Insurance Pays with Virtual Credit Card
Essentially the insurance company is saying, "we would like to pay you 3% to 5% less for your work, OK?" when asking a user to accept this form of payment. This is the amount of the transaction fee that your credit card company is going to charge a user to process this payment. It saves the insurance company some money(they don't have to mail a check), but is literally at your expense.
More and more companies are starting to pay in this way; fortunately they cannot force users to accept this form of payment. TherapyAppointment suggests their users refuse to accept payments by virtual credit card, going forward.
If a decision is made to accept these payments, below are steps:
Run the transaction through the TSYS site directly by logging in to your account with them. Once the transaction has been processed, enter it on the Posting screen as an insurance payment (in the 'Ins. Payment' column) as usual. Don't attempt to process the credit card transaction through the Posting screen in TherapyAppointment; this will record the transaction as a patient payment, it is not a patient payment.