The importance of good accounting can’t be overstated. But Why? The truth is that having a good grasp on your books is a far more essential than simply knowing what money’s going in and out. Just as important are all the benefits that come from knowing your business’s performance. The way that gets tracked is often referred to as your Key Performance Indicators (KPIs), and profits are just the beginning. With the added ability to know your business that comes from cloud-based technologies, and hardware like the Poynt Smart Terminal, accounting and more is much easier.
Your profits and losses are, in a sense, the most obvious metric of success, but for good reason. It’s an essential way of tracking the growth of your company. From month to month, quarterly, and annually, if you know what times you are profiting (when your income exceeds expenses) and what times you are reporting a loss (where your expenses exceed your income), you will be one step closer to knowing how to improve your P&L, or at least plan around the lean times.
For some companies, billing is a crucial task, and one that tends to cause headaches. Granular, up-to-date reporting of the accounts that haven’t fully paid yet ensures that you aren’t shooting yourself in the foot, and that you aren’t letting payments fall through the cracks. When tax time rolls around, you may also run the risk of overpaying if you have an inaccurate picture of your outstanding balances.
Now let’s get granular. When it can seem that you fight for every single customer as a small business, but that doesn’t mean that every customer is created equal. As your business grows, the more you can learn about each customer, the better. By tracking income per customer, in both percentage and dollar amount, you are able to see what an average spender looks like, and also see who those big spenders are. Creating a profile of who those big spenders are is the first step toward getting out there and trying to find more of them.
Don’t be that business that collects sales tax and combines it with income. For most states in the US, you’re required to pay your sales tax either monthly or quarterly. That’s why it’s important to get into a routine for your tax payments, and be proactive. The proper reporting software is an essential part of making taxes practical, and less scary.
It’s normal to turn to the books to gauge your business’s success, but it just isn’t the whole picture. Once the accounting is clear, turn to knowing all you can about these measures of success.
How’s your business doing? With all these KPIs, you’d better hope that your point of sale can keep up with it. If not, see what Moolah can do for you. With our partnership with Poynt, new customers have access to a Poynt Smart Terminal, a powerful device that enables you to track your KPIs all across your business. It’s a powerful tool in turning knowledge about your business’s performance into the next step for growth.
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A credit card surcharge is an additional fee added to a transaction when a patient chooses to pay with a credit card. The surcharge is intended to help offset the cost of credit card processing and applies only to eligible credit card transactions.
No. Debit card transactions may not be surcharged under any circumstances, even if the debit card is processed as a credit transaction or entered manually.
Yes. Credit card surcharges may not exceed the merchant’s actual cost of accepting credit cards and are capped at a maximum of 3% of the total transaction amount, in accordance with card-network rules and applicable law.
Yes. Card networks require clear and transparent disclosure of any credit card surcharge. Practices must notify patients through appropriate signage at the practice entrance, point of sale, and anywhere payments are accepted. If payments are accepted online, the surcharge must also be clearly disclosed on the practice’s website.
Yes. Some U.S. states and territories prohibit or restrict credit card surcharging. Practices are responsible for understanding and complying with their state’s specific requirements before implementing a surcharge.
No. While Moolah provides tools and general guidance to support credit card surcharging, compliance with all applicable laws and card-network rules is the responsibility of the merchant. Moolah does not provide legal advice and assumes no liability for a merchant’s compliance.
Most major credit card networks permit surcharging when done in accordance with their rules, but additional requirements or restrictions may apply. Practices should ensure they have completed all required network notifications and disclosures prior to enabling surcharging.
Failure to comply with surcharging rules may result in card-network fines, required refunds, or other enforcement actions. Practices should ensure they fully understand all applicable requirements before applying a surcharge.
Flex does not currently offer built-in support for credit card surcharging. If a practice chooses to enroll in a surcharge plan, payments would need to be processed through Moolah’s payment platform, which is designed to support surcharging and integrates directly with Open Dental.
If you are considering introducing a credit card surcharge for your patients, it is important to understand that there are specific rules and regulations that must be followed when enrolling in and operating under a surcharge plan.
This article provides a general overview of common surcharging requirements. This content is provided for informational purposes only and does not constitute legal advice. It is the responsibility of each merchant to review, understand, and comply with all applicable laws, card-network rules, and regulatory requirements, including notification timeframes, signage requirements, surcharge percentage limits, and jurisdictions where surcharging is prohibited.
If you are unsure about the laws or regulations applicable to your practice, you should consult with qualified legal counsel. Moolah assumes no liability for a merchant’s compliance or non-compliance with credit card surcharging rules or regulations.
Transparent Communication
Card networks, including Visa, Mastercard, Discover, and American Express, require merchants to clearly and transparently disclose when a credit card surcharge is applied.
Practices must clearly notify patients of a credit card surcharge through appropriate signage placed at the practice entrance, at the point of sale or terminal, and anywhere payments are accepted. If payments are accepted online, surcharge disclosures must also be clearly visible on the practice’s website. All disclosures must inform patients that the surcharge applies only to credit card transactions.
Surcharge Limits
Credit card surcharges must comply with both card-network rules and applicable law. The surcharge amount may not exceed the merchant’s actual cost of accepting credit cards and may not exceed 3% of the total transaction amount.
Card-network rules cap credit card surcharges at 3%, meaning that if a merchant’s processing costs exceed this amount, the excess portion cannot be passed on to the patient.
Network and State Restrictions
The major credit card networks, such as Visa and Mastercard, impose specific requirements related to surcharge limits, advance notification, and disclosure.
In addition, several U.S. states and territories regulate or prohibit credit card surcharging. At the time of writing, credit card surcharging is prohibited in Connecticut, Maine, Massachusetts, and Puerto Rico. Other states, including Colorado, Minnesota, Mississippi, New Jersey, and New York, impose restrictions on surcharge amounts or require specific disclosures.
If your practice operates in a state that restricts or prohibits credit card surcharging, you must fully understand and comply with those requirements before implementing a surcharge.
Debit card transactions may never be surcharged, even if the debit card is processed as a credit transaction.
Applicability
Credit card surcharges may be applied only to credit card transactions. Other payment types, including debit cards and alternative payment methods, are not eligible for surcharging.
Regulatory Compliance
Merchants are responsible for maintaining ongoing compliance with all applicable card-network and legal requirements. This includes meeting advance notification obligations, using compliant signage and disclosures, adhering to surcharge percentage limits, and respecting jurisdiction-specific restrictions.
By following these guidelines, dental practices can implement credit card surcharging in a way that aligns with card-network rules and promotes transparency with patients. Clear and upfront communication helps maintain patient trust and supports a positive payment experience.