Use Credit Cards as Default Payment Method

Bill Lynch Blog 3 Comments

A Path to Valuable Simplicity

As I wrote in Starting and Growing Concierge Psychotherapy and Psychiatry Practices, moving to credit card as my default payment method changed my business dramatically. It virtually eliminated accounts receivable. I had been using one service for several years that did a good enough job. At least I was satisfied. But a recent visit with Kimberly, my Chase business banker across the street from my office, led to a game changing change.

After taking care of a minor question, Kimberly asked about my credit card processing company. She said that she could provide a quick comparison of my current cost for that service with Chase’s Paymentech. Turns out Chase’s solution was considerably less expensive and funds would arrive in my account the next day vs three with my existing service. I decided to give it a go.

The main problem was finding time to go through an orientation process by phone. Finally I scheduled time with the technician during which he walked me through how to use the system. It seemed pretty straightforward. When I told my wife/business partner, Dr. Laura Lee Anders, that I had just completed the thorough orientation she replied, “You don’t need to know all that!” Within 10 minutes she had me up to speed.

Paymentech is an amazingly easy to use service. It saves me tons of time. It costs less than my old service. And my money zips into my Chase business account overnight.

How do you handle payment for your services? Want some valuable advice? Get yourself a Chase business account, sign up for Paymentech, and kiss your accounts receivable goodbye. Want some help? Give me a shout.

3 Responses to Use Credit Cards as Default Payment Method

  1. Jack

    Dr. Lynch,

    We are using PayPal because it was an easy start up option. At the moment we are considering Quickbooks’ integrated credit card system which claims to enter accounting information automatically. Unfortunately, QuickBooks software (with the bells and whistles) is offline and we would need to transfer backup files to a USB to work at home and the office. We will look into Chase Bank as well. Thanks for the tips!

    -Jack

     
    • Bill Lynch

      Hello Jack,
      My wife, Dr. Anders, is currently using QuickBooks as her bookkeeping/invoicing solution. She likes it but as far as I can tell, it allows for only one off invoicing – rather than being able to invoice for a whole month. I’ve gone for simplicity – hired a Quickbooks specialist to handle my bookkeeping. It costs a little but I learned to hate updating QB!
      Best of luck,
      Bill

       
  2. credit card processing

    Hello! I’m at work surfing around your blog from my new iphone!
    Just wanted to say I love reading your blog and look forward to all your posts!
    Keep up the great work!

     

Add a Comment

Follow Me