How to Accept Payments in Private Practice
When you’re first starting out, or even if you’ve been at it for a while, deciding what forms of payment to accept can be overwhelming.
Here, we’ll discuss your options and I’ll provide a few tips for making accepting payments from your clients as easy as possible!
Cash
Assuming you provide in-person sessions, you can easily accept cash from your clients. I do, however, recommend putting that cash straight into your bank account and recording it accurately on whatever system you use to record payments so that you have a proper record of it.
It’s generally not a good idea to spend the cash you receive from clients without depositing it in your bank account, because then you don’t have a record of having received it through your bank.
Cheque
Accepting payment through cheque is another viable option, provided your clients cheques don’t bounce! If you accept cheques, I recommend having a policy that you charge a fee for NSF cheques.
As with cash, I recommend depositing them in your bank account as soon as possible so you don’t lose or misplace them.
E-Transfer
E-transfer is an easy (and usually free!) way to accept payments from clients in Canada. It’s a great form of payment to use because there aren’t usually any fees associated, it’s easy, and the money lands in your bank account almost immediately.
Debit or Credit Card
Many people choose to use debit or credit cards, and the big question here is what system to use.
Moneris is quite popular, especially if you're looking to run both debit and credit cards. However, it's worth noting that Moneris does come with a higher fee per transaction. It's a solid choice, but let's weigh all our options, shall we?
It's important to remember that not all companies that accept credit cards will also accept debit cards. This is where you need to think about what's best for your practice and your clients. If accepting debit cards is crucial for you, then your choice of system will reflect that.
But here's where it gets really interesting. If your focus is primarily on credit cards and you love the idea of a smooth, hassle-free process, then you might want to consider something like Square. It's user-friendly, comes with a free reader, and you can manage it all through an app on your smartphone. Plus, swiping cards usually incurs a lower fee than manually inputting numbers or storing card details.
However, the real magic happens when you integrate your payment system with your EHR, like combining Jane App with Stripe. This integration allows you to store client card information (always with their permission) and handle billing directly through the EHR. This not only makes the payment process seamless but also significantly reduces your administrative workload.
Systems like Square, Wave, and Stripe are great on their own, but when they're integrated with an EHR system like Jane App, the efficiency of your practice can skyrocket. It's about creating a seamless experience for both you and your clients, reducing the time spent on administrative tasks, and focusing more on providing top-notch care.
So, if you're looking to streamline your payment process and make your practice more efficient, consider integrating your EHR system with a payment processor like Stripe. It's a step towards a more streamlined, efficient practice that can make a world of difference for you and your clients.
Tips for Making Payment Seamless
The trickiest part about payment (once you’ve decided on the forms of payment you will accept), is making sure you get paid!
Lots of therapists I know, require payment prior to, or at the beginning of the session. This mostly eliminates forgetting about payment at the end of the session, or clients who are well-intentioned about sending you an e-transfer once they get home, but forget.
A great back-up method to ensure you receive payment on time, is to request permission to keep your clients credit card information on file. They can pay however they want, as long as payment is received before the start of the session, and if you haven’t received it, then you receive permission from them to charge the card on file on their behalf.
For more support in your private practice, use this link to check out our Launch Your Practice Program which teaches you everything you need to know to successfully launch your private practice, and also includes personalized support from an experienced coach!
