The first question you may have is, what is cash discounting?
Cash Discounting is a method of implementing a service fee to all customers that pay with a credit card, while giving a discount to those who pay with cash or check. Your posted rates will now become the rate for those who pay with cash. Those customers who pay with cash avoid the service fee while all others will see a line item added to their receipt.
Why do you need it?
By using the cash discount program you will instantly save hundreds of dollars a month. You can use our calculator to estimate the savings (Click Here). You also get the added benefit of a tax write-off at the end of the year. There is nothing to lose with signing up!
Last month I walked into a Pizza place doing $45,000 a month in processing. They spent about $2,500 a month in fees. By using cash discounting they were able to save the entire $2,500 a month!
What will your customers think?
In a recent study done by Payment Journal, 99.2% of customers did not complain about the extra fee. If they did then they would still be able to pay with cash. Additionally, it is less expensive to pay the small credit card fee of 3.9% rather than a flat ATM fee of $2 – $5.
And if you are in a service based industry (doctors, auto repair shop, HVAC and more) customers have your trust. Paying an extra fee for a credit card is not going to make them change who they go to.
How do you sign up?
Not every processor is offering the Cash Discount Program as of now. Only a select few. It is also not offered on every point of sale system. If you are interested in signing up contact us. We have a few different solutions for you to use. If you are currently under contract with another provider, IT DOES NOT MATTER. We can set you up regardless. You keep your current machine running and just pay the monthly minimum. By doing this you will not breach your contract and you will still capitalize on the savings!