Introducing The Cash Discount Program
***Important update, please read***
Our NEW EDGE PRogram
Striker Payments is now offering The EDGE Program – A surcharge alternative program. As numerous card brands continue to crack down on merchants with surcharges, the EDGE program now provides an alternative solution that offers all the benefits of surcharging without the risk. For more information, call (916)-542-0753 or contact us.
With a now fully compliant program, Striker Payments is now offering merchants a solution that can save your business thousands of dollars a month in fees. You now have the option to eliminate the costs of credit card processing while still offering the convenience of accepting cards at your business. Credit card acceptance comes with steep fees and today it has become a rising cost for many merchants. It’s especially a challenge for SMB’s with smaller budgets. Between interchange fees, swipe fees and other miscellaneous charges this become a financial burden if you decide to accept credit and debit cards. This is the main reason many merchants are switching to cash discount programs.
What is a Cash Discount Program
A cash discount program allows merchants to offset 100% of their credit card processing fees while still offering the convenience of accepting card payments. This new fully compliant and turnkey solution allows you to pass on the processing fees to your customers when using a credit card at your business.
For Example: If you charge 4%, processing fees on all items, each time you sell a service or product at $100, your price would retail at $104 unless your customer uses cash. In that case, the customers making cash purchases will be discounted and will only pay the original $100. The totals are reflected on the customer’s receipt.
Many merchants confuse surcharging or convenience fees with cash discount programs. These fees are very different from cash discounting. A surcharge is when merchants increase the cost of purchases made by credit card. Please see the illustration below for a explanation of the two differences….
What are the benefits of a cash discount program?
Reduced Fees
The main benefit is eliminating your processing fees associated with credit card acceptance. If you decide not to process cards, you will not have to pay for the services. But if you have already priced your products or services to cover the card processing fees, this benefit might make even more sense for your business.
Encourages Cash Payment
Although most individuals prefer card payments, cash discounts incentivize customers to use cash instead of debit or credit cards for all their purchases. Another benefit is merchants will gain immediate access to the funds instead of waiting for deposits which can sometimes take up to 3 days with some processors. Moreover, merchants can eliminate fraud exposure.
Chargebacks Reduction
After lessening the number of customers using credit cards in your store, chargebacks will also be reduced. If chargebacks have been a massive problem for your store, the decrease might help you minimize the card fees you pay because you will be at a lower risk.
Conclusion
Why Is Cash Discounting Fair To You?
The costs to accept non-cash payments has climbed. Why? Card issuing institutions charge you to accept their cards and then often give some of what they charge you back to your customers in the form of rewards like cash back programs. Your customers are incentivized to use credit cards even when they have the cash, just so they can get the rewards. The consumer gets the rewards that you funded. But EDGE Cash Discounting makes it fair to everyone. The one who gets the benefit absorbs the costs.
With EDGE Cash Discounting, you have the power to protect your business. They can offer the cardholders whatever they like, and it will not cost you a dime. That is why thousands of business owners across the country are embracing our EDGE Cash Discount program.
So, what are you waiting for? Now is the time to take control of your margins and reap the benefits of this cutting-edge cash discounting program. If you are sick of paying thousands of dollars from your profits at the end of the month for payment processing costs, this is your solution. Contact us today to see if our EDGE program is right for your business.