Insurers are charging you to get paid.
When an insurer pays by virtual credit card, your office pays the card fee, usually 3–4% of your own money. Only about a third of dental insurance payments arrive by bank transfer. Here's what it costs you, and the letter to stop it.
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Which insurers pay you by virtual card?
Look for payments that arrive as a card number by fax, mail or portal. Enter roughly how much each pays you a month.
Card fees are typically 2–5% of each payment, usually 3–4%. Check one statement from your card processor for your real rate.
$0 a month on $0 of card payments · $0 over 5 years
Stop it: ask each insurer for free bank deposits (EFT)
Pick an insurer to draft the request letter. Many insurers also take EFT enrollment through their provider portal or CAQH EnrollHub.
How to switch an insurer to bank deposits
- Find which insurers send virtual cards: a fax or letter with a card number, or a portal payment you key into your card machine.
- Call provider services or use the insurer's portal and ask to opt out of virtual card payments and enroll in EFT (direct deposit). Write down the call reference.
- Send the written request (the letter above) if they push back.
- Enroll for electronic remittances (835s) at the same time, so each deposit comes with its payment details.
- Check the next payment. Some insurers switch back after a plan or address change.
Want the whole picture? The free check also reads your insurer payment files and finds card payments, underpayments and clawbacks automatically.
Sources: card fee range from Dental Managers; dental EFT share from the CAQH Index via Nacha. Not legal advice.