How Does Payment Processing Work for Your Pediatric OT, PT, SLP Practice?

Payment processing can be one of the most important parts of your revenue cycle—it’s also one of the most variable parts. Your organization’s patients may make their payment with HSA or FSA debit cards, credit cards, or a combination of different sources. As telemedicine grows, your patients may also be used to paying through online portals. Accounting for all of these different payment methods and pathways should be a top finance priority for your organization. But how does payment processing work? Let’s explore how credit card payments work for therapy practices and the benefits they bring.  

How does payment processing work? The parent of a pediatric physical therapy patient ready to pay for appointment and treatments with a credit card.
Understanding how credit card processing works can help your organization make the most of this feature. 

How Does Payment Processing Work? 

Most of credit card processing happen behind the scenes. Your patients and office staff ensure the billing details are correct and the payment method is entered, and then the amount appears in your account after two or three days. But knowing the steps in the middle can protect your organization. There are three main steps in credit card processing: authorization, settlement, and funding: 

Card Authorizing 

This process is nearly instantaneous. 

Settlement and Funding 

This process takes longer. But modern technology is speeding up the process so many payment processing tools can complete the process within 24 hours. 

Benefits of Credit Card Processing 

While there are many variables in collecting revenue that your organization can’t control, a better payment processing platform can give you the insight and internal organization you need to track payments and streamline payment for better cash flow. At Fusion, our payment processing platform is built to fulfill the unique needs of therapy practices by offering these solutions: 

How Does Payment Processing Work Once You Choose Fusion? 

Through our system, you can maintain accurate records of in-progress and completed payments. Your team can also manage billing and repeat invoicing through a single platform, which reduces miscommunication and delays.  

Fusion integrates with your patient records so you can invoice the correct parties, whether the charge is to a patient or a caregiver, through their preferred payment method. This streamlines the process and reduces potential delays caused by charging the wrong party or charging the wrong partial amounts to different parties. Contact us today to learn more about how our payment processing solution can integrate into your practice’s administrative infrastructure.