For most medical practices, managing payments across vendors and patients is both a headache and mission critical. Most of their processes are manual and time-consuming to manage.  Paper checks are still a major component of medical practices, with several studies showing that 50 percent of businesses still use paper checks

Here are 4 Good Reasons to Make a Switch.

For most medical practices, managing payments across vendors and patients is both a headache and mission critical. Most of their processes are manual and time-consuming to manage.  Paper checks are still a major component of medical practices, with several studies showing that 50 percent of businesses still use paper checks as their primary mode of payment, lack of adoption for electronic payments is still a widespread problem.

Here are a few reasons why to eliminate paper checks from your practice.

1. Paper checks contain all the information fraudsters need to steal a practice’s money. Paper limits transparency and can be easily manipulated, stolen, or destroyed. Since most losses will not be recovered, it is advisable to obtain appropriate “crime and fidelity coverage” for fraud losses.

2. Switching to electronic payments will reduce practice costs. Bank of America calculated the cost of paper checks range from $4 to $20 based on the price of the check with shipping, plus employee’s time writing, mailing, collecting, and reconciling the checks.  Multiply that by the number of checks written each year and that could be a huge savings.

Similarly, according to research conducted by Bill.com, using paper checks could cost businesses more than $2,000 every month. This estimate takes into account labor, bank fees, check printing, and postage – over $24,000 a year! By comparison, Bill.com estimates the cost of electronic bill payment at just $140 per month.

3. It provides accurate and up-to-the-minute financial information. When you switch to electronic payments, you’ll have the critical information you need to make decisions in real-time – no more waiting for your staff to create cost reports. You’ll have everything you need online and immediately.

4. It helps you become a paperless office. By switching from paper checks to electronic payments; your practice will be one step closer to becoming paperless and “green”.

 

As you can see, there are some great reasons to consider changing to electronic payments. In addition, it’s quite easy to make the switch.

If you need help identifying the right payment partner or getting things set up properly, the team at STAC Bizness Solutions can help!  Just give us a call at 844-424-9637 or complete the form below.

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