What if you could eliminate 100% of your credit card processing fees each month without any extra work or hassle?
For many business owners that represents tens of thousands of dollars a year in savings. We’re guessing, if you’re like many of the merchants we work with, we definitely have your attention. Thousands of merchants around the country have already implemented cash discounting, allowing their business to eliminate as much as 100 percent of the cost of credit card processing fees. The only question in your mind right now is probably, “How?”
What is Cash Discounting?
For merchants who are unaware of what cash discounting is (and we know there are many of you), it is a program designed to create parity for your business between customers who pay with cash and those who pay using credit cards. Your customers are the ones earning the points, rewards, and miles for paying by credit card, why should you as the small business owner have to pay for their miles? By adding a small customer service fee to all sales, and discounting that fee for customers paying with cash, you can create a benefit for your cash customers while also covering the costs for those that would prefer the convenience or benefits of using a card. Especially for low-margin businesses, the difference can be staggering.
Is This Program Legal?
While cash discounting is legal in all 50 states (and has been for nearly a decade), there are nuances that each business must be aware of in order to remain compliant. That’s where having the right merchant services provider comes in. From providing the language and signage for necessary disclosures to helping with employee training and materials, having the right partner can take all the hassles out of complying with the many laws and guidelines surrounding this program. Nowadays there are fancy smart terminals that will automatically calculate and apply the discount to any customers paying with cash, no extra math or calculators necessary. For any merchant who wishes to start cash discounting, we will do all we can to make sure you implement the program successfully.
Beyond taking the hassle out of implementing the program itself, utilizing cash discounting can also take away the hassles and headaches that come with typical interchange fee programs. For many merchants whose credit card processing bill typically auto drafts out of their checking accounts at the end of each month, it can be a guessing game to know how big the bill will be and how much cash you need to have available to cover it. Without a Cash Discount Program, it’s nearly impossible to know how much your bill will be, and there’s no way to control it.
How Does It Work?
With a Cash Discount Program, each credit card transaction collects an additional 4 percent fee, which is drafted out of your checking account on a daily basis. Not only will it save you money, the predictable nature of the program can save your cash flow as well. No big bill at the end of month, no unpredictable fees, just a simple and transparent model that saves you money with every swipe.
At Merchant Services Done Right, we know that implementing new programs and making changes to your business’ pricing and costs can seem scary. We understand many merchants’ initial hesitation, as we felt it ourselves. Like you, we worried that our customers wouldn’t like it, that it could impact our turnover and attrition rates, and that we would regret implementing it if we tried.
However, since launching the program in 2018, we have been shocked by the amount of enthusiasm for this program from our merchants. We’re the first to admit there’s not much that’s exciting about credit card processing, but when talking with small business owners we hear genuine excitement in their voices when they tell us how much this program has helped their business. In fact, nine out of ten of our merchants who try this program stick with it. One thing we can all agree on — processors, business owners and customers alike — is that credit card processing is expensive, and all of us are willing to work together to cover the costs.
What Are You Waiting For?
At Merchant Services Done Right, we’re happy to offer you a free smart terminal — as we do with all our customers — to try the program for 30 days at no cost to you. We won’t ever ask you to sign a contract, and if you like our program and want to switch, we’ll cover up to $295 of your cancellation fee with your previous payment processing provider. With absolutely no risk to you, there’s no reason not to give it a try and see if you can save your business thousands of dollars a month in credit card processing fees.