Are you using the right merchant processing company for your business?
Anyone who operates within the healthcare industry or deals with the healthcare industry must make sure that they’re fully compliant with the Health Insurance Portability and Accountability Act (HIPAA).
HIPAA legislation is designed to provide security to millions of Americans and their healthcare information. We’re going to discuss how you can pick the best merchant processing company that’s also compliant with current legislation.
Are They Geared Towards HIPAA Compliant Businesses?
PCI is simply about protecting the transfer of financial information, so in this case you need a merchant processing company that concentrates on protecting the financial data held and utilized by HIPAA compliant businesses.
The average American has 2.6 credit cards, so avoiding a merchant processing company isn’t possible.
The first step is to figure out which companies are HIPAA compliant. These days it’s as easy as a Google search. Performing an additional search to ensure that the merchant processing company is HIPAA compliant will already begin to shorten your list.
Before you investigate anything else, confirm HIPAA compliance.
What’s the Cost?
There’s an argument that cost pales in comparison to quality. To an extent, this is true. But if you’re running a small business margins are tight and every dollar matters.
Your merchant processing company may decide to charge you in a variety of ways. If there’s a regular monthly fee, then it’s easy to make comparisons. But if they use a model, such as charging by the number of transactions, you will need to carry out some guesswork based on your average number of transactions.
Future Proofing Your Company
The key to running your business is to ensure that you future proof your business. The world of payment processing is constantly changing. It’s not enough to simply have a PCIHIPAA compliant merchant processor on your side anymore.
You need to make sure that you’re future proofed and prepared to take advantage of new payment methods. This includes things like cryptocurrency and contactless payments.
Being HIPAA compliant is not just about obeying rules. It’s about taking your compliance forward with your business.
How Efficient is Their Customer Support?
At some point you’re going to need help and you’re going to have to speak to your merchant processing provider of choice. Companies realize how important customer service is. This is why $1.6 trillion is lost due to poor customer service every single year by American businesses.
Find out about how good their customer support is. Do they offer multiple options for getting in contact with them? Can you contact them 24/7? Is there an additional premium package required in order to get the customer support you need?
Look at What Other Customers are Saying
Finally, you should look into PCIHIPAA reviews to find out what other businesses are saying about specific companies. It’s one way to cut through the marketing material and find out the truth. Other companies have no incentive to promote a company, so you know that the opinion you’re getting is open and honest.
A quick Google search will soon reveal all the necessary reviews.
Last Word – Choosing the Right Merchant Processing Company for You
PCIHIPAA compliance is essential for your business. Fail to do this and you could be hit with heavy fines and even lawsuits.
Many companies offer trial periods so you can decide if they’re right for you. Try to avoid committing to long-term plans until you can be sure that you’re getting everything you need.
Have you started searching for a merchant processing company yet?
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