meant For Poor Unsecured Tenant Loans For Bad Credit - For Your Grey Times No Teletrack Payday Advance- Financial Help For Bad Credit Scorers Money Loans For People With Bad Credit- A Quick Economic Help
Debit & Credit Card Processing In Your Dental Practice Are You Playing Your Cards Right? Anaheim