Physician Partners vs. Costco – Merchant Processing Services
The Physician Resource Center’s new member, Capital Bankcard Processing, offers Physician Partners members a significant value on credit card processing. Here’s how they stack up against Costco’s credit card processing service:
Processing Fees:
Capital Bankcard Processing – Debit transactions starting at .69% – Exclusive rates for Partners members
Costco (outsourced to Elavon) – Tiered pricing depending on whether transactions are “qualified transactions”. Most transactions, including rewards cards, process at the significantly higher “mid and non-qualified transactions” rate.
Terms:
Capital Bankcard Processing – No long-term contract, No cancellation fee, no Minimum Monthly Fee, No Set-up Fees, No Hidden Fees
Costco (outsourced to Elavon) – Mandatory 3-year contract and cancellation fees.
This chart clearly demonstrates the incredible savings Physician Partners members can achieve using Capital Bankcard Processing’s credit card processing service.
| Category | Costco (Elavon) | Physician Partners |
|---|---|---|
| Contract Termination Fee | $395 – $1,259 (3 years) | $ 0 |
| Monthly Fee | $24.95 – $49.95 | $7.95 (x 12 months) |
| Non-cancelable Terminal Lease | $45 – $120 per month | $ 0 |
| Monthly PCI Fee | $15 (x 36 months) | $ 0 |
| Annual PCI Fee | $100 – $195 | $79 |
| Set-up Fee | $95 – $495 | $ 0 |
| Monthly Mobile Fee | $15 (x 36 months) | $ 0 |
| Virtual Terminal | $100 set up + $10.00 monthly | $ 0 |
| Reoccurring Payments Monthly Fee | $10 – $15 (x 36 months) | $ 0 |
| Total Cost (before merchant fees) | $2129.40 – $4748.40 | $174.40 |
Don’t Forget!
Credit regulations are changing in October, 2015 – Merchant processing terminals must be “EMV” compliant. Contact Capital Bankcard Processing for help so your practice is ready – you don’t want to lose revenue because you can’t process patient payments.