Credit card processing solutions for veterinary professionals are constantly evolving in order to satisfy the unique needs of the veterinary services industry. With these technological advancements, merchant service providers and software vendors should be able to offer comprehensive software solutions to veterinarians that help all areas of their practices run as smooth as possible.
Credit Card Processing Solutions For a Growing Market
For independent software vendors (ISVs) who cater to the needs of veterinary practices, the future looks bright. According to an industry study, the veterinary services sector has shown resiliency throughout the past five years, largely because pet owners continue to put a premium value on pet medical expenditures and consider their pets’ care and health to be a vital expenditure.
As of August 2017, the veterinary medical industry:
- Grew into a $39 billion-dollar market
- Has an annual growth rate of nearly 4%
- Employs over 375,000 people across 52,000 businesses
As these numbers continue to climb, so do the opportunities for ISVs to offer credit card processing solutions and payment options to veterinarians. In turn, these payment solutions will continue to facilitate the growth of veterinarians as they will be able to attract and retain new customers through a wide variety of payment options.
Credit Card Processing Solutions That Support Payment Plans
One of the most commonly requested credit card processing solutions is the ability to establish recurring payments.
Having the ability to install recurring payments gives veterinarians the ability to:
- Set up payment plans for expensive and life-saving medical procedures
- Offer wellness plans for pets through a monthly payment program
- Ensure that their practice is providing the best treatment options and care for animals in need
Having payment plan options and veterinary-care-specific cards, that are processed as easy as regular debit/credit cards, are payment solutions that every ISV should be able to offer their veterinary partners.
Online and Mobile Payments in Veterinary Retail Sales
If you are a pet owner, you know how quickly your pet supplies and medication expenses add up.
ISVs should take into account that veterinary practices earn a significant amount of their income from selling pet supplies, food, medicine, and grooming tools. This presents a large opportunity for ISVs to offer veterinary practices a customized suite of credit card processing solutions, like mobile and online sales, that their retail partners can appreciate.
Mobile and online payment options not only enable the growth of these retail sales, but also allow veterinarians to provide house calls or treat livestock onsite and process payments for services rendered onsite. The flexibility of these credit card processing solutions help veterinarians quickly and efficiently collect fees and provide their customers with email or text receipts immediately.
In the world of veterinary services, the last thing that you want your vet and their staff focused on is their payment systems when your pet’s care and health is on the line. At First American we recognize that every industry has a different set of end users, so we focus on putting together different credit card processing solutions and payment options to address the unique needs of every business.
For more information about how ISVs can help those in the field of veterinary medicine to incorporate cutting edge payment technology into their current software suite, contact our ISV team.