An inefficient payment system can negatively impact a healthcare facility, leading to delays, errors, and frustrations for both patients and staff. Slow and delayed payments can be challenging because they lead to lengthy queues at reception desks and a lot of paperwork, which compromises the patient experience and service delivery.
However, these challenges can be solved by adopting reliable payment technologies like virtual terminals. These web-based interfaces have become a staple in most sectors looking to upgrade the customer experience. Because of this, the virtual terminal market size has seen exponential growth and is expected to hit the $57.91 billion mark by 2028.
As a healthcare facility, you might not have the right technologies to integrate these terminals into your payment system. But a payment gateway provider like iCG Pay, formerly iCheckGateway.com, has the capabilities.
This blog post discusses how healthcare facilities can leverage virtual terminals to boost payment systems.
How Do Virtual Terminals Work?
Virtual terminals facilitate payment processing without the need for physical card readers. Users can access them through a secure online interface. With a virtual terminal, you can securely accept credit card payments in real-time. Once the payment information is entered, it’s encrypted and securely transmitted for authorization.
Apart from accepting payments, virtual terminals process chargebacks, manage customer data, and track all transactions on a single platform. They also streamline transactions by eliminating the need for hardware, enabling businesses to accept payments from anywhere with internet access.
What Are the Advantages of Virtual Terminals for Healthcare Facilities?
The healthcare sector is increasingly adopting digital technologies in most of its operations. Because of this, the global digital health market should reach about $660 billion by 2025. The healthcare payment processing landscape has not been left behind. Organizations in this industry are streamlining their service delivery by adopting digital payment methods like virtual terminals.
Let’s take a closer look at how these virtual terminals benefit healthcare facilities:
Streamlined Payment Processes
As a healthcare provider, you need a payment processing solution that boosts your operations. You can leverage virtual terminals to simplify your payment processes because it eliminates the need for physical card terminals or manual handling of checks.
Your medical staff can securely input payment information directly into the system. This reduces the time spent on administrative tasks and minimizes errors associated with manual data entry.
Additionally, virtual terminals make transaction reporting simple. Thanks to the customizable reporting features, you can easily access, search, and identify all transaction types. Therefore, if you have a large facility with many patients, it becomes easier to analyze the long lists of daily transactions.
Saves Time and Money
With hospital bills, there are many recurring payments. With the convenience of a virtual terminal, you will sort through all the tasks and process the payments much faster. Since the payment data is accessible in real-time, you'll view the cash flow and allocate resources for the facility.
In case there are returned checks or declined credit card transactions, the terminal records this information. Your staff spends less time during reconciliation because all the payment data is available. Additionally, you have less reliance on paper-billing systems, which saves money on printing, postage, and storage.
Accept Multiple Payment Options
Virtual terminals like the one offered by iCG Pay ensure that you never turn down a payment. You can implement medical ACH processing and start accepting credit card payments from your patients, all on the same platform. Additionally, you can collect medical bills when the card is not present, thanks to advanced technologies like SMS and mobile payments.
Eliminate the Need for Additional Software
The medical sector is among the key industries adopting technology, which has led to the emergence of billion-dollar investments in telemedicine and electric health records (EHR) systems. When it comes to payment technologies like virtual terminals, you don’t have to add more software.
You can process transactions from your computer as long as you have an internet connection. Once you get into a payment processing partnership with providers like iCG Pay, you can integrate the payment system into the existing tools without installing additional software. Our plugin and developer tools will get you up and running quickly.
Increased Security
According to The HIPPA Journal, there were 725 reported healthcare data breaches, which resulted in the exposure of over 133 million records. This kind of breach can be detrimental to your healthcare facility. However, electronic payments like virtual terminals employ advanced security measures to protect sensitive payment information.
Virtual terminals from iCG Pay offer secure payment processing because the systems are safeguarded under industry regulations such as the Payment Card Industry Data Security Standard (PCI DSS). By reducing the risk of data breaches and fraud, virtual terminals instill trust among patients and safeguard the reputation of healthcare facilities.
What Are the Must-Have Features of a Virtual Terminal?
When choosing a virtual terminal for your healthcare facility, here are the key things to look out for:
Integration Capabilities
Ensure that your payment system can integrate with existing systems, such as electronic health records (EHRs), practice management software, and billing systems. Integration capabilities ensure that payment data is synchronized across platforms, eliminating the need for manual data entry and reducing the risk of errors.
Real-Time Reporting and Analytics
These capabilities allow healthcare facilities to access up-to-date information on payment transactions, trends, and financial performance. For instance, you can access insights into revenue streams, transaction volumes, and payment reconciliation to help you make informed decisions.
Multiple Payment Methods
When choosing a virtual terminal provider, ensure that they support a wide range of payment methods to accommodate patient preferences and convenience. Go for payment processors like iCG Pay, that will allow you to accept eChecks, IVR payments, and hosted payment portals. Compatibility with emerging payment technologies ensures compliance with evolving payment standards.
Scalability
Virtual terminals should accommodate the growth and changing needs of healthcare facilities over time. Your system should be able to handle increasing transaction volumes and support additional users as your facility expands.
Set Up Virtual Terminal Solutions with iCG Pay
Virtual terminals simplify the payment process in healthcare institutions. With an internet-enabled management system, you can securely process ACH and credit card payments while providing customers with a convenient payment experience.
iCG Pay can get you started. Schedule a call with us to set up secure PCI-compliant virtual terminals. Our team will help you increase your revenue and accelerate your business growth.
