How to Find Lost Money

WEBVTT 1 00:00:02.439 --> 00:00:06.559 Hi Everyone, welcome to this episode of catch up with Cairo touch. Thank 2 00:00:06.599 --> 00:00:10.349 you for tuning in. I'm your host today, Anna Pacoda, from the 3 00:00:10.429 --> 00:00:14.910 sales team here at Cairo touch, and today will be exploring you lost money 4 00:00:15.029 --> 00:00:19.429 and how to find it. Let me set the stage for you. Offices 5 00:00:19.550 --> 00:00:23.140 want to make it as easy as possible for their patients to pay. Right 6 00:00:23.859 --> 00:00:29.660 in theory, by making the payment process pleasant or even so nondescript, we 7 00:00:29.780 --> 00:00:35.340 can help patients forget that payments are even involved. Therefore, patients are more 8 00:00:35.380 --> 00:00:39.049 inclined to come back, which, of course, means more money for your 9 00:00:39.130 --> 00:00:45.770 practice. This is where saved cards on file and reoccurring payments can be so 10 00:00:45.929 --> 00:00:50.159 beautiful. To make this happen, it also saves your clinic and staff time. 11 00:00:50.759 --> 00:00:54.799 It's convenient for patients, and many are more inclined to pay via a 12 00:00:54.920 --> 00:01:00.240 virtual method rather than cold, hard cash or pulling out their credit card every 13 00:01:00.320 --> 00:01:03.670 time they come in. But there is one big butt here. So what 14 00:01:03.909 --> 00:01:11.189 happens when that virtual payment gets declined? This beautiful payment process now gets derailed, 15 00:01:11.230 --> 00:01:15.709 right and you or your staff have to work hard to not only track 16 00:01:15.790 --> 00:01:19.980 down that payment Ode but also get updated payment information. So we can have 17 00:01:19.140 --> 00:01:23.379 the right stuff on file. That's a big, ugly problem. This is 18 00:01:23.420 --> 00:01:29.340 where I yes today crystal startle of global payments comes in. She's going to 19 00:01:29.459 --> 00:01:34.530 explain this concept called declined minimization, which helps to avoid this problem and help 20 00:01:34.569 --> 00:01:38.730 you find this money before it even gets lost. Hi, crystal, welcome 21 00:01:38.810 --> 00:01:42.370 and thanks for being here today. Hi Anna, thank you for having me. 22 00:01:42.450 --> 00:01:47.920 Yeah, absolutely, we're exploring this cool topic and I know you have 23 00:01:48.200 --> 00:01:51.959 lots to share with our listeners. But before we jump in, can you 24 00:01:52.079 --> 00:01:56.560 tell me a little bit about your background with payments? Sure, my role 25 00:01:56.760 --> 00:02:02.709 here global payments integrated is dedicated to managing the partnership with CT payments. I 26 00:02:02.989 --> 00:02:09.430 have personally been in the industry for over fifteen years, including rolls and mercury 27 00:02:09.509 --> 00:02:15.180 payments, first data and over five years here at open edge, now known 28 00:02:15.180 --> 00:02:22.860 as global payments integrated. I also have some experience running businesses on the entrepreneurial 29 00:02:23.020 --> 00:02:28.300 side and as well as selling software solutions. Awesome. So today we're talking 30 00:02:28.340 --> 00:02:32.210 about lost money, right, so to start from the beginning of how does 31 00:02:32.330 --> 00:02:36.409 money even get lost, crystal? So what are we talking about here? 32 00:02:36.810 --> 00:02:42.969 So today the focus is largely on replaced credit cards. So think lost, 33 00:02:43.449 --> 00:02:49.759 stolen, expired, name change, etc. When a customer has a card 34 00:02:49.919 --> 00:02:53.120 on file, these cards are run upon do payment, but in some cases, 35 00:02:53.240 --> 00:02:57.960 as you just described, they decline because they've just been replaced with a 36 00:02:58.120 --> 00:03:01.389 new card. Yeah, absolutely, that makes total sense. So you know, 37 00:03:01.629 --> 00:03:06.949 my card got stolen, I called in, I'm waiting for a replacement. 38 00:03:07.030 --> 00:03:08.229 They give me a new one and now I have a new number, 39 00:03:08.469 --> 00:03:13.979 and so I that completely makes sense to me. Okay, so let's talk 40 00:03:14.099 --> 00:03:17.860 in terms of dollars. So what's the scope of lost money? What are 41 00:03:17.900 --> 00:03:22.419 we talking about it? We try to quantify that. So, as an 42 00:03:22.500 --> 00:03:28.689 example, let's say a practice submits over a hundred recurring payments a month and 43 00:03:28.930 --> 00:03:32.129 that average ticket, let's say, is about a hundred and twenty three dollars. 44 00:03:32.849 --> 00:03:38.610 In that instance, the average value of delayed and lost payments is eight 45 00:03:38.810 --> 00:03:44.039 thousand sixty nine dollars a month. WHOA, that's a big chunk of change 46 00:03:44.080 --> 00:03:49.080 right. So that's represents a big amount of that money that we're trying to 47 00:03:49.400 --> 00:03:53.080 collect. So how much of that would you say is typically recovers covered by 48 00:03:53.360 --> 00:03:58.189 contacting the patient to update their payment on file? Not much at all, 49 00:03:58.229 --> 00:04:04.469 according to our studies. Ninety three percent reported card declines being delayed by a 50 00:04:04.590 --> 00:04:10.139 day or more, twenty five percent by more than a week and over, 51 00:04:10.340 --> 00:04:15.139 seventy five percent of businesses see at least some declines never collected at all. 52 00:04:15.580 --> 00:04:19.540 Goodness yeah, that's some interesting stats. So what are these businesses doing? 53 00:04:19.660 --> 00:04:25.410 So how are they've been trying to recover this money? So common approaches that 54 00:04:25.529 --> 00:04:31.009 we've found with our studies are approximately ninety percent spend time calling the customer, 55 00:04:31.569 --> 00:04:38.800 forty two percent since sale mill, fifty percent send an email and twenty two 56 00:04:38.879 --> 00:04:43.079 percent wait until the next customers visit. So we would kind of think of 57 00:04:43.160 --> 00:04:48.480 all these is old school methods, right with the new technology that global payments 58 00:04:48.600 --> 00:04:55.269 is offering about decline minimization. So so talk to me about this concept of 59 00:04:55.430 --> 00:04:59.269 decline minimization. How does that work and if you want to tell a little 60 00:04:59.269 --> 00:05:03.110 bit to our listeners about what you guys do and how that would help with 61 00:05:03.310 --> 00:05:10.779 this problem. How does decline minimization work? So the great part is with 62 00:05:10.980 --> 00:05:16.699 CT payments, card on file and decline minimizer are already integrated together and ready 63 00:05:16.740 --> 00:05:20.649 to go for those who sign up. The way that it works is when 64 00:05:20.649 --> 00:05:27.810 the customers card is unrolled. It's stored in our secure token vault, which 65 00:05:27.850 --> 00:05:32.850 is updated nightly. We process the transactions with the new data and the software 66 00:05:32.850 --> 00:05:39.720 and CT payments is updated as well. As a result, our customers have 67 00:05:39.920 --> 00:05:46.399 reported a forty nine percent reduction in credit card fees, forty three percent improved 68 00:05:46.399 --> 00:05:54.709 staff productivity, fifty two percent better customer relations and over sixty three percent saw 69 00:05:54.750 --> 00:05:59.990 an increase in cash flow. That's amazing. That's really, really great. 70 00:06:00.790 --> 00:06:02.910 And so let's see, because I talked to customers that, you know, 71 00:06:03.029 --> 00:06:08.939 might have a different integration with another company, right or maybe with their bank 72 00:06:09.019 --> 00:06:14.259 or what have you. Is this something that is unique to global payments and 73 00:06:14.420 --> 00:06:17.889 are integration with the with you guys? It is. So you'll find that 74 00:06:18.089 --> 00:06:24.810 other banks or processors may have their own version of a similar service. But 75 00:06:24.930 --> 00:06:30.050 here's a few key differences class. First of all, it's free ice there's 76 00:06:30.050 --> 00:06:34.399 no additional cost. It's already built into the software. Other services oftentimes can 77 00:06:34.519 --> 00:06:41.920 charge either an enrollment fee and or a monthly service fee. A big second 78 00:06:42.079 --> 00:06:48.629 difference is that declim minimizer is proactive. Many other services are commonly reactive. 79 00:06:49.310 --> 00:06:55.829 So we update that data nightly in order to prevent declines, whereas many other 80 00:06:56.029 --> 00:07:01.339 services begin that process after the card declines. A third difference is that it's 81 00:07:01.379 --> 00:07:08.379 also automated behind the scenes, using or secure and house token fault. Many 82 00:07:08.459 --> 00:07:14.699 other solutions on the market oftentimes require a manual process. In many cases that 83 00:07:14.740 --> 00:07:18.529 also entails using a third party. So this is just happening for our clinics. 84 00:07:18.569 --> 00:07:23.370 They might not even realize right that this card has been updated because it's 85 00:07:23.410 --> 00:07:27.649 just happening for them right. It's just automatic. That's right. That's so 86 00:07:27.769 --> 00:07:30.560 awesome. In for our listeners, this is something that is available to you. 87 00:07:30.759 --> 00:07:34.360 If you're a Cairo touch customer. This is available through our CT payments 88 00:07:35.120 --> 00:07:39.639 and if you are not a customer yet or if you want more information about 89 00:07:39.639 --> 00:07:43.279 ct payments, this is something that we could definitely help with. There's some 90 00:07:43.519 --> 00:07:47.990 great advantages of having this integration with global payments like story card on file, 91 00:07:48.110 --> 00:07:55.189 these reoccurring payments and the decline minimization and being able to pay from a link 92 00:07:55.350 --> 00:07:58.350 directly from a statement. So there's some really, really good feature. So 93 00:07:58.699 --> 00:08:03.180 to our listeners, if you want more information about this product, we would 94 00:08:03.220 --> 00:08:07.060 love to give you more information on that. Crystal. Any final thoughts? 95 00:08:07.379 --> 00:08:09.180 Anything else that you would like to share with us today? Yeah, so, 96 00:08:09.379 --> 00:08:11.930 first of all, thank you, Anna for having me. It's been 97 00:08:13.009 --> 00:08:18.129 a pleasure and and especial thank you to all of the CT payments customers out 98 00:08:18.170 --> 00:08:22.209 there. If someone is on CT payments and is not sure if they have 99 00:08:22.490 --> 00:08:26.410 this feature or has not activated it, we're happy to turn it on for 100 00:08:26.569 --> 00:08:30.240 you. And to those of you out there not using CT payments yet, 101 00:08:30.959 --> 00:08:35.720 hopefully we can have further conversations around these features for you. Wonderful. Thank 102 00:08:35.759 --> 00:08:39.279 you again, crystal, for sharing your knowledge with us on this topic. 103 00:08:39.320 --> 00:08:43.190 It's been awesome to have you here, so thank you as well, and 104 00:08:43.509 --> 00:08:46.309 thank you to our listeners for tuning in to catch up with Cairo touch. 105 00:08:46.789 --> 00:08:52.950 Find more episodes of catch up with Cairo touch on spotify, itunes and Cairo 106 00:08:52.110 --> 00:08:58.539 touchcom forward slash podcast. Again, I'm your host, Anna Pacoda, and 107 00:08:58.580 --> 00:09:01.379 I wish everyone listening a well adjusted day.