Chiropractor Merchant Accounts

Reading Time: 3 minutes

Last Updated on October 25, 2023 by Corepay

Payment processing for chiropractors is unique as it tends to fall into the medium to high-risk category. While many transactions are card-present, there are concerns about high volume and chargebacks.

Key Takeaways

  • Chiropractor merchant account services offer the best features without unnecessary additions, providing tailored solutions for chiropractors.
  • Choose a payment processor that is 100% transparent and understands the ins and outs of your industry.
  • Quick approvals with expedited underwriting processes are available, minimizing waiting time for approval.
  • 24×7 customer support should be expected, guaranteeing uninterrupted payment processing and reliable assistance for merchants.

At Corepay, we also provide payment processing for:

Applying For Chiropractor Payment Processing

When applying for a chiropractor payment processing account with Corepay, you’ll find the process streamlined and straightforward, ensuring you can start accepting payments promptly. 

To ensure seamless integration and partnership, we will need the following information:

  1. Certificate of Incorporation
  2. Voided Check or Proof of Bank Accounts (e.g., a signed bank letter containing account and routing numbers)
  3. Organizational Chart, if applicable
  4. Comprehensive Personal and Business Financial History
  5. Previous Processing Statements, if relevant
  6. Verification of a Website that Complies with Regulation

Chiropractor Payment Processing Equipment Solutions

At Corepay, we provide everything you need to process payments. Regarding online payments, we are gateway agnostic and can also provide a gateway.

How Does Chiropractor Payment Processing Work?

Here’s a quick rundown of the flow of payments in the industry:

* Patient pays for your service using a card

* The payment is authorized and processed

* Funds are transferred to your merchant account

* The funds are settled into your business bank account

Choosing a reliable payment processor that understands the unique needs of chiropractors is essential. Corepay offers secure, seamless transactions, fair pricing, and 24/7 customer service.

Chiropractor Payment Processing Pricing

Understanding your chiropractor merchant account’s pricing structure is crucial to effectively managing your business’s finances. The cost generally involves fixed, transactional, and incidental/chargeback fees.

Fixed fees are monthly or annual charges for maintaining the account. Transactional fees, the most significant cost, are charged per transaction, varying based on card type, transaction method, and your merchant account provider’s rate structure. Incidental fees cover special situations like chargebacks.

Analyze your business volume, ticket size, and transaction methods to determine the most cost-effective model for your chiropractic practice.

Why Banks Can Consider Chiropractors To Be Risky

Banks typically find chiropractors slightly risky due to chargebacks and regulatory scrutiny within the industry.

Despite your best efforts, banks often perceive chiropractors as risky due to the high chargeback rates and regulatory scrutiny associated with this industry.

Here’s why:

High Chargebacks

Patients tend to dispute charges and request refunds in this industry if they’re unhappy with the services provided. Chiropractic services are also expensive, which makes a chargeback all the more worry for processors/banks.

Regulatory Scrutiny:

The chiropractic industry is heavily regulated, and violations could result in costly penalties. Some of these violations can even potentially break the law.

You can mitigate these risks, though. Implementing clear refund policies and adhering to all industry regulations can make your chiropractic business less risky for banks.

What Are Chiropractor Chargebacks?

In your journey to optimize your chiropractic clinic’s merchant account services, it’s crucial to grasp the concept of chiropractor chargebacks. In these situations, your patient disputes a charge from your clinic, leading their card issuer to reverse the transaction.

Reasons for chargebacks:

  • Unrecognized transactions: If your clinic’s name doesn’t appear clearly on the patient’s statement, they might dispute the charge.
  • Unsatisfactory service: Patients may claim they didn’t get the expected results.

Impact on your business:

  • Financial loss: The disputed transaction amount and a chargeback fee are deducted from your account.
  • Damaged reputation: Many chargebacks could signal poor service or business practices.

Understanding and effectively managing chargebacks is vital to maintaining a healthy merchant account.

Choosing A Payment Processor

Selecting a provider that offers customized solutions for chiropractic services is crucial, with no hidden fees or binding contracts. Look for a processor that provides quick approvals, ensuring you can handle the balance.

Consider their customer service. Are they available 24/7 to address your concerns? Also, scrutinize their pricing structure for transparency and affordability. Evaluate their security measures, as patient payment data must be encrypted and protected.

Lastly, ensure the payment processor integrates smoothly with your existing practice management software to avoid disrupting your workflow. Remember, your decision directly impacts your practice’s profitability and efficiency.

Realign Your Payment Processing With Corepay

Now that you understand the basics of credit card processing let’s explore why we are an excellent fit for your business.

Corepay offers specialized merchant services that are tailored to healthcare businesses like yours.

  • Streamlined operations:
  • Accept multiple payment methods, including credit and debit cards.
  • Automate your recurring billing for long-term treatment plans.
  • Enhanced security:
  • Advanced fraud detection tools to protect your transactions.
  • Compliance with PCI DSS standards.

By realigning your payment processing with Corepay, you’re ensuring smoother operational efficiency and heightened payment security.

It’s about giving your patients the convenience they desire while protecting sensitive information. Corepay is designed to adapt to your needs and grow with your practice.

We appreciate you following Corepay’s blog. Let’s collaborate, send us your article suggestions, questions, and/or feedback to: [email protected].