Payment Services for
Healthcare Professionals


What DOCPAY Is  How DOCPAY Works  Frequently Asked Questions  Compare to Financing

Compare to Third Party Finance Companies

What is the real cost of using DOCPAY versus using a third party finance company?

Many people make the mistake of assuming that because a finance company pays you up front that you are guaranteed to receive your money 100% of the time. Unfortunately this could not be further from the truth!

When you set up "Interest Free" payment plans with finance companies you are guaranteed something though. You are guaranteed that you will lose money on every payment plan you establish. And the amount you will lose is significant- typically 7-12%. That's the equivalent of losing 100% of your fee on every 10th payment plan you establish!

DOCPAY has an entirely different philosophy! We look at the situation from the perspective of "Why you should have to pay a hefty fee to receive money that the patient is likely to pay anyway?"

We have created a customizable spreadsheet that allows you to enter the types of payment plans you typically set up and the discount factor that your finance company charges. It compares those results to the average results of what other offices have received using DOCPAY Payment Plans.

Download the spreadsheet and see how DOCPAY would work in YOUR practice.

View a PDF of the spreadsheet with typical numbers filled in.

DOCPAYplus vs. Credit Cards In-House

Many practice management programs offer payment plans with automatic charges made to the patient's credit or debit card. Other offices store credit card information and then process payments each month using their terminal or a payment gateway. These methods run payments as "card not present" transactions.

"Card not present" transactions typically have a much higher processing fee than card payments created by swiping a card through a terminal. Rates vary from 2.25% to 4%, with the highest rates being charged by companies who have a captive market because payments are run through a practice management program.

These fees are paid by the practice and add up quickly! For example, if your office sets up only 1 payment plan per day and pays only 2.5% in merchant discount fees, here is what you would pay a card processor annually versus the DOCPAYplus cost:

Monthly Payment

Payment Plan Length

Annual Card ProcessingCost

Annual Cost Through DOCPAYplus

$150

6

$5,400

$0

$150

12

$10,800

$0

$150

24

$21,600

$0

$300

6

$10,800

$0

$300

12

$21,000

$0

$300

24

$43,200

$0



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