Published On: September 28, 2021

Data security and information protection are of the utmost importance to any company involved in the healthcare industry. Any system used in the operations of these businesses needs to have top-tier security technology, and this is especially true for healthcare debit and credit card payment processing systems.

As you’d expect, the number one priority of businesses involved in healthcare is the satisfaction of their customers. This applies to both the quality of the care customers receive and their overall impression of their experience. Because of this, these types of businesses must invest the necessary resources across a multitude of customer touchpoints to deliver the best possible experience. One critical area that must not be overlooked is their payment processing capabilities.

Healthcare businesses must realize that while some customers are coming to them for positive reasons, such as maintaining a good overall state of health, most customers are there because they need help to solve or manage a health problem. When businesses are catering to customers who are experiencing stressful times related to health issues, it’s important to take every step to make their interactions with your business as simple, effective, and positive as possible.

There are many types of businesses within the healthcare industry that need to pay close attention to how payment processing affects the overall experience of their customers. Independent medical practices and private clinics, pharmacies and medical supply dispensaries, and of course hospitals, as well as short-term and long-term care facilities, all must implement secure, convenient, and efficient payment solutions for their customers.

Challenges of Healthcare Payment Systems

The actual process of handling transactions for healthcare-related products and services is generally no different than a purchase that someone would make at any other type of business. However, there are certain elements of payment processing systems that carry much greater weight in the minds of customers and healthcare business operators alike. These are challenges that the selected payment solution absolutely must address effectively.

Data Security & HIPAA Compliance

Naturally, at the top of the list of concerns for healthcare businesses when they invest in any type of technology will be data security and information protection. Customers need assurance that their payment information will be gathered and transmitted securely with leading-edge encryption to avoid the potential of data theft at each stage of the transaction process.

In addition, as many payment systems also integrate with customer information databases for the purpose of maintaining accurate records of a customer’s healthcare-related purchases, the protection of customer account details and personal information is also a major concern. Any payment system used in the healthcare industry must come equipped with advanced data protection and security protocols.

These criteria are determined in large part by the regulations outlined in the Health Insurance Portability and Accountability Act (HIPAA). This government legislation dictates that all personal information, including but not limited to health care records, transaction details, and credit card information, is kept safe and secure.

Payment Method Compatibility

Another important element that healthcare businesses must consider when selecting a payment processing system is its ability to accept a diverse array of payment methods. The last thing a customer needs when purchasing a much-needed healthcare product or service is frustration or confusion on what payment methods they can and cannot use to complete their transaction. It’s a stress that is simply unnecessary in this day and age, as the technology exists to allow customers to pay however they want, including cash, credit cards, debit cards, digital wallets, etc.

In order to provide the most positive and stress-free payment process for customers, healthcare businesses would be wise to invest in a system capable of accepting the broadest range of payment methods possible.

Different Types of Payment Systems in Healthcare

There are many types of health payment systems that you may find in place at a business that is involved in the healthcare industry. In addition to in-store desktop point-of-sale stations, businesses can now select from a variety of devices and tools to process payments securely, with each one capable of providing the highest levels of data protection.

In-store POS Terminals for Healthcare Businesses

The most common systems for processing payments at healthcare businesses such as pharmacies, hospitals, and medical clinics are similar in appearance to most of the in-store point-of-sale stations that you’d see in other businesses. However, these systems are customized to the individual specifications of the healthcare business and configured to meet the strict data protection requirements set forth by HIPAA.

In-store POS devices for healthcare, like the Clover Station or the Clover Mini, are robust and full-featured computer payment terminals. Capable of processing payments of all types and seamlessly integrated with customer databases for fast and easy access to account information, these terminals are flexible and scalable to meet the demands of healthcare businesses today and well into the future.

Mobile Healthcare Point-of-Sale Payment Processing Systems

For healthcare businesses that require the ability to take payments from anywhere, not just a fixed location in an office or clinic, there are mobile and portable POS devices that can offer the same levels of security and functionality as an in-store system. The Clover Flex, for example, is a powerful portable point-of-sale system that can connect wirelessly to an available Wi-Fi or cellular LTE network to accept payments from any location, any time.

Its small form factor allows the Clover Flex to travel easily making it the ideal payment processing solution for healthcare businesses that require on-site payment acceptance such as in-home healthcare providers, healthcare equipment & product delivery services, consultants & therapists, and many others. The convenience of the Clover Flex allows these businesses to deliver better customer service, while its security features and data encryption ensures that all information stays safe and protected.

Online & Virtual Terminals for Processing of Healthcare Payments

When it’s not physically possible for the customer to be in the same location as the payment terminal, healthcare businesses can leverage online payment portals and virtual terminals to provide safe and secure payment processing from any PC, connected tablet, or smartphone. Essentially a digital representation of a physical terminal, online payment tools use all the same data encryption technologies to protect transaction information as it is transmitted from the customer through the virtual terminal interface to the payment processor.

Virtual terminals are excellent options for ecommerce-based healthcare businesses, as well as for on-site transaction processing using a connected tablet or smartphone. With the ability to be custom-configured to the specific needs of each individual healthcare business, virtual terminals are not cookie-cutter payment systems. Virtual terminals are powerful payment processing solutions for a diverse range of healthcare applications.

Select the Right Payment Processing Partner for Healthcare Businesses

The success you achieve by equipping your healthcare business with a secure and capable payment processing system depends greatly on the solutions provider you select to be your partner. There are many factors to consider in addition to the technology itself, such as the fee structure and processing rates that you will be charged, the level of customer service you will have access to, and more. It’s critical that your payment system provider offers the right combination of technology, expertise, and support to help you overcome all the challenges of accepting payments for healthcare products and services.

When you partner with MONEXgroup, your business will be able to leverage a comprehensive suite of healthcare payment processing tools designed to keep information secure and deliver an exceptional customer experience. Our solutions experts will help customize your healthcare payment system to meet the unique needs of your operation, and our 24/7/365 technical support team is sure to be there whenever you need them. Contact MONEXgroup today and learn more about health payment systems for your business.

Author: Layal Scheirich, Head of Sales at MONEXgroup
Bio: With 18 years of experience in payment processing and merchant services, Layal has seen in-store POS technology evolve from its humble beginnings to contactless, unattended, mobile and online alternatives. Today, Layal is an inspiration to the MONEXgroup’s team and a go-to source of information related to payment processing. She is enthusiastic to share her knowledge with audiences interested in cutting-edge technologies available today, such as unattended payment for self-serve kiosks, e-commerce online payment gateways, virtual terminals, and contactless and mobile payment solutions.
Social Media Profile: LinkedIn
Contact Info: insights@monexgroup.com

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