As demand for affordable healthcare grows, telemedicine companies and telehealth software providers need the right payment processes in place. Accepting different payments types in a cost-effective way can be challenging. Telemedicine merchant accounts may be just the cure!
Telemedicine: The Opportunity – And Challenge
Telemedicine companies provide healthcare services to patients in the same way that face-to-face treatments are billed in the US. The services are delivered remotely, and as the market becomes more and more competitive, telemedicine providers need ways to stand out.
The telehealth market is already vibrant in the US, with 74% of the country’s population already consuming some form of remote health service. And with the market expected to reach over $25 billion in the next seven years, there is no signs of this growth slowing down.
As the consumer demand for remote-based healthcare provision continues to grow, more and more telehealth providers are coming on to the market. Existing healthcare providers are also increasingly adding virtual services into their portfolios.
Here is both the challenge and the opportunity for telehealth providers.
The Need to Differentiate On Service
With an increasingly competitive field and more consumer demand, the customer experience that telehealth providers is more and more crucial. Providing a seamless payment experience and accepting a variety of payment methods is one way this experience can be enhanced.
For telemedicine providers, telemedicine merchant accounts can provide the perfect solution to offer this choice to your customers. Some accounts can cause other pains such as expensive transfer fees and onerous approval processes. But with the right telemedicine merchant account, your business can quickly focus on revenue growth and grow your customer base without barriers.
Could My Business Benefit?
In addition to pure telemedicine providers, telemedicine merchant accounts can also be the perfect solution to a range of other organizations in the market. Telemedicine merchant accounts can also benefit medical equipment sales firms and manufacturers, medical retailers, and health care firms.
In a crowded and competitive market, telemedicine merchant accounts also provide a welcome advantage. The ease and seamless processing of payments that comes with a telemedicine merchant account makes it easier for your customers to pay you, and for your firm to handle the payments.
The accounts can also be easily integrated into telemedicine firms’ existing business processes. This is carried out through the use of a secure API integration to the telemedicine merchant account.
How Telemedicine Merchant Accounts Help Your Business
The right telemedicine merchant account can help your business in a number of ways. First and foremost, you will benefit from high volume payment processing capacity at competitive rates.
Being able to offer your customers the ability to pay by a number of different options is also a great differentiator. Telemedicine merchant accounts enable you to accept credit cards, debit cards, HSA cards and ACH echecks. Your business will also be able to accept payments via the phone, mobile apps, and in person at your premises. The more ways you can offer your customers to pay you, the more you set yourself up to achieve greater revenue.
Another major benefit is that telemedicine merchant accounts can accommodate recurring billing models. A popular means of payment in the healthcare industry, recurring payment plans enable customers to split payments for their treatment and medicine. These arrangements can be set up over several weeks or months. They are simple and useful for patients, and predictable regular payments are good for business cashflow.
Administration is also made easy with the electronic invoicing functionality direct from the account. Your customers receive a “click here to pay” link, and you reduce admin time needed for billing.
Find Out More
Find out more and apply online for our telemedicine merchant accounts.
Feel free to email info@PaynetSecure.net . Or call 888-5-PAYNET today.