Over the last several months our office has evaluated many Cash Discount programs. We have recognized a few which meet the criteria we were looking for. We are happy to announce we have chosen a select few Cash Discount programs for our Merchants benefit.
For Businesses and Merchants unaware of this program it allows you to legally pass on the cost of the transaction to your customers. For instance say you are in a Business accepting Cash Discount and you purchase an item for $10.00. The Merchant can add a service fee line item on the receipt lets say 0.60 cents or up to a 1-4% to the total making it $10.60 or $10.40 depending on the program offered. This program offers a savings to the Business owner or Merchant up to 100% of the monthly fees. This is a huge savings to the Business. You can reinvest this money saved in many ways.
As we all know with change comes disruption, inconveniences, change and for many change is hard to accept. Most customers are not used to paying a service fee but this program is gaining steam and more Businesses are trying it as a way to save on processing costs.
From our research we have seen less than 1% attrition from this move. The benefit out ways the potential loss. 99% of merchants understand why the Merchant is wanting to pass the cost on.
The benefits are an average savings of 80-100% in saved monthly fees. What merchant wouldn't want to potentially save hundreds or thousands per month. 90-100% of the current customer clientele will continue to spend their money in the Business of choice regardless of it being Cash Discount or not.
Worse case scenario a Merchant can try the program and switch back to standard pricing if it becomes too uncomfortable. Depending on the Cash Discount provider it may take up to 30 days for the switch to occur. Not all EMV Terminals can add the Cash Discount program to it so you'll need to know which Terminals can be used. From our research and for the Terminals we will be using we can say the following will support Cash Discounting.
EMV TERMINALS for CASH DISCOUNT
DEJAVOO Z8, VX520, PAX S80. Note This list may change as time goes on.
POINT OF SALE Accepting CASH DISCOUNT
INSTORE POS, uAccept POS, Mynt POS, CLOVER POS, eHopper POS, Paradise POS, Linga POS and more to come.
For more information on Cash Discounting, EMV Terminals and Point of Sale features please contact our office.
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