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Physicians Beware!! by Terri
 Do not accept virtual credit card payments from Insurance companies.....
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AMCC Blog
27

Practices need to be aware of virtual credit card payments being faxed to their offices!!  These are credit card payments as opposed to paper checks from the insurance companies.

When you receive these payments in your office, the provider is the one that is paying the merchant fees on these transactions.  They are processed just like a credit card payment from a patient.

Physician payments are being cut too much to begin with and now this is another way that they are taking a hit. 

Solution:  Call the company that sent that payment and have them remove your practices Tax ID from their roster.  They will then switch you back over to receive paper checks.

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