The severe business disruption caused by the coronavirus pandemic is causing practices to prioritize cutting costs. Best Card is the endorsed credit card processing provider for more than 30 dental associations, including the Michigan Dental Association, and 95% of its clients are dental practices. Here are 3 ways to analyze your credit card processing costs and to bolster your bottom line:

1. Reduce your overhead. There are two big trends in dental credit card processing over the last few years.
• The average dental office is taking 64.9% more in credit card payments than they did just 10 years ago.
• The average cost of running cards for dental offices has gone up and those costs are mainly from the processors rather than the card brands themselves. The average credit card processor charged dental offices 3.05% on average, based on our comparisons for thousands of dental offices throughout 2019. This was the first time that the average office using another processor was paying more than 3% in our company history.
Do the math on a recent statement: total fees paid ÷ total card sales = your effective rate. What percentage are you paying? Best Card dental practices average 2.18% effective rate; by switching to Best Card, practices save an average of $3,256 annually (24%) on their processing fees.

2. Understand your costs.  Unfortunately, credit card processing pricing can be confusing. There are many direct fees that all processors share that come from the major card brands (Visa, Mastercard, etc.) and there are fees paid to the processors for their services.
Many processors inflate profits by adding in hidden fees or surcharges in addition to legitimate fees. Many companies will also frequently raise their rates and fees above what you signed up to pay! A great deal you signed up for even a few months ago may no longer be saving you money.

3. Find a trustworthy processor to help you do both.
You can send Best Card a recent statement for a complimentary cost analysis. You will receive a detailed breakdown of your estimated savings. You can email a recent statement to CompareRates@BestCardTeam.com or fax it to 866-717-7247.
Best Card offers exclusive pricing to MDA members and unbeatable customer service. It offers a variety of payment options to fit the needs of any office, including the ability to accept payments through your website and automatically post payments directly to popular dental software.

Call Best Card at 877-739-3952 to see what it can do to help your practice save money.