September 29, 2023
New credit card processing benefit could cut swipe fees in half (or more)
We’re delighted to announce the launch of a new APC benefit: A group purchasing deal with Worldpay that, for many compounding pharmacies, can cut your credit card swipe fees by 50 percent or more.
It’s a Pharmacy/Facility Member-only benefit facilitated via our partnership with The Processing Brokerage.
According to a 2022 survey of PFMs, the average processing fee paid by compounding pharmacies per credit card transaction is 28 cents. Through our new GPO, the processing fee will start at just 11 cents per transaction for all participants – and as participation grows, that rate could go down as low as five cents.
The Processing Brokerage will provide PFMs with orientation and onboarding of PFMs with Worldpay. They will also provide ongoing consulting services and industry best practices that could help lower other credit card fees, such as the interchange fee.
Note: Some pharmacy software vendors already have a financial deal with particular credit card processors, and pharmacies using those softwares will not be able to join APC’s GPO unless they change software or use a stand-alone credit card processing setup that does not connect with software. For those PFMs already using Worldpay, you’ll have to wait until your existing contract ends before you can join APC’s GPO.
You can learn more about this new PFM benefit here or contact Jason Dunn at jason@a4pc.org.
