The medical and veterinary market affords the agent an opportunity to use his or her past work history to open relationships within a very broad and diverse business group. Medical and veterinary markets are vast, with a significant amount of opportunities in every town across America. There are two general classifications to observe – corporate environment and individual practice.
- Businesses in the medical and veterinary markets with a corporate presence typically have many locations with a central billing headquartered in one centralized location. As such the opportunities to meet face to face with a decision maker may be challenging. On the flip side, win one relationship and you might inherit dozens, perhaps hundreds of processing accounts. Such examples are hospitals, rapid response organizations, and businesses who support exclusively these markets.
- Businesses in the medical and veterinarian markets with an individual practice focus are at liberty to choose if, when, and how they will process payments. Your local doctor, dentist, or chiropractor that represents his or her self is a perfect example of an individual practice. Also include veterinarians as well, who although not providing medical services to humans, the services they provide and the billing structures are so similar they have been included with the medical companies.
Medical and veterinarian vertical markets may include the necessity to accept specific types of card payments not seen within other markets. Thus, it is key to understand all the types of card payments a doctor may accept. Just as some relationships may be very large, such as hospitals, others may be very small, like a country general practitioner. Becoming the ‘preferred merchant services provider’ for the former could be a tremendous boon to your business model.
A unique opportunity when servicing businesses in this vertical market is for you to become a member of any association that provides ‘trade journals’ to the respective industry. Having work experience with the focus vertical market you will develop is often a significant benefit.
Do not invest significant time or energy on the larger national accounts unless you have an advantage that will bring you to the top decision makers. Additionally, many of the larger relationships rely upon the suggestions of their bankers as to whom to consider regarding payments processing.
There are literally tens of thousands of opportunities in this vertical market. These markets are continually patronized by agents, with the office manager the routine point of contact for the smallest locations.