Businesses can save thousands of dollars in processing costs each year by using cash discount services. These services allow business owners to eliminate credit card processing fees bypassing the expense on to their customers.
#1 How Do Cash Discount Services Work?
The merchant charges a fee for all items and services and discounts cash-paying clients. These are not imaginary savings. They can allow business owners to reinvest money back into their company, making a significant difference in any company.
A cash discount program allows the merchant to offset part of these transaction fees while keeping overall rates the same. When customers pay with cash, there is no transaction fee, saving the business money.
#2 What Are The Benefits Of Cash Discount Services?
Cash discount services allow business owners to legally reduce or eliminate credit card processing fees, saving you money that you may put towards expanding your firm. You may reinvest the 2-4 percent you save on card processing costs each month in your business.
Cash discount services give an instant, concrete advantage, and making them available eliminates a significant source of wasted revenue. You incentivize sales and gain cash in your pockets by giving your cash-paying customers a discount.
#3 Are Cash Discount Services Legal?
It is legal to give cash discounts. Legally, you must post signs explaining the cash discount program and payment methods at the point of entry and point of sale. Fees and discounts must be included in receipts. The base cost of the product must be included in customer receipts.
A cash discount basically indicates you give a discount to people who pay with cash. You are not charging those who pay with a credit card an extra charge. In most states, charging customers for using a credit card is illegal.
#4 Will Cash Discount Services Scare Away Credit Card Sales?
Nobody wants to pay extra charges for anything. However, as more customers become aware of how costly it is for a small business to accept credit cards, they will be unconcerned about not receiving the same discount as those who pay with cash.
According to surveys, most credit card users would cheerfully pay an extra $1 or two for the ease of not having to carry cash.
Certain Pay: Your Reliable Credit Card Processor In Richfield, OH
Do you own a company in Richfield, Ohio? Add credit cards to your company today and start reaping the rewards. Contact Certain Pay, and we’ll assist you with setting up credit card processing so you can begin receiving payments right away.
We provide traditional processing and cash discount services as part of our sales-boosting initiatives. Do you want to know more about how credit card processing might help your company?.