It’s time to care about your point of sale

Businesses rely on point of sale (POS) systems. They are the hardware and software systems that enable a business to make and receive orders, generate bills and process payments.

They also offer a way to deliver better experiences to your customers, but it requires meeting them where they are and offering the options that they expect. POS systems have become a crucial part of the customer payment journey in the Healthcare sector as around 63% of US adults would consider switching their healthcare provider if they are not happy with the payment experience. ¹

Choosing effective POS systems can improve the experience for your employees, too – reducing set-up costs, integrating with third-party vendors and software, providing training and support or enabling more flexibility when it comes to taking payments.

Being a forward-thinking healthcare provider means aligning with new payment trends and technologies to bring improved convenience to patient and staff experiences.

Setting up for success

Spending in healthcare is high. In the US, the average cost per person per year has reached more than $12,500. ² UK citizens, too, have increasingly been moving towards private healthcare options ³ as the cost of prescription items in England grew by 3.49% between 2020 and 2021. ⁴

With many touchpoints for patients to access healthcare and a rising amount of spend the industry is attracting, are your POS capabilities meeting customer expectations?

Customers want to be able to pay in their preferred way. In fact, according to our Power Your Payments research, almost half (43%) of health and beauty shoppers will drop out of checkout if their preferred payment type isn’t available. This is particularly true of customers in the UK where this figure rises to 57%. ⁵

Unless you have a POS system that accepts multiple payment types, you won’t be able to cater to the wide range of preferences and options that are available, which can result in a drop off at the point of payment.

Looking internally, the benefits of the having the right POS system can improve ease of use for employees, making it less burdensome to process payments while also enabling software integrations and supporting compliance.

The digital transformation of healthcare is continuing on an upward trajectory, ⁶ and choosing an integrated POS, for example, may offer opportunities to improve experiences all around – by saving admin time and enhancing revenue and billing management.

Healthcare POS integrations that you could consider include detailed invoices, which will outline out of pocket patient spend as well as state and insurance sponsored coverage. Or there are integrations to effectively manage and optimize your inventory or even increase medication adherence for your patients via auto-generated medication reminders.

We can also enable you to offer patients the option of small no or low interest payment instalments through our buy now pay later (BNPL) integration. It’s an effective alternative for customers looking for a flexible way to pay for high-cost procedures. You can read more about BNPL in the our latest Global Payments Report.

How do customers like to pay?

There are hundreds of payment options available, and not offering a customer their preferred method can mean a lost opportunity.

Universal methods such as debit and credit card are the favored way of paying, with credit card the most popular in both the UK and the US. ⁷ To meet your patient preferences, card machines should be part of your POS portfolio. We can support you with our range of countertop, portable and mobile card machines.

But with so much choice, it can be difficult to know which to go with. Some smaller surgeries, for example, may find a countertop option sufficient for their needs, whereas larger, busier locations might benefit from the flexibility of a portable machine.

You may also have employees working on the go from different locations. Our new SoftPOS lets merchants download an application on mobile devices to turn any NFC-enabled Android mobile device into a payment acceptance device with iPhone to follow soon.

While UK and US share credit card as their top method, the next choice varies across the two regions. UK opts next for PayPal, and in the US, buyers reach for their debit cards. PayPal and Apple Pay also appear in the top six for the US. ⁸

As mobile and digital wallets become popular among consumers – mobile wallet share at point of sale grew 21% in 2021 ⁹ – many clinics and doctors are now offering options like online payment portals, mobile apps and contactless payment via mobile. And the appetite is there. 37% of patients would like to pay using a portal, 32% on a mobile app and a third using payment apps like PayPal or Zelle. ¹⁰

To keep up with the market that’s moving in this direction, alternative payment options such as digital wallets can no longer be ignored when considering your POS strategy.

Explore the new advances

There are many new and growing innovations in payment technology that can deliver improved experiences for patients.

BNPL, for example. Over one third of consumers (37%) would use BNPL for purchases under $250 or over $1000, and 40% would for between $250 and £1000. ¹¹ And in the US, 27% of healthcare customers would consider switching providers if they didn’t offer a payment plan or third-party financing. ¹²

Omnichannel, while not a new approach, has been growing in the healthcare industry as telemedicine proliferates. There is appetite among consumers with almost half (42%) of US respondents to a survey in our Generation Report expecting to use payments on file in the next two months, which is higher than any other country we surveyed. ¹³

Despite this evident demand, 77% of medtech companies have reported channel conflict and a need for better coordination across channels. ¹⁴

It’s the early movers, however, that are connecting different elements of the healthcare journey. One major UK health provider has developed an integrated approach, making partnerships with community pharmacies, healthcare providers and pharmaceutical companies to improve and align experiences.

Moving over to the US, touchless payments have become more prevalent in healthcare with one of the leading pharmacies becoming the first national retailer to offer touch-free payments in 2020 by integrating QR code technology in its point of sale. ¹⁵

Delivering on your point of sale payments

Effective POS systems can enable increased access to payments while also creating improved internal processes. And as payment trends continue to change and new innovations and technology rapidly come to market, healthcare providers can benefit from exploring new payment opportunities to meet customer expectations.

While traditional methods such as credit and debit card continue to be preferred, we can support with our range of card machine options. But it’s also important to consider the growing popularity of alternative payment methods (APMs) and digital wallets that add value to how you make, receive and optimise the payments experience for your business and your customers.

As one of the world’s leading payments providers, this is exactly where we can help. If you’d like to find out more about how we support healthcare businesses with payments excellence, get in touch.

References

¹ PYMENTS (2021) 63% of Patients Will Switch Healthcare Providers if Their Payment Experience Doesn’t Cut It
https://www.pymnts.com/healthcare/2021/63-pct-patients-will-switch-healthcare-providers-if-payment-experience-doesnt-cut-it/

² Peter G Peterson Foundation (2022) Why are Americans paying more for healthcare?
https://www.pgpf.org/blog/2022/02/why-are-americans-paying-more-for-healthcare

³ Campbell, D (2022) Private healthcare boom adds to fears of two-tier system in UK. The Guardian
https://www.theguardian.com/society/2022/mar/02/private-healthcare-boom-two-tier-system-uk

⁴ NHSBSA (2021) Prescription Cost Analysis – England 2020/21
https://www.nhsbsa.nhs.uk/statistical-collections/prescription-cost-analysis-england/prescription-cost-analysis-england-202021

⁵ Worldpay Power Your Payments, Health and Beauty report

⁶ EY (2021) How COVID-19 has triggered a sprint towards smarter health care
https://www.ey.com/en_uk/health/how-covid-19-has-triggered-a-sprint-toward-smarter-health-care

⁷ Worldpay Worldpay Power Your Payments, Health and Beauty report ¹ Pew Research Center

⁸ Worldpay Power Your Payments, Health and Beauty report Tech

⁹ Worldpay from FIS (2021) Global Payments Report

¹⁰ Bloomberg (2021) U.S. Bank Survey: COVID-19 Accelerated Virtual Care, Healthcare Payments Digitization
https://www.bloomberg.com/press-releases/2021-06-10/u-s-bank-survey-covid-19-accelerated-virtual-care-healthcare-payments-digitization

¹¹ Worldpay from FIS (2021) Generation Pay report

¹² PYMENTS (2021) 63% of Patients Will Switch Healthcare Providers if Their Payment Experience Doesn’t Cut It
https://www.pymnts.com/healthcare/2021/63-pct-patients-will-switch-healthcare-providers-if-payment-experience-doesnt-cut-it/

¹³ Worldpay from FIS (2021) Generation Pay report

¹⁴ McKinsey (2021) Omnichannel engagement in medtech: The time is now
https://www.mckinsey.com/industries/life-sciences/our-insights/omnichannel-engagement-in-medtech-the-time-is-now

¹⁵ CVS Health (2020) CVS Pharmacy is first national retailer to offer touch-free payments through PayPal and Venmo
https://www.cvshealth.com/news-and-insights/press-releases/cvs-pharmacy-is-first-national-retailer-to-offer-touch-free