Greyfinch Review

Greyfinch is best known for its orthodontics practice management software. Founded in 2017, they’re a relatively new player in this space. As a 100% cloud-based solution, they make it easy for orthodontists to manage appointments, collect signatures, and even manage telehealth visits. 

However, this review will focus specifically on using Greyfinch for payment processing. 

We have dozens of clients in the orthodontics, dental, and healthcare spaces. So we understand what goes into using an integrated payments solution—as our clients use a range of different tools and processors on the backend. 

If you’re already using Greyfinch for practice management and you’re considering using them to process your payments, this review is perfect for you. It’s also super helpful for anyone currently using Greyfinch Pay, as it will shed some light on things you may not know about Greyfinch and help you determine if you’re getting a fair deal. 

MCC Insider Insights: Key Takeaways From Experience With Greyfinch

Greyfinch just rolled out processing services this year. So you won’t find a ton of information about these services on the web. 

But we’ve already helped negotiate some deals for orthodontics practices using Greyfinch for payments. Based on our experience working with them, here’s the most important information you should know:

• Greyfinch is actually an ISV, not a payment processor. 
• They rely on Bluefin to process payments for them on the backend.
• Right now, it looks like Greyfinch is offering low introductory rates to new customers.
• But I have a gut feeling they’re going to raise prices down the road.
• Greyfinch’s ACH processing rates are already sky-high.
• They’re leveraging their software and integration to charge more, which is something we commonly see from other PayFacs and ISVs. 
• Greyfinch offers interchange-plus pricing, and they charge more for Amex transactions.
• If they’re charging you over 1% to process payments, you should be able to negotiate a lower rate. 

Greyfinch Pricing for Payment Processing

Greyfinch’s payment processing solution is billed separately from its practice management software. The payment processing services are charged per transaction, with an interchange-plus pricing structure (which is a good thing).

This means you’ll pay the interchange rates imposed by the card networks, plus a markup fee per transaction that goes directly to Greyfinch. 

These contracts are customized for every orthodontics practice, with rates varying based on factors like annual transaction volume, locations, and truthfully, how well you can negotiate. 

We work with several orthodontists using Greyfinch for practice management and payment processing—and they all pay slightly different rates. 

That said, Greyfinch’s interchange-plus markup should be less than 1% per transaction. If you’re currently paying more than 1% or if they’re quoting you a higher rate, there’s definitely room for negotiation and cost savings. 

You should also be forewarned that Greyfinch typically charges extra for American Express transactions. This assumes you’re on the Amex OptBlue program and process less than $1 million in Amex transactions per year. 

Greyfinch Fees to Look Out For

In addition to the rates you pay per transaction, Greyfinch charges other one-off and miscellaneous fees for different scenarios. Examples include:

• Refund/Authorization Reversal Fee — Charged each time a reversal gets initiated for a refund or authorization. 
• Chargeback Fee — Whenever a customer contacts their bank to dispute a charge they don’t recognize. 
• Retrieval Fee — If the cardholder’s bank needs additional information (typically if they suspect the charge is fraudulent). 
• PCI Non-Compliance Fee — Charged monthly if the practice fails to meet PCI compliance standards. 
• Account Updater Fee — Automatically updates expired card information.
• Text-to-Pay — To send payment links to customers.
• Return Fee — If the issuing bank rejects the transaction.
• ACH Refund Fee — For refunds processed using an ACH transfer.

These rates vary by practice. Fortunately, Greyfinch is very transparent with these charges. They’ll send you a proposal with the cost for each one so you know exactly what they cost for your business.

What Else You Need to Know About Using Greyfinch for Payment Processing

Whether you’re currently using Greyfinch or you’re considering them for payment processing, there are a handful of other things that I think you should be aware of. Some of these statements are purely facts that you can find out directly from Greyfinch, while others are my opinion based on my experience negotiating with them on behalf of our clients here at MCC.

Greyfinch is Not a Payment Processor

While Greyfinch can process payments for orthodontists using their practice management software, Greyfinch is not actually a payment processor. 

Greyfinch is an ISV (independent software vendor), which means they develop and sell solutions that integrate payment processing capabilities into a system. So orthodontist offices can accept payments using the same system they use to manage their practice. 

Greyfinch recently got the licensing they need to offer payment processing services. However, this isn’t something they do in-house. Greyfinch relies on Bluefin to handle processing on the backend. You can check out my Bluefin review to learn more about this processor. 

ACH Payment Processing From Greyfinch is Very Expensive

Greyfinch is one of the few solutions on the market that charge ACH payments as a percentage of the transaction. This is not a standard industry practice and leads to significantly higher rates.

For example, you can likely set up ACH payment acceptance with your local bank for as low as $0.50 per transaction. 

Greyfinch may quote you somewhere around 0.15% to 0.25% for ACH transfers. This translates to roughly $1.50 to $2.50 for a $1,000 transaction.

While the dollar amount may seem insignificant, Greyfinch is roughly 300% more expensive in this example compared to a flat $0.50 fee from your local bank. For a $2,000 transaction, they’re 700% more expensive. 

As an orthodontist, I’m sure you have plenty of transactions exceeding $1,000 to $2,000. 

How can they get away with these prices? 

Essentially, Greyfinch is leveraging its integration to charge more for ACH transfers. This is something we see from other PayFacs and ISVs. They figure that the business wants to keep everything simple and under one roof, so they’re not going to question an extra few dollars here and there (even though the rate itself is substantially higher). 

I’m Concerned That Greyfinch Will Raise Rates in the Future

Greyfinch just rolled out payment processing this year. It’s a common practice in the payments space for services to offer low introductory pricing early on as a way to secure clients, but they raise rates down the road.

While Greyfinch hasn’t actually done anything yet to back this claim, I just have a hunch that rate increases are around the corner (and the rest of my team here at MCC agrees).

We’ll obviously keep a close eye on this in the coming months, but I’d expect at least one major rate increase by the end of 2025.

Just Because You’re Using Greyfinch for Practice Management, it Doesn’t Mean You’re Forced to Use Them For Payment Processing (But it’s Easier if You Do)

If you’re an orthodontist who wants to use Greyfinch’s practice management software, you don’t have to use it for payment processing. In fact, you don’t even have to use a payment processor that’s integrated with Greyfinch. 

That said, Greyfinch (I think intentionally) sets things up to make it inconvenient for you to use a non-integrated solution.

For example, you wouldn’t be able to accept payments through your Greyfinch Patient Hub. You’d also have to manually post auto-drafts as opposed to them getting posted to your ledger automatically. 

To be clear, I have zero skin in the game here. We’re not promoting Greyfinch or anyone else. But from a neutral perspective, it’s definitely easier to use Greyfinch or an integrated processor if you’re using their practice management software. 

Greyfinch Does Not Price-Match Other Processors

If you get a quote from another processor and bring it to Greyfinch, don’t expect them to match your rate. 

Greyfinch is pretty firm on its stance that it makes your life easier as an all-in-one integrated solution for practice management and payment processing. So a cheaper rate elsewhere isn’t a fair one-to-one comparison in their eyes because that other rate doesn’t factor in the value of its practice management system. 

That said, getting a cheaper quote elsewhere can’t hurt when it comes to negotiating with Greyfinch. While they may not price match, you could still use another quote as leverage. 

Our Final Thoughts on Greyfinch

We can’t speak directly on Greyfinch’s orthodontics practice management software. But our clients seem to be happy with it.

As for Greyfinch’s payment processing solution, it makes sense to use if you’re already using their software. 

Since they just rolled out credit card processing services, they’re likely willing to offer you a low introductory rate. So sooner than later might be a better time to lock in a good deal. 

I just don’t expect those rates to stay low forever. Once they have you set up for practice management and payment processing from a single system, they’ll have a ton of leverage since they know how difficult it would be for you to change operations. 

If you need help negotiating your deal with Greyfinch, just reach out to our team here at Merchant Cost Consulting for assistance. Since we’ve already negotiated deals for our clients, we have access to rates and contract information that you can’t find anywhere else online. We’ll use those insights to ensure you get the best possible deal for your practice.