How Payments Impacts Your Business
Today, customers expect to have several options to pay for services, and it’s becoming more common for customers to use mobile payments. In a recent Weave study, 35% of small business customers are interested in paying with a text from their phone. Additionally, dental and medical visits are services that customers are especially interested in paying for through text message. In general, it's advantageous to create as many payment options for customers as possible.
What is Weave Payments?
Weave Payments is an all-in-one payment processing platform used by thousands of practices nationwide. Weave payments gives practices the option to receive payments in-office through credit card terminals, and remotely through their Text to Pay & Manual Card Entry feature.
Currently, Weave is offering a 1% rate reduction on all merchant processing. If you're interested, you can schedule a Weave demo today.
Table of Contents
- How Payments Impacts Your Business
- What is Weave Payments?
- Weave Payments Pricing & Cost
- Weave Payments Benefits
- Weave Payments Features
- Is Weave Payments Right for You?
Weave Payments Pricing & Cost
- Weave Payments is included in the $399 per month subscription fee.
- Stripe charges 2.9% for processing plus $0.30 per transaction.
- No minimums or statement fees
Weave Payments Benefits
There are significant benefits of implementing Weave Payments at your practice. Overall, it will help you increase revenue, reduce administrative burden, and streamline workflow.
According to a Weave study, small businesses that offer more payment options increased revenue by 29%. This study contends that 41% of customers avoid certain stores because they don’t accept the right payment type. As a result, small businesses that accept four or more payment options bring in seven times more annual revenue than those that accept fewer than four. Practices that accept many types of payment options are attractive to patients, which can help increase in sales and conversion rates.
Reduce Administrative Burden
Weave Payments eliminates many payment-related tasks which reduces the administrative workload for your front-office staff. For example, practices can collect outstanding balance from patients with a single text using Weave’s Text to Pay. Traditionally, practices would have to print & mail statements, acquire billing information, and charge each transaction.
Weave Payments Features
Below, we'll discuss the key features of Weave Payments, and how they would benefit your practice. We'll also share some photos of the actual product to give you a sense of its design and layout.
The Weave dashboard is your homebase for all payment management in this software. In the dashboard, your front-office staff can:
- Send payment requests
- Track outstanding bills
- Edit billing profiles
- View and filter payment history
Text to Pay
With Weave’s Text to Pay feature, patients can pay instantly from their mobile devices. Practices send a unique payment link to patients with payment amount and attached statement.
You can customize texts to add a personalized touch to your messages. Weave is equipped with pre-filled message templates and shortcodes to accelerate this process.
Patients enter payment information directly into the text, and received payments are sent straight to your checking account. The Text to Pay feature can also be used to issue refunds.
Text to Pay and Teledentistry
Text to Pay is an ideal tool for practices that utilize teledentistry. Mailing invoices for virtual appointments is time-consuming and inefficient, but has traditionally been the only way to collect payment. With Text to Pay, you can send a payment link after each appointment and receive payments easily and instantaneously.
Manual Card Entry
Weave’s manual card entry is an ideal tool to receive payments from patients who are more comfortable paying over the phone. You can process payments by inputting payment information into Weave’s virtual terminal.
After Weave processes the payment, you will receive a confirmation. Payment confirmations can be posted directly into the customer ledger.
Credit Card Terminal
With Weave, you can accept in-person payments with credit card terminals. A subscription to Weave includes two credit card terminals that accept tap-to-pay contactless credit cards. Weave charges one processing rate and transaction cost for all transactions, regardless of card brand & type. Additionally, Weave does not charge upfront, monthly, annual, or PCI-compliance fees.
Weave is fully integrated with Stripe, and all payments can be managed directly within the Weave application. You do not need to set up a third-party bank account to collect your payments. You can designate your company’s debit card, and all payments are deposited directly into your checking account on a daily, weekly, or monthly basis.
Is Weave Payments Right for You?
Weave Payments is a valuable addition to the Weave platform. For existing Weave customers, it’s free to use. If you’re considering a new subscription with Weave, this payment tool will provide a nice boost to your ROI. Adding payment options to your practice typically increases collection rates and improves patient experience.