Industry Regulations

Industry Regulations

Additional Regulations Can Impact Your Business

What it Means

The federal government, the IRS and the payment industry itself each continue to issue rules and guidelines with the goal of protecting all parties involved in electronic transactions — cardholders, merchants, processors and issuing banks.

Why it Matters

Rules and regulations can provide valuable safeguards to your business, and taking advantage of them will help keep your business protected and competitive.  At the same time, failure to comply can lead not just to increased risk, but to increased expense and damage to valuable patient relationships.

What We Can Do

Rectangle Health stays current and compliant with all regulations, and we believe our healthcare providers should as well.   Some of the latest regulations that impact healthcare businesses include:

  • IRS Mandate (Section 6050W). Healthcare providers are required to report annual gross payment card transactions processed by credit, debit or co-branded cards and third-party network transactions to their merchant services providers, which pass the information to the IRS.

  • Durbin Amendment. To protect businesses from exorbitant rates, the federal government has passed laws that control the debit card interchange fees Visa® and Mastercard® can charge merchants.

  • Global standards created by a group of Card Associations to maximize the security of credit card data.  Learn more here.

What You Should Do

Instead of learning a new skill outside your area of expertise, let an outside expert protect your payment practices and your customers’ data.  Find a vetted and proven professional that understands the unique needs of healthcare providers

Rectangle Health Guarantee

If you don’t see a dramatic reduction in accounts receivable balance after a few months of instituting our full program, we’ll take the entire system back at no charge to you.