Running a veterinary practice is complicated — and so is credit card processing. That’s why we’ve created a payments solution built specifically for veterinary practices.
Discover how practices collect payments from clients using Vetsource Payment Services.
A look at the fees
Interchange: Transaction fees charged between banks for processing credit and debit card payments. These fees vary based on the card provider and type.
Assessment or card brand fees: Fees paid by merchants to the credit card networks (like Visa, Mastercard, American Express, Discover) for processing credit card transactions.
Transaction fees: Charges paid by businesses for accepting credit card payments.
The cost of the visit
After your patient’s visit, the client owes your practice the cost of the visit. If the cost of the visit is $100, the client swipes their card for $100.
The fees charged for the card swipe:
- Interchange fees:
For this example, the bank’s interchange fee is 2% plus a $0.10 transaction fee.
You pay: $2.10
- Assessment or card brand fees:
For this example, the assessment fee charged by the bank/card brand is .10% + $.02 per transaction.
You pay: $0.12
- Transaction fees:
The transaction fees your payment processor takes out to facilitate payment varies depending on transaction size and volume. For this example, the transaction fee you are charged is 0.50% + $0.10 per transaction.
You pay: $0.60
When using Vetsource Payments, you are credited the original transaction amount minus the total fees, $97.18 at time of payment collection.
How does Vetsource Payments determine rates?
Vetsource uses an interchange plus model, or cost-plus model, meaning interchange and card brand fees are passed through at cost and you pay a set processing percentage for each transaction. This fee structure is the most transparent form of processing pricing and can lead to significant cost savings for your practice.
