Many customers simply don’t make a purchase if there is no
credit card payment facility available at the store. On the other hand, providing
this facility comes with a cost that the merchant has to bear. However, with
the Cash discounting program
for merchants, you can offer a credit card payment
facility at your store without having to pay any additional costs.
The merchant cash discount program enables business owners
to charge their customers on each credit card payment automatically. They can
either set a fixed fee between $0.01 and $1 per transaction or up to 4% of the
total amount charged. This way, the merchant won’t have to pay the cost for offering
a credit card facility while providing customers with multiple modes of payment
– a perfect example of feeding two birds
with one scone
at a Practical Example:
To help you further understand the process, we have
discussed a scenario where a merchant saves money on a $100 transaction via
credit card while also making a little profit. Here are some things to remember;
our fee for handling transactions is 3.84% on the total amount while you will
charge 4% of the total amount.
So if the customer pays a 4% surcharge on each transaction,
then $100 paid through credit card will give you $4, while you pay our service
fee of $3.84, so you will be left with a profit of $4 - $3.84 = $0.16. This
profit of $0.16 on several transactions throughout the month can add up to a
good chunk of money that you can use to pay other business costs.
How to Get
the Cash Discount Merchant Services?
Getting our cash discount merchant processing
service is a
breeze. You just need to set up your merchant account on our platform, and we
will give you a free Verifone Vx520 countertop machine or PayAnywhere smart
terminal or the Verifone Vx680 portable payment system as a gift.
Plus, you will also receive free signage that you can place
at the entrance and counter of your store explaining the cash discount program
to your customers. Furthermore, with the help of signage, your customers will
know that they can always opt for cash payment and avoid any service charges.