Grow your practice with Multi-merchant facility
If you have a practice with multiple healthcare providers, you need to know about the multi-merchant facility on the HICAPS Terminal.
The Multi-merchant facility enables you to share your HICAPS terminal with up to 25 separate healthcare providers to process claims and settle funds directly into separate provider bank accounts.
What is HICAPS Multi-merchant facility
Healthcare businesses often share premises or work under a contractor model. Managing payments in these scenarios can be tricky, especially when each business needs their revenue settling into their own bank accounts. This is where HICAPS Multi-merchant facility comes in.
Multi-merchant facility allows multiple businesses or contractors to share a single HICAPS terminal while ensuring that the transaction settles directly into the correct bank account for each business. Whether it’s a physiotherapist, chiropractor or group of contractor GPs sharing a space, all can use the same terminal without mixing up financial records.
Why would your practice need it?
In shared spaces, such as multi-disciplinary clinics or health hubs, having separate terminals for each business can be costly, inefficient, and logistically challenging. Independent contractors or visiting specialists often work under their own business names and need payments settled to their nominated bank accounts. Without a multi-merchant facility, managing these transactions can become time-consuming and, potentially lead to reconciliation errors.
How does it work?
When processing a payment, the relevant merchant (business) is selected on the terminal. The terminal then processes the payment and settles the funds directly into the selected merchant’s bank account.
Example in practice
Imagine a clinic with a physiotherapist, podiatrist and a chiropractor. They share one HICAPS terminal. When a physiotherapy patient pays, the physiotherapist is selected, and the funds go directly to the physiotherapist’s bank account. Later, a podiatry patient uses the same terminal, but the podiatrist is selected, and the funds go directly to the podiatrist’s bank account. This ensures that their funds are deposited separately and into their own individual business accounts.
Key benefits
Cost Efficiency: Reduces the need for multiple terminals, saving on hardware and maintenance costs.
Streamlined Operations: Simplifies payments for staff and patients, enhancing the overall experience.
Accurate Settlements: Ensures each business receives its correct settlement without the need for manual reconciliation.
Flexibility for shared spaces (contractors and multi-disciplinary): Perfect for multiple businesses working in the same location.
Space saving: Minimises clutter in reception areas.
Summary
For healthcare business owners managing shared spaces or contractors, HICAPS Multi-merchant facility offers efficiency, cost-effectiveness and peace of mind. It lets you focus on delivering exceptional care for your patience while ensuring smooth financial operations.
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Important information
The information provided in this article is intended to be of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information in this article, we recommend you consider whether it is appropriate for your objectives, financial situation and needs.