Running a therapy practice means making decisions you were never trained for, including how payments are processed in your EHR. When pricing isn't clearly explained, it's hard to know what you're actually paying.
This is especially true when you try to compare pricing across different integrated payment processors. The rates may sound similar, but the underlying fee structures can be very different.
When the math stops adding up
So you signed a contract with a credit card processor that integrates directly into your EHR. When you spoke with the credit card processor rep they confidently told you, “You’ll only pay 2%. That’s a great rate.”
Sounds simple enough.
Let’s say you typically process about $5,000 dollars per month:
$5,000 × 2% = $100 dollars per month
Then your first statement arrives.
Instead of $100 dollars, it's closer to $250.
What happened?!
The hidden reality of quoted vs actual fees
When you start taking a closer look at your statements, you discover charges that were never part of that 2% conversation.
- Batch fees for closing out daily transactions
- Monthly statement and service fees
- Gateway fees
- PCI compliance fees
- Interchange fees
- Network access fees
- And (surprise!) an annual fee you didn’t know existed
Suddenly, that great rate doesn’t feel so great anymore.
This is why comparing integrated payment processing rates inside your EHR are often apples to bananas. The quoted rate is usually only part of the picture and doesn’t always reflect what you end up paying, especially for smaller mental health practices.
Understanding your effective processing rate
When comparing payment processors, the most important number is not the advertised rate. It’s your effective processing rate—what you actually pay once all fees are included.
Here’s how to calculate it.
Step 1: Review your statements regularly
Start by reviewing your processing statements each month.
Even better, review them quarterly and annually. This helps you catch fees that only show up once per year and understand long-term trends.
Step 2: Add up all of the fees
On your statement, find the "Fees" section.
Then add together every fee charged for the month, quarter, or year.
Step 3: Divide total fees by total payments processed
Once you have your total fees, use this simple formula:
Total Fees ÷ Total Amount Processed = Your Effective Rate
Don’t be surprised if the number is much higher than the 2% you were promised. Depending on your volume, your effective rate could be 4% or more.
A simpler alternative: TherapyAppointing + Finix
TherapyAppointment offers straightforward payment processing through our Finix integration. With Finix's no-surprise fee structure, it's easy to understand your costs and manage your budget.
You pay:
- 2.9% of every payment
- $0.30 per transaction (payments or refunds)
- No monthly fees
- No annual fees
- No incidental or miscellaneous fees
What you see is what you pay.
How clear fees simplify the math
Let’s revisit that same $5,000 per month in payments, using Finix’s pricing.
Example 1: You have 50 transactions per month
- Processing fees: $5,000 × 2.9% = $145
- Transaction fees: 50 × $0.30 = $15
- Total fees paid: $160
Effective processing rate: 3.2%
Example 2: You have 25 transactions per month
- Processing fees: $5,000 × 2.9% = $145
- Transaction fees: 25 × $0.30 = $7.50
- Total fees paid: $152.50
Effective processing rate: 3.05%
No guessing. No surprise fees. No fine print showing up months later.
How do your fees compare?
If you’re evaluating integrated payment processing inside your EHR, don’t stop at the advertised rate. Take a few minutes to calculate your effective rate and compare it to a transparent pricing model. When you do, you may find that “low” rates aren’t always low—and that simplicity can save you more than you think.
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