4 Payment Technologies to Put on Your Practice Radar

We all get busy – especially when balancing the many tasks associated with running a practice. From staffing to inventory, day-to-day needs can often push “nice to have” items to the bottom of your to-do list.

While it may seem OK at the time, delaying upgrades or the installation of new technology may hurt you in the long run. Make sure the following four payment technologies are on your radar as you prioritize plans for the coming year.

• Chip cards. In the wake of the October 2015 liability shift, the risk for accepting a counterfeit chip card transaction now falls on whomever is least chip enabled in the transaction stream. So if you haven’t yet made the transition to a chip ready terminal, and you accept a chip card that turns out to be fraudulent, you are out the cost of the purchase and any subsequent costs.
• NFC. Near Field Communication, or NFC, is the technology that allows you to accept payments via digital wallets like Apple PayTM and Samsung Pay. With mobile payment on the rise, and the availability of NFC in new chip-enabled card terminals, giving your patients this new way to pay is easier than ever.
• Security. As the chip card rollout drives fraudsters out of the card counterfeiting business, crooks are expected to turn their attention to new schemes, and that could mean hacking into your payment network. If your network is targeted, don’t let hackers get away with anything useful. Encryption and tokenization help turn payment card information into numbers and characters at the point of sale, making the information worthless to hackers. Even if they get in, with no way of translating the encrypted information back into useable card and account information, the ill-gotten goods are useless.
• Tablet POS. More than a credit card terminal, tablet POS systems allow you to accept payments and compile key operating data. Many of the new systems allow you to track patient payments, inventory and other key practice metrics. Unlike traditional cash registers and terminals, tablets are moveable, allowing payment acceptance beyond the traditional counter.

TSYS Merchant Solutions^SM offers tools and guidance for adopting all of the above technologies, and more. Contact us for a free quote at tsysmerchantsolutions.com/ama or call 1-800-354-3988.

TSYS is part of the AMA’s Preferred Provider Offers and Services Program. These AMA-negotiated discounts will help you save money on shipping, medical supplies and equipment, and patient payments management. Learn more at amamvp.com.

Content originally produced on tsysmerchantsolutions.com, visit them at tsysmerchantsolutions.com/ama.