Some third- party administrators and insurance companies pay dentists using virtual credit card (“VCC”) payments instead of issuing checks or electronic deposits.
3 Reasons to Avoid VCC payments
#1: YOU PAY UNNECESSARY MERCHANT FEES:
Just like every other credit card payment, your merchant service provider will take a percentage (usually 2% to 4%).
#2: THEY ARE CONFUSING:
When you accept a virtual card payment, your merchant account records it as “Visa” (or some other credit card)
When you record the virtual card payment in your software; do you post it as an “insurance” payment or as a “credit card” payment”? Maybe something else?
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