How American Express card holders can reward your business
How can you stand head and shoulders above other dental practices? How can you make your practice feel more attractive to a prestige client? Competition for new and ongoing dental patients can be tight, so why not help your patients achieve their dreams? How can you help your patients feel happy about coming in for a general clean, or a root canal?
More people pay using plastic than cash. And in the world of medical services, prices are such that plastic is often the only way to pay. Credit card companies offer all sorts of incentives to people to use their brand of credit card, the most common being points towards gifts and flights. And, each brand of credit card has a target audience they market to.
American Express card holders, as a target audience, are generally more affluent, and bigger spenders using their cards. Why? Because the rewards offered to them are quite generous. When they present their card, their minds wander into the- how many more points do I need to get a flight to Fiji.
Data gleaned from Business Insider Australia show that:
- People who have American Express as their primary card spend on average over $2000 per month ($2194.64).
- Meanwhile, VISA and MasterCard card holders spend less than half that amount per month-
- $1096.67 for VISA
- $958.77 for MasterCard.
One of the biggest barriers for Amex customers to use their cards is often the higher surcharge applied to their brand of card
What if you dropped the surcharge? Speaking with Amex Card users, they see their credit card as a rewards card. For every dollar spent on their card, they get a point to spend on rewards, with such companies as David Jones, Webjet, Ticketmaster, and more. If you can encourage these patients into your clinic through no surcharges, great for you. If these patients can get lots of reward points by spending with you, great for them!
One of the biggest barriers for Amex customers to use their cards is the higher surcharge
Do I need these surcharges? What does the government think?
According to figures released by the ACCC, more than $1.6 Billion dollars, per year, are paid in surcharge fees. New laws are being introduced to cap surcharge payments on credit card transactions, and these will be enforced for smaller businesses on the 1st of September 2017. How about getting ahead of the curve and drop all surcharges right now? We feel that this will give you a more positive feel towards current patients, and help attract new patients to you.
What do people think?
Looking at research conducted by RDG Insights (Payment Surcharge Report, Feb 2015),
- 38% of people felt that businesses who charged a surcharge, didn’t appreciate their business.
- 28% of people are unlikely to return to a business who enforces surcharges
- 93% of people surveyed would like to see surcharges removed!
What else can you do?
We think if you want to attract high-end patients, and to have them as repeat business, introduce Amex payment option with zero surcharge and promote it through your online presence as well as at your reception
This is a chance to give your practice a competitive advantage in a crowded and noisy space. You can attract a patient base in a higher salary range, who are more willing to spend with you. Give patients a better dental experience, with cost transparency and most importantly, give them more reasons to smile by helping them achieve that dream holiday with their Amex reward points.
if you want to attract high-end patients, introduce Amex payment option with zero surcharge
If you already offer Amex as a zero surcharge payment option, let us know and we will help you promote it on your online presence. If not, think about the benefits for both you and your patients; contact us if you need someone to brainstorm with and help with implementation.