Making Things Better: Reducing the Cost of Payment Acceptance

iPayX is pleased to debut Making Things Better: A series that explores the challenges of self pay collection and various paths to creating a complete network of consumer centric communication and care.


Making Things Better: Reducing the Cost of Payment Acceptance

Organizations everywhere are seeking a new strategic outlook for 2015.

This includes, but is not limited to, executive management teams in healthcare who are shifting focus, taking on new roles and aiming at different targets to better align their business with a changing payment landscape.

What's happening in healthcare is unique in that the reimbursement model is changing from what it's been for many years and the stakeholders (including patients) are challenged with adapting to the new processes and demands that the redefined system has produced.  Patients now have more financial responsibility and flexibility than ever before to choose their own health plans, provider networks and payment arrangements.  Hospitals built with the technical infrastructure for pursuing insurance companies for payment need to construct an equally effective approach for collecting payment at the individual patient level.  In essence, the emergence of Consumerism in Healthcare has driven new priorities for healthcare organizations who are trying to keep pace with the new direction of their financial model and provide quality care to a growing patient population.

What's not unique to healthcare is the ever-present challenge for businesses to deliver quality service, while improving the bottom line.  

The cost of payment acceptance may differ depending on the company, the industry, business model or consumer base.  However, a universal truth is that reducing the cost associated with taking payments goes straight to the bottom line.

How Can We Make This Better?

There are several viable paths to reduce the costs associated with payment acceptance:  

1. Implement comprehensive self-service tools that foster engagement and appeal to the convenience your customers (or patients) want.  

  • It's a happy coincidence that the modern consumer prefers digital options that are also the most cost-effective to provide.  Make the tools you offer easy to use and helpful, so that they return to use them again and again.  

2. Automate processes that deliver, post and report funding activities.    

  • Aim to optimize your current system or software with services that integrate to enhance the performance and improve efficiencies.

3. Reduce your rates  for accepting credit cards as a form of payment.

  • In most cases, it's not a hardball negotiation, just a simple request for quote that will reap big rewards.  Shopping around for the best rate possible will either provide significant savings with a new partner, or force your other merchant providers to play straight and do the same. You win no matter what.

Which of these options have produced the best results in your experience?  What are your plans for reducing costs in 2015?

In our commitment to Making Things Better, iPayX offers a comprehensive online pay service with user-centric features that can integrate at varying levels with existing software to improve overall performance.  In addition to payment & billing tools, iPayX provides a Pure and Simple merchant processing solution that can reduce costs of payment acceptance with a simple, fixed rate pricing model.  Collectively, these services deliver savings that go straight to your bottom line.

How can iPayX help Make Reducing the Cost of Payment Acceptance Better For You?

 

 

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About us

iPayX (Internet Payment Exchange, Inc.) provides payment systems, electronic document delivery, and associated customer service solutions that complement and maximize a company’s internal systems and resources. Our technology services are found in hundreds of businesses including healthcare providers, utility companies, wholesale distributors, municipal governments, service providers and other organizations in 47 states. We annually process over a billion dollars in electronic payments.

​Internet Payment Exchange, Inc. is a registered ISO of Wells Fargo Bank, N.A., Concord, CA 95524

Contact

We move money to you at 'net speed.

Internet Payment Exchange, Inc.
1946 N 13th St.
Ste 392
Toledo, OH 43604 USA
Phone: (800) 530-7004
Fax: (419) 730-7095

 

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