By Raffi Kayat
The total US healthcare expenditure hit $3.6 trillion in 2019, yet 90% of healthcare providers still use paper checks and manual processes for payment collections. Recognizing an opportunity, we at borderless™, a Louisville-based payments company, launched a healthcare initiative to provide simple, contactless and affordable digital payments.
Healthcare E-commerce is on the rise. B2B ecommerce grew year over year by 18.2% in 2019 to $1.3 trillion accounting for 13% of US sales. This figure is expected to grow to 17% by 2023. This represents opportunities for clinics, hospitals and doctors’ offices to streamline their purchases of medical equipment and supplies. Medical device manufacturers are increasingly moving online, to allow for direct orders and product deliveries. Traditional payments, however, are slowing them down. Believe it or not, 51% of B2B payments are still made by paper check; credit cards are expensive with a high risk of failure, and bank wires are tedious and costly. Let’s face it, the healthcare industry needs an alternative payment system that is tailored to them.
We saw an opportunity and developed borderless™ as an online bank payment processor where paying is free and getting paid is simple, fast and affordable. Say goodbye to checks, wire fees, credit card fees, and sharing sensitive payment information. The borderless™ bank-to-bank infrastructure allows for fast ACH payments with no setup, no contracts, no training and no monthly fees.
There are 3 simple steps to using borderless™:
1) Request a payment using an email or generate a secure payment link. For e-commerce, we recommend our gateway plugin.
2) Payor pays with their bank, using their online banking for secure payments. Funds are delivered straight to your bank.
3) Get notified, save on processing fees, and track a payment just like a package.
borderless™ partners with leading financial institutions supporting over 3,000+ bank connections and executes international ACH payments in the US, Canada, and Australia.
Studies show that 83% of consumers today prefer to receive their medical bills electronically with 28% of Millennials and Gen Zs willing to switch to a different healthcare provider if it offers more convenient payment methods.
Wth borderless™, every business has a unique handle identifier and a no-code payment page enabling digital and secure payments. It also enables person-to-business payments for small clinics looking to get paid online or in-person with paylinks sent via email or SMS and scannable QR codes for mobile payments.
It’s time we change the way we pay and get paid in healthcare. We are committed to being leaders in making that change.
Raffi is the CEO and founder of borderless, a global bank payment processor company. Raffi started his career as an engineer when his passion for problem solving shifted to technology. As an early entrepreneur from the college days, Raffi has founded 3 startups including M-Tap, a music streaming company.