Conversation with Craig Lum, CEO of Card Pay

Joseph: Hello, this is Joseph with WEO Media. In this episode, I get to introduce our good friend, Craig Lum, CEO of Card Pay, to explain why he's become so popular with many of our clients. Craig, welcome to Marketing Matters with WEO Media podcast.

Craig: Thank you very much, Joseph. Thank you for having me.

Joseph: Our pleasure. Whenever you have a partner that can help your client save money and reduce their headaches at the same time, it's not hard to get popular really fast.

Joseph: But when we're talking about credit card processing, it's something that every practice already has. It's been around a while. So what is it about Card Pay that allows you to deliver solutions like it's some new technology?

Craig: One of the biggest things that we can do to help a practice grow and also their cost at the same time is by offering savings on merchant services fees. For example, we have one client that we saved over $17,000 a year.

Joseph: Oh, that's that's significant.

Craig: It's incredible savings.

Craig: They're a little bit more on the extreme end of things. But it gives you an idea of what kind of impact we can make for the practice when it comes to reducing costs.

Joseph: Yeah. That's like music to our ears.

Craig: The second value proposition that we offer is the direct relationship of service that we offer to all our clients, including the practices that we work with at WEO Media. When you have a concern with your merchant account, you're going to talk directly to our staff. We're going to know who you are as a practice and the practice will know who we are. We'll know you very intimately just as much as you will know us.

Joseph: So no calling the bank, no calling the financial institution, no being put on hold. I can see where those are the part of the headaches that you're addressing there.

Craig: Yes, we definitely do. We offer a very hands-on business relationship to the merchant account. And that's just not typical in our industry anymore.

Joseph: Oh, sure. Sure.

Craig: If you call into our office, you'll know who we are and we'll always be able to resolve your concerns or issues in a timely manner. When it comes to the merchant services.

Joseph: Great. That's certainly been the feedback. Tell us more.

Craig: What we also offer is education in our industry. A lot about what is going on regulation wise with accepting payments, was the best way of reducing your costs by accepting payments the right way.

Craig: And that is technology that we offer technology that can come in the form of our devices, which some are very go forward in the sense of cloud based technology portable devices that can be moved around the practice it doesn't have to be stationary.

Craig: Small footprints, texting and email receipts, but it also goes into the other services we offer, something that we just are announcing this week is our partnership with the practice of management bridge software that allows us. To integrate into any practice management software. So there are a lot of practices, a lot of doctors out there that are very adamant about having a one-step integration process with their practice management software.

Craig: Before this announcement, we were not able to be able to integrate with a lot of practice management software, such as Dentrix and Eaglesoft that's out there. Now we have the ability to do so, which is a very big game changer for us in helping practices out there.

Joseph: So in that integration, then you're talking about seamless process, a connection that reduces more headaches for the office manager, the administrator?

Craig: Yes, absolutely. Now, there are some practices that utilize practice management software in integration with payments. In that case, what we're offering is the ability to save you money on those merchant service fees as we would with any practice. But that would be the main goal in that situation.

Craig: But there are a lot of practices out there that do not have. Practice management integration when it comes to payments. So that's a very important role. What we can offer now.

Joseph: Congratulations on that.

Craig: Yeah, thank you very much.

Joseph: On average then, what are you actually able to save for a practice?


Craig: Yeah, the average WEO Media savings for a practice is around $1,500 a year. Now, if you can imagine that's, close to $100 to $150 a month in savings.

Joseph: Yeah even at that average, that's worth the phone call to find out just how much, you're losing or could retain when you're talking about margins as tight as they now are in, dentistry and healthcare.

Craig: Yes, and as we always promote to every practice that we speak and talk with is the ability to understand from a business perspective as well. To be able to come in as more of a consultant in that space for your payments to help reduce those costs and advise the best ways of processing those payments.

Joseph: Got it. And you're not like a new company. You just keep evolving. How long you've been doing this?

Craig: My business partner and I started this company 23 years ago.

Joseph: 23 years ago. So you were on the front end of this entire revolution then. I remember that.

Craig: Yeah. I don't know if we're at the front of the revolution, but we're definitely at the start of, the payment industry in terms of being more widely accepted going outside of the typical retail restaurant lodging environments. And so obviously payments have grown quite a bit in the industry, such as the medical environment where there's more acceptance and there's more capability of accepting payments that way as well.

Joseph: That's exciting. You are expanding.

Craig: We are, and we're definitely honed in on the medical space, looking for things that, or being able to specialize in the medical environment where we can advise and let the practices know what we can do specifically in this, in their space, especially with HIPAA and other compliance regulation that could help their practice easily accept those payments and reduce those costs.

Joseph: Yeah, that which lends itself to someone with experience in this industry. You have seen it all and you understand the regulations behind this, that a new player in the industry isn't going to know that's really the kind of experience we rely on. From just a business perspective, what excites you, why do you do this? Is it just making money?

Craig: When we started this business in this company, what was special was building a company in the payments industry that could help other businesses when it comes to reducing costs, advising them, educating them, and going through that process.

Craig: That's really what has excited us. And then more specifically in the medical industry. Working with professionals that value what we do. And there was no longer the necessary evil like you, you would see a lot more of in the retail restaurant and lodging industry where there's a little bit more of a different view of us than there is in the medical space where there's appreciation for what we do and the value for what we do to help these practices accept payments better to reduce their costs, to understand what they need at their practice.

Joseph: The complexities around the financial side is just it's not what they went to school for. It's hard to stay up on the regulations and all the red tape associated with technology as well as finances.

Craig: Yes. And also being a WEO Media partner for so long.

Craig: I think Joseph, it's been close to nine to 10 years that we've been a partner with WEO Media. Understanding that for the WEO Media clients, knowing that we have been vetted by WEO Media and knowing that we have helped many other WEO Media clients save money to help them with their payment processing speaks volumes towards what we do and the transparency that we offer.

Joseph: We like to think of ourselves as all about helping practices grow and even helping them accelerate their growth through technology. When a partner like Card Pay can actually put money back on the table in this crunch time economy. It's not hard to see why you've become so valuable to us. How long does it take to do an analysis for a practice and how would a practice begin the process?

Craig: Once we have communication established with a practice, we will ask for a couple months of their current processing statements, and then we'll be able to provide them a written savings analysis based on those statements. And usually, that occurs within a couple of business days, turn around, and then they can make a decision on whether they want to move forward with us. And if they do, then we go through an application process.

Craig: And that application process is very easy to go through. Usually, within two to three business days, we can have the practice up and running.

Craig: If we're talking about practice management integration, that could depend, could be three to six business days.

Joseph: What other types of service then are we looking at from card pay? As far as receiving payments?

Craig: Yes. Another important aspect in the practice medical space particularly for dentists as well is online building. And it's something that was gravitating before COVID happened because the ability to offer a way for patients to pay.

Joseph:Oh, yeah. Without the practice staff being involved, making it automated, right?

Craig: And then also offering a system where it's a seamless transition to the practice. And so what we're able to do is offer a payment button. Then, they can put it on their website and at that point they can direct patients to their website and the patient will be able to make a payment directly on there.

Craig: What that does is it helps reduce the staff time in collections. But also in accepting those payments by call it by a patient calling in and taking the time of a staff member to go through the payment details, the patient can go directly on there and do that themselves now along with that online bill pay, and setup reoccurring payments. Okay, and that gives the ability for the practice to be able to offer a payment plan for that patient if they need to. And you can set a start and end date. You can start the frequency of when you want it, and then also the amounts. And it's just automated in terms of those payments happening without any staff member being involved.

Craig: The second is a way of electronically invoicing their patients is to provide a customized form where the practice can put their logo, their name, and the services rendered, send out that invoice electronically via email to their patients. The patient will click on that link.

Craig: Which will take them to that payment page that will be on their website as well, where they can also make that payment. There's another service that you can store cardholder information, all PCI compliant to be used at a later time. So, if a patient comes in and says, I don't have my card, if the practice has previously stored that card information, they don't have to ask for it. They can say, we can just bill it to you. We have that card information on file.

Joseph: Wow. I remember how sensitive that very issue was or is still today. That's accompanied with a high level of trust. Because of the technology that's now available.

Craig: Yes, it is. And what we're able to do is just make sure that information is not being compromised again to PCI standards. So then they have the capability of being able to offer that to their patients if they don't have the card that they want to use or they don't have a card at all.

Joseph: How do they contact you to begin a process like this?

Craig: So first and foremost, they can go to our website which is Card Paysolve.com.

Craig: They can also reach us by phone at (877) 883-0131

Joseph: I gotta believe checking out that website at Card Paysolve.com is a great way to start.

Craig: I think it is. It provides a lot of information about what we do, how we do it, but also what we can offer to the practice in terms of payment acceptance, reducing costs, and adding a direct service and relationship to the practice.

Joseph: Oh, that's great. I want to speak to my consultant friends out there.

Joseph: This is the type of business partner that you want. In your offering, like on speed dial the kind of partner that makes you look good and doesn't leave you hanging. This is a really proven company with immediate results.

Joseph: And whenever you, as a consultant can walk in and help them save money and reduce the headaches at the front. Make any process more smooth and more seamless. it just makes everyone look good. Craig, thank you for being here and helping us better understand and extend the benefits of card pay to all of our clients, present and future.

Craig: Thank you very much again for having me on this podcast. And again, we feel likewise with WEO Media as far as what you're able to help with our clients. So we really appreciate that as well.

Joseph: Our pleasure.

Joseph: It's great knowing you, Craig. And to all our listeners, thank you for joining us here at WEO Media.