Payment processing for healthcare and well-being businesses can often be quite complex. With ever-evolving technology and the rise of digital payments, your healthcare business must have a merchant account custom-made for your business. 

Most traditional payment processors and banks view businesses operating in the healthcare industry as ‘high-risk,’ which is why so many find it difficult to obtain reliable payment processing. In addition, the needs of healthcare businesses are unique to most, and flexibility is paramount.

Having the ability to accept payments in all forms, whether in-person, online, or via mobile device, is more important than ever. 

Here at Relevant Health, we know everything there is to know about the needs of healthcare providers and payment processing, as we work solely with businesses in the health and wellness industry. 

Not only does our team offer payment processing for a range of healthcare and well-being businesses, including private practices, chiropractors, medical suppliers, hospitals, and more, but it is also composed of financial professionals who are equally passionate about health. 

Why Healthcare Businesses are Considered High-Risk

Some of the main reasons traditional payment processors like Square, Stripe, and Paypal view healthcare businesses as ‘high-risk’ include:

• Fraud
• Chargebacks
• High-Tickets/Volumes
• Health Risks

Fraud

Since HIPAA regulates all businesses in the medical industry, security is a primary issue. More and more often, we see devastating stories of data breaches on the news, which hurt medical businesses and the banks they partner with.

Here at Relevant Health, we offer innovative security systems for around-the-clock regulation, providing our clients peace of mind. 

Chargebacks

No merchant likes dealing with chargebacks. Not only can they be quite costly, but they also often result in high payment processing fees. Chargebacks occur when customers tell their banks that charges weren’t authorized or charges for “undelivered” services.

Unfortunately, chargebacks in the healthcare industry are pretty common, which is why you need a payment processor who can keep your account in good standing by fighting against fraud. Relevant Health offers dispute management and chargeback mitigation to lessen the impact chargebacks have on your business. 

High-Ticket Transactions and Volumes

Large transactions aren’t unusual in the healthcare sector. A simple office visit can easily cost more than $50, and the larger the transactions, the more at risk they are to fraud and chargebacks. 

Because of this, many banks and payment processors refrain from working with healthcare businesses. 

Health Risks

The healthcare industry is vast, and with certain practices providing goods and services that can be potentially harmful to clients or patients, banks face a greater risk when partnering with them. 

Why Choose Relevant Health for Your Payment Processing

If you’ve been searching for a reliable payment processor that can help you increase your revenue and mitigate the risks of running a healthcare business, you’ve come to the right place. Here at Relevant Health, we’re passionate about our work and know what it means to offer secure and reliable payment processing for businesses often seen as ‘high-risk’ by our competitors. 

With highly competitive rates, omnichannel processing solutions, and top-tier customer service, we’ve become a go-to choice for healthcare businesses nationwide. 

Get in touch with us today to learn more about how we can create a custom payment processing solution for your business.