Jeff Langmaid and a co-speaker compare payment processors. While most advertise 1.79% fees, hidden settlement and risk charges push the real cost to about 8% per transaction. A South Florida chiropractor discovered they were losing $8 per $100 payment, not the promised $1.79.
When a patient pays $100 in a practice, how much of that actually lands in the provider's account with Practice Pays? And rough estimate, how much lands in an account that doesn't use Practice Pays?
With Practice Pays, you're getting every single penny. So it'd be $100. For example, I talked to a chiropractor in South Florida. Won't name any names, but they were paying 8% across the board for processing fees. It was insane. And how this provider, this merchant provider presented it was, we're going to give you 1.79% transaction. And so they thought they were only losing $1.79 per $100. What actually was going on was they were on the back end being charged settlement fees, which, you know, to get the money settled into their bank account, and then risk fees as well on every single transaction. And so it just kept adding up and adding up. Eventually it came out to 8% per transaction.
