Zelle for ACH payments

[runfast00]

Our clinic pays nearly $10,000 per year in bank charges (people pay co-pays with Credit Card and bills with CC).

 

Our small town bank doesn't have Zelle or other ACH type payments so I was wondering if anyone had experience with that or similar type.

 

 

[hightower]

I've used it through Ally to transfer money to people.  It's free to use through Ally. I don't know anything about it for small businesses though.

 

[adventure]

10k in bank changes or specifically 10k in CC fees? Even if you had ACH, would patient use it? A credit card is super easy, so folks use it. ACH isn't (in my experience).

Perhaps patients could use ACH, or Paypal, or Venmo. Might be worth ask a few folks to see if they'd use a mutually better method?!

[beagler]

Any business account will have significant fees.

Negotiate your merchant account. Check Costco's deal for merchant services it's pre-negotiated. Or if enough volume (likely) go for fatmerchant.com or similar flat-fee merchant account. After their monthly fee, you just pay the wholesale interchange rate.

Unfortunately interchange rates are still a bit ridiculous due to the oligopoly of Visa/MC/Amex, our additiction to rewards cards, and lack of more effcient money transfer systems.

Just be happy your patients are paying. Keep you accounts receivable squeezed down as best you can via any means of payment.

[runfast00]

Of the 10k charges, 8-9k are mostly from credit card from patients.  I think 1-2k per year is from our line of credit at 4%.

 

Our 30 days + AR is low at 0.9-1.2 x average month, so we get patients to pay.

beagler I will check out fattmerchant