How many credit cards do you take a month? How many of those are insurance payments?
Probably a lot. Payers love to pay via virtual credit card and this is costing you money.
Depending on your contract with your credit card processing company, you are paying 2.5% - 5% on processing fees for those virtual credit cards.
I have met with practices who get up to $25,000 a month from payer virtual credit cards – at 3% that is an expense of $9,000 a year! And what are you getting for $9,000 a year? NOTHING!
If you are currently accepting this form of payment, make sure your office manager calls these companies and opts out of getting these payments. If you are going to get paid in the mail, checks are the only way to go.