If you are running a collection agency or business in the medical industry, chances are that the above question crossed your mind. More specifically, you are likely wondering if your company can include HSA (Health Savings Account) collections into your list of services.
There are certain requirements/standard that should be met to be able to accept HSA cards. One of the requirements is that your business should have an eligible merchant category code, which is determined by an HSA card’s particular plan (assigned to your business account, set by the card associations).
Below are are some examples of MCC eligible for HSA card processing:
4119 – Ambulance Services (Dependent on Plan Administrator)
5976 – Orthopedic Goods-Artificial Limb Stores
7277 – Debt, Marriage, Personal-Counseling Service (Dependent on Plan Administrator)
8011 – Doctors-not elsewhere classified
8021 – Dentists, Orthodontists
8031 – Osteopathic Physicians
8042 – Optometrists, Ophthalmologists
8043 – Opticians, Optical Goods, and Eyeglasses
8050 – Nursing and Personal Care Facilities
8062 – Hospitals
8071 – Dental and Medical Laboratories
8099 – Health Practitioners, Medical Services-not elsewhere classified
HSA card processing helps improve your payment collections. It is an effective way to:
In other words, HSA card processing means providing added convenience for your customers by increasing payment options that are effective and reliable, which in return can increase your bottomline.
For more information about HSA card processing, contact us here at Swipebox at (720) 277-0648