How Financial Institutions Can Acquire Niche Industry Clients

a doctor and his patient looking at x-ray scans

If your financial institution is looking to become the payment processor for niche businesses like dental offices and medical practices, you already know how hard this market is to break into. While many other merchants are adaptable when it comes to their payment processing preferences, some merchants are looking for something designed specifically for their industry. Payment and practice management vendors, like Dentrix and CareCard, have popped up to cater to this niche market, but are they really the best choices for these merchants? 

Drawbacks of Specialty Payment Vendors 

At Celero, we don’t necessarily have a payment processing solution designed specially for dental offices or medical practices. However, we offer highly adaptable payment hardware options and point-of-sale apps that will help merchants in these industries process payments quickly, efficiently, and in a cost effective manner. Selling this idea to a potential customer who owns a medical practice can be tough, especially when there are organizations like CareCard that cater directly to their business. But is CareCard really the best option for this potential customer? The simple answer is that it depends and determining the answer can help you potentially land a new commercial client. 

While CareCard is a good choice for some medical practices, other practices lose thousands of dollars in credit card processing fees every year. The problem with CareCard is that when using their payment hardware to process payments with a CareCard card, the transaction rates are reasonable, but if you use their hardware to process a payment with a regular credit card, like a Visa or MasterCard, the rates are astronomical! If a medical practice only accepts CareCard for their payments, staying with their system might be a good choice for them financially. But if they often accept payments using regular credit cards, Celero’s payment solutions can save them thousands of dollars per year. They could be stuck paying a six percent credit card transaction fee every time they swipe a patient’s Visa card, while Celero can offer them a fee of less than two percent. Saving roughly four percent on every credit card transaction will save this potential customer’s medical practice a fortune every single year, so you should talk to them about making a change in their payment hardware. If they still want to accept CareCard payments, they can easily keep the two payment hardware options at their practice. This simple change will allow their practice to save money in fees that they would have otherwise been simply throwing away. 

Closing the Deal 

Discussing the hard numbers with your potential clients will often be enough to sway them towards processing payments with your financial institution. However, if they still need some convincing, you can discuss Celero’s various products and services that you think will meet their business needs.

Celero offers advanced practice and employee management software, recurring billing capabilities, over the phone payments, programs for gathering customer insights, bookkeeping, ACH solutions, contactless payments, real-time analytics, and so much more. Your potential client might come into your institution thinking they just want a new payment processing hardware, and they might decide to sign-up for a comprehensive business management system with your bank.