After what may have been a challenging and stressful visit to the veterinary clinic, the last thing any pet owner wants is a cumbersome payment process. Ideally, settling a bill takes a few seconds, and might not even require them to pull out a credit card. Too often, though, a practice’s outdated payments system causes delays and frustration.
What we really mean by “outdated” is a non-integrated payments system. This means that a clinic’s payment processing function operates separately from its appointment scheduling, medical record-keeping, and inventory management systems – and it requires staff to manually enter and reconcile information across all platforms.
Unfortunately for the client, this cross-platform data entry takes time. And what if the amount on the invoice is misentered on the payment terminal, charging the client more than they should have? When this client discovers the error, the process needs to be voided and started all over again.
Consumers demand quicker, seamless transactions in everything they purchase, and the veterinary clinic is no exception. And as clinics get busier and are looking for ways to do their job more efficiently, there’s every reason to consider the antidote to the above scenario: a fully integrated payment solution.
What is a veterinary integrated payments system?
With an integrated payment system, your point-of-sale payment terminals are tied directly to your practice management software. What this means is that, rather than requiring manual data entry from one system to another, you can click a button in your practice management software to transfer invoice amounts immediately to the payment terminal.
When that payment is made – for example, using the client’s securely stored card-on-file – that transaction information is automatically updated in the patient’s medical record. And if any refunds or corrections need to be made, those changes are synced and reflected in the practice management software.
In short, an integrated payments system works in tandem with your practice management software, removing many of the time-consuming and error-prone steps in the payment and reconciliation process.
What are the biggest benefits of a veterinary integrated payments system?
Streamlined operations
Integrated payments makes so many of the unnecessarily frustrating aspects of payments and financial reconciliation obsolete. When payments are processed through your connected practice management software, staff no longer need to manually input payment details into separate systems for billing and record-keeping, reducing the time spent on these tasks and minimizing the risk of human error. Not only does it provide your clients with a quicker transaction after their appointment, it enables a more efficient workflow and frees up time to focus on more critical tasks.
Improved accuracy and fewer errors
Any time manual entry is required, we leave the door wide open for mistakes. And when it comes to mis-entered payment information, it can cost the client or the clinic not just time but actual money. An integrated payment system automatically updates all relevant records, ensuring accuracy and consistency across the board. And ultimately, when fewer errors are made, a practice’s financial records are that much more reliable.
Increased revenue through improved efficiency
It’s simple: the more efficiently you run your practice, the more revenue you earn.
Saving even 10 seconds per transaction adds up fast. Let's say your practice processes 20,000 transactions each year. Using an integrated payments solution, multiple those 20,000 transactions x 10 seconds saved per transaction, and that's over 55 hours of time you can allocate to other parts of your business.
This includes, of course, less time spent fixing errors from manual payment processing, and more time to focus on caring for patients.
Your clients will also enjoy the convenience and flexibility of an integrated payments system, inspiring their loyalty to your practice. And when payments are overdue or outstanding, tools like automated reminders can help you resolve those debts much more quickly.
Enhanced client experience
Simply put, clients expect convenience and efficiency. An integrated payment system can offer multiple payment options (e.g. credit/debit cards, digital wallets, and online payments), providing the flexibility to choose their preferred payment method. The result: a much smoother, faster, and more convenient transaction.
Real-time financial reporting
An integrated payment system allows for immediate access to financial data, enabling better cash flow management and financial planning. Real-time reporting helps identify trends, monitor revenue streams, and track outstanding payments. This level of financial transparency and control is a key element to monitoring the practice’s financial health and improving decision-making processes.
Stronger security and compliance
Security of client information should be of paramount concern to the practice. Integrated payment systems are designed with advanced security features to protect sensitive data – including encryption, tokenization, and compliance with industry standards.
Better inventory and supply management
Maintaining an accurate stock of medications, vaccines, and other supplies is crucial to providing care. An integrated payments system can automatically update inventory levels based on sales and usage, lowering the risk of running out of stock. With automated inventory tracking, more easily maintain optimal stock levels to ensure you’re always well-prepared to meet patient needs.
Simplified billing and invoicing
Billing and invoicing can be too complex for its own good. With an integrated payment system, consolidate all billing activities into one platform to ensure that invoices are accurate, sent out promptly, and easy for clients to understand. It also helps you automate the management of recurring payments and payment plans, making it easier for clients to handle their veterinary expenses.
Discover Provet Pay, the fully integrated payments solution from Provet Cloud
The right integrated payment system can do wonders for the way you run your practice, immediately addressing some of your most persistent inefficiencies. With a comprehensive solution like Provet Pay, which works as a native extension of Provet Cloud, offer your clients multiple convenient modes of payment, eliminate software-to-terminal data entry and manual reconciliation of invoices, reduce overdue payments, improve cash flow, and more.
Click here to learn more about Provet Pay.
