Episode Transcript
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Hi Everyone, welcome to this episode
of catch up with Cairo touch. Thank
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you for tuning in. I'm your
host today, Anna Pacoda, from the
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sales team here at Cairo touch,
and today will be exploring you lost money
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and how to find it. Let
me set the stage for you. Offices
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want to make it as easy as
possible for their patients to pay. Right
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in theory, by making the payment
process pleasant or even so nondescript, we
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can help patients forget that payments are
even involved. Therefore, patients are more
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inclined to come back, which,
of course, means more money for your
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practice. This is where saved cards
on file and reoccurring payments can be so
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beautiful. To make this happen,
it also saves your clinic and staff time.
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It's convenient for patients, and many
are more inclined to pay via a
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virtual method rather than cold, hard
cash or pulling out their credit card every
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time they come in. But there
is one big butt here. So what
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happens when that virtual payment gets declined? This beautiful payment process now gets derailed,
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right and you or your staff have
to work hard to not only track
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down that payment Ode but also get
updated payment information. So we can have
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the right stuff on file. That's
a big, ugly problem. This is
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where I yes today crystal startle of
global payments comes in. She's going to
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explain this concept called declined minimization,
which helps to avoid this problem and help
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you find this money before it even
gets lost. Hi, crystal, welcome
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and thanks for being here today.
Hi Anna, thank you for having me.
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Yeah, absolutely, we're exploring this
cool topic and I know you have
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lots to share with our listeners.
But before we jump in, can you
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tell me a little bit about your
background with payments? Sure, my role
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here global payments integrated is dedicated to
managing the partnership with CT payments. I
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have personally been in the industry for
over fifteen years, including rolls and mercury
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payments, first data and over five
years here at open edge, now known
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as global payments integrated. I also
have some experience running businesses on the entrepreneurial
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side and as well as selling software
solutions. Awesome. So today we're talking
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about lost money, right, so
to start from the beginning of how does
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money even get lost, crystal?
So what are we talking about here?
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So today the focus is largely on
replaced credit cards. So think lost,
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stolen, expired, name change,
etc. When a customer has a card
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on file, these cards are run
upon do payment, but in some cases,
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as you just described, they decline
because they've just been replaced with a
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new card. Yeah, absolutely,
that makes total sense. So you know,
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my card got stolen, I called
in, I'm waiting for a replacement.
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They give me a new one and
now I have a new number,
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and so I that completely makes sense
to me. Okay, so let's talk
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in terms of dollars. So what's
the scope of lost money? What are
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we talking about it? We try
to quantify that. So, as an
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example, let's say a practice submits
over a hundred recurring payments a month and
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that average ticket, let's say,
is about a hundred and twenty three dollars.
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In that instance, the average value
of delayed and lost payments is eight
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thousand sixty nine dollars a month.
WHOA, that's a big chunk of change
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right. So that's represents a big
amount of that money that we're trying to
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collect. So how much of that
would you say is typically recovers covered by
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contacting the patient to update their payment
on file? Not much at all,
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according to our studies. Ninety three
percent reported card declines being delayed by a
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day or more, twenty five percent
by more than a week and over,
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seventy five percent of businesses see at
least some declines never collected at all.
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Goodness yeah, that's some interesting stats. So what are these businesses doing?
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So how are they've been trying to
recover this money? So common approaches that
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we've found with our studies are approximately
ninety percent spend time calling the customer,
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forty two percent since sale mill,
fifty percent send an email and twenty two
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percent wait until the next customers visit. So we would kind of think of
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all these is old school methods,
right with the new technology that global payments
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is offering about decline minimization. So
so talk to me about this concept of
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decline minimization. How does that work
and if you want to tell a little
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bit to our listeners about what you
guys do and how that would help with
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this problem. How does decline minimization
work? So the great part is with
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CT payments, card on file and
decline minimizer are already integrated together and ready
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to go for those who sign up. The way that it works is when
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the customers card is unrolled. It's
stored in our secure token vault, which
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is updated nightly. We process the
transactions with the new data and the software
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and CT payments is updated as well. As a result, our customers have
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reported a forty nine percent reduction in
credit card fees, forty three percent improved
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staff productivity, fifty two percent better
customer relations and over sixty three percent saw
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an increase in cash flow. That's
amazing. That's really, really great.
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And so let's see, because I
talked to customers that, you know,
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might have a different integration with another
company, right or maybe with their bank
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or what have you. Is this
something that is unique to global payments and
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are integration with the with you guys? It is. So you'll find that
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other banks or processors may have their
own version of a similar service. But
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here's a few key differences class.
First of all, it's free ice there's
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no additional cost. It's already built
into the software. Other services oftentimes can
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charge either an enrollment fee and or
a monthly service fee. A big second
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difference is that declim minimizer is proactive. Many other services are commonly reactive.
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So we update that data nightly in
order to prevent declines, whereas many other
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services begin that process after the card
declines. A third difference is that it's
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also automated behind the scenes, using
or secure and house token fault. Many
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other solutions on the market oftentimes require
a manual process. In many cases that
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also entails using a third party.
So this is just happening for our clinics.
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They might not even realize right that
this card has been updated because it's
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just happening for them right. It's
just automatic. That's right. That's so
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awesome. In for our listeners,
this is something that is available to you.
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If you're a Cairo touch customer.
This is available through our CT payments
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and if you are not a customer
yet or if you want more information about
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ct payments, this is something that
we could definitely help with. There's some
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great advantages of having this integration with
global payments like story card on file,
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these reoccurring payments and the decline minimization
and being able to pay from a link
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directly from a statement. So there's
some really, really good feature. So
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to our listeners, if you want
more information about this product, we would
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love to give you more information on
that. Crystal. Any final thoughts?
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Anything else that you would like to
share with us today? Yeah, so,
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first of all, thank you,
Anna for having me. It's been
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a pleasure and and especial thank you
to all of the CT payments customers out
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there. If someone is on CT
payments and is not sure if they have
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this feature or has not activated it, we're happy to turn it on for
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you. And to those of you
out there not using CT payments yet,
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hopefully we can have further conversations around
these features for you. Wonderful. Thank
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you again, crystal, for sharing
your knowledge with us on this topic.
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It's been awesome to have you here, so thank you as well, and
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thank you to our listeners for tuning
in to catch up with Cairo touch.
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Find more episodes of catch up with
Cairo touch on spotify, itunes and Cairo
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touchcom forward slash podcast. Again,
I'm your host, Anna Pacoda, and
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I wish everyone listening a well adjusted
day.
