Beads Dental Case Study
How can changing payment processing companies improve your profitability? Just ask Beads Dental. It’s on pace to save $80,000 in merchant fees after switching to Simplifeye Payments this year.
The group is based in the Washington, DC area. Two of its three practices are fee-for service, and 75% of their transactions involve credit cards. When the CEO, Vincent Gongola, started receiving notifications that credit card companies would be raising their
fees again, he started looking for a new solution.
“When Simplifeye said there were zero credit card processing fees, that caught my eye. I was curious as to how that’s even possible,” Gongola said. “What they said made sense and we signed up.”
How SimplyZero Works
Simplifeye offers SimplyZero, a cash discount program, which transparently shows the patient the discounted cost of paying by debit card, cash, check, or ACH and the normal treatment cost if they’re paying with a credit card (most patients still choose to pay by credit card, to earn rewards from their providers). Cash discount programs are legal in all 50 states as part of the Durbin Amendment which states that businesses can offer a discount to customers as an incentive for paying with cash.
“Patients have been very responsive,” said Gongola. “They’re used to seeing the cash versus credit card price at gas stations and convenience stores.”
For Beads Dental, the savings in merchant fees is substantial. “We’re close to saving $80,000 this year,” said Gongola. That’s allowed Beads Dental to not raise its prices despite inflation. It also gives it the opportunity to apply the savings toward hiring another team member. The amount of savings with SimplyZero varies per practice depending on the amount of credit card processing each does.
|“We’re close to saving $80,000 this year.”
Vincent Gongola CEO, Beads Dental
The Beads Dental team enjoys the other features Simplifeye Payments provides too. Simplifeye is easy to implement because it integrates directly with Eaglesoft, Dentrix, Dentrix Enterprise, and Open Dental.
The card reader is wireless and portable, so patients can pay from the convenience of the treatment or consultation room, instead of checking out at the busy front desk.
Simplifeye Payments also has automated text-to-pay reminders, which get paid faster than paper invoices.
Additionally, monthly payment plans are now easier than ever with customizable down payments and payment terms — all from within the Simplifeye portal.
By adding convenience and automation, the Beads Dental team can spend less time on manual payment processing and collections processes and more time providing patient care.