In this conversation, Dayna Johnson and Cheryl McKenna discuss the topic of passing on credit card fees to patients in dental practices. They explore the history and recent growth of this practice, the potential financial implications for both the practice and the credit card processor, and the rules and compliance requirements for implementing fee passing programs. They emphasize the importance of considering the impact on patient satisfaction and the potential for negative reviews.

Takeaways:

👉Passing on credit card fees to patients has been a growing trend in dental practices, driven by marketing messages from merchant service providers.

👉There are two types of fee passing programs: cash discount and surcharge. Cash discount involves raising all prices and offering a discount for cash, while surcharge allows passing fees to credit card payments but not debit card payments.

👉Compliance with rules and regulations is crucial for practices implementing fee passing programs, as violations can result in fines and even being blacklisted by card brands.

👉Practices should carefully consider the impact on patient satisfaction and the potential for negative reviews before implementing fee passing programs.

👉Working with a merchant advocate can help practices identify and reduce unnecessary fees on their credit card statements, improving profitability without passing on fees to patients.

Chapters:

00:00 Introduction and Background

01:04 The Growing Trend of Passing on Credit Card Fees

06:09 Understanding Cash Discount and Surcharge Programs

11:04 Compliance and Rules for Fee Passing Programs

18:24 Considering Patient Satisfaction and Negative Reviews

21:12 Reducing Unnecessary Fees and Improving Profitability

Contact Cheryl McKenna: [email protected]

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