As a practice owner or manager, it’s essential to know your financial position at any point in time. This is why integrated payment processing is so valuable. A key advantage of integrating payment processing with your practice management software is that you get transaction visibility instantly. This means you can track your practice revenue in real-time.
Not only this – an integrated payment solution also gives you up-to-date, robust reporting, which helps you see and understand your practice financial metrics quickly and easily. Plus, since payments record automatically, you can slice and dice the data right away. This gives you access to meaningful insights that help you keep pace with what’s happening with your practice finances.
Finances are the lifeblood of your practice. Read on to see how integrated payments unlock the advanced reporting you need to effortlessly manage your payment acceptance finances.
Review each transaction by payment type, with the date, time and value of payment as well as the client or patient the transaction is associated with. This no-nonsense report makes chargebacks, inventory reconciliation and charging a provider’s time against a client invoice a breeze.
Payment disputes happen. When an issuer refunds a client’s debit or credit card the amount of a transaction charged at your practice, simply access your transaction report and all the information you need to validate the charge is at your fingertips. It has never been easier to respond to chargebacks (disputes) within the shortened time-frame mandated by the card brands.
Pro Tip: If you’re noticing a higher than expected number of chargebacks this may indicate that the charges appearing on your clients’ financial statements don’t clearly state who and what the transaction is for. To fix this you simply need to adjust the transaction information in your payment processing system.
A declined payment is not only embarrassing for your client, but it can directly impacts your practice’s bottom line. Often a decline occurs when a client doesn’t have enough money in their account to cover a recurring transaction.
Check your decline reports frequently to view declined transactions and resolve payments with the client.
Expired card reports
Don’t let expired cards on file keep you from the revenue you’ve earned. Proactively manage cards nearing expiration using expired card reports. Advance notice of when a client’s card is due to expire enables you to get in touch with the client for updated information before a recurring payment declines.