Electronic funds transfer (EFTs) allow clinics to accept payments easily and inexpensively. EFT payments move money across a network, between banks, and frequently replace paper-based methods for making payments like checks and cash.
Does anyone really like paying the 2 to 3 percent merchant fees on transactions? If your clinic has recurring payments (think payment plans and other like agreements) and isn't itching to give the extra cash away, Rotessa was made with you in mind.
A third-party payment processor, like Rotessa, removes friction from the online payment process. An EFT debit is a bank to bank transfer initiated by the payee (your clinic) when the payor (your patient) gives permission to do so. Clinics can use EFT payment options to get paid faster by their patients.
If you want to accept EFT payments from your patients, you are legally required to receive authorization and document it. It may seem complicated at first, but it’s as simple as your patient agreeing to pay you via electronic funds transfer deposit, and then you start saving money versus paying credit card fees.
You don’t have to collect banking information from your patients either. Instead, the patient makes the decision to provide their information to you. Rotessa does the heavy lifting for you, so you have more time to take care of your patients and other important tasks.
Additionally, the true cost of credit cards is not beneficial to your clinic. Yes, you want to give your customers every opportunity to pay you, but how much does accepting credit cards cost you? Most online credit card processors charge 2.9% on every payment. Paying a flat rate per transaction, with EFT payments, gives you much better value and could literally save you hundreds – if not thousands – of dollars each month.
EFTs also benefit the patient as they are provided with the same convenience and more control. The ease of EFTs in comparison to cash or writing a cheque is obvious and patients don’t have to make special plans to make sure a payment is made on time. In addition to one-time payments, Rotessa can also be used for recurring payments.
We've put together a quick video that explains how Rotessa eliminates that pesky 2 to 3 percent processing fee, how you can set it up for your clinic yourself and a few drawbacks to the system. This is a great Canadian-made tool that we think can really benefit clinics. Not to mention, it can help to mitigate your risk of embezzlement because there is no manual work.