Many people nowadays choose to carry plastic in their wallets rather than paper. While some businesses still function on a cash basis, this excludes a substantial portion of the population who prefer paying with credit cards.
If you want continuous traffic coming through your door, you have no alternative but to accept credit cards.
A cash discount is an incentive where the customer is offered a discount if they pay with cash rather than a credit card.
3 Reasons To Offer A Cash Discount
#1 Reduces credit card processing fees.
Small business owners are always looking for new ways to save money. Cash discount services allow you to pass these fees to your customers, saving you money that you may put towards expanding your firm.
#2 Opportunity to Invest in your company
You may reinvest the 2-4 percent you save on card processing costs each month in your business.
#3 Effective Marketing Tool
Cash discount services not only provide an instant, concrete advantage and a significant source of income for your business but can be used to increase sales.
It motivates people who pay with cash, and at the same time, allows your credit card paying clients to keep enjoying the ease of swiping and going.
It’s a Win-Win Situation Where Nobody Loses
For the cash discount service, a $100 item might be marked up to $105 to meet the 5% processing fee and avoid losing money on the sale.
Customers who pay cash will pay the discounted sum of $100. After all, when clients pay with cash, you don’t have to pay the credit card company a processing fee.
This pleases cash-paying clients, but it also covers your fees if a consumer pays with a credit card. Nowadays, those who pay with a credit card are aware of the fees that come with the convenience. It’s a win-win situation for everyone involved.
Certain Pay: Your Reliable Partner In Richfield, Ohio.
Cash discounts are great for companies that want to build customer loyalty, increase repeat sales, and create brand awareness. They can be used as a marketing tool and can help you promote your company while increasing sales.
At Certain Pay, we pride ourselves on providing the best credit card processing company in Richfield, Ohio. We make sure that all of our customers receive excellent service. You can reach out to us at any time and expect timely responses to your questions. With our payment processing services, you may save time, money, minimize difficulties, and begin expanding your business today.