Showing posts from June, 2020

Avoiding Merchant Credit Card Processing Fees

If you are a merchant or own a business, then you know firsthand about credit card processing fees. While customers may not see that the business they are in is charged for the payments that they accept, you know very well that merchant credit card processing fees are not insignificant. While 3-5% doesn’t sound like a lot, it very much adds up and over time, it can have a heavy impact on profitability and margin. If you want to increase your margin and gain more control over how much you pay to accept payments, then there are definitely ways that you can do so. The savvy merchant works with their processor to find out how they can reduce credit card processing fees , gain more margin, and achieve a competitive advantage over their regional, national, and global industry rivals. What are merchant credit card processing fees? Though many merchants are already familiar with what exactly credit card fees are, it is helpful in the context of the conversation to go over what exactl

Cash Discount Agent Program | How to Sell Cash Discounting

With a  cash discounting program , you can actually kill two birds with one stone, and that is by selling the program to a merchant at an undeniable deal while also increasing your profit. Sounds unreal? Let me make it as real as things can get. First Let’s See How the Traditional Selling is Done?  Imagine a 7 Eleven kind of store getting $10k via credit cards and paying $300 in fee on it. Now in order to sell your program to the merchant, you will have to reduce your profit and offer him to pay $250 in fee using your program and save $50. However, with this approach, you are losing 50% of your profit and only getting $50 out of the total profit of $100. This approach might win you “salesman of the year” award, but it won’t let you buy that Mercedes you’ve been eyeing for some time. Here’s What We Will Do: You go to the merchant and tell him that you will reduce his  credit card payment processing fee  from $300 to zero or almost zero. And you will do that by telling cus

Cash Discount Program - Eliminate Credit Card Processing Fees

It is not hard to understand why business owners are checking out the cash discount program as they are losing 3-4% in the credit card processing fees with every transaction. At this moment, everyone wants things instantly and inexpensive just like same-day funds. There is no surprise that the processing of the cash discount program is on the rise. This program is gaining popularity not only in the USA but all around the world. Let’s have a look at what is the  cash discount program  is and how it works. What is a Cash Discount Program?  A cash discount program is a way of passing debit and credit card processing fees to your customers. It’s adding a small service fee on all transactions except cash or check payments. This program allows the business owners to accept the credit or debit cards but without the loss in fees, which is usually 3 to 4%. There are several benefits of North American Bancard’s cash discount program which are given below: Save Money  With a  cash

Best Cash Discount Program | Cash Discounting vs Surcharge

Cash Discounting and surcharging are two different things that you might have heard about. When you are doing any of the credit card transactions, you might have seen both of these. We will be seeing everything you should know about both of them. Many people are confused when it comes to Cash Discounting vs Surcharging. We will clear all your doubts here. The next time you see the surcharge been deducted from your credit card, you won’t have to wonder what is it. So, let’s begin the comparison of  Cash Discounting  vs Surcharging and see what are they. We will start with surcharge and then we will know about cash discounts. What is a surcharge? When you are in any of the cash discount programs, you might have seen some surcharge is deducted from the card. The surcharge is a small fee that any vendor can add to the credit card transaction. This is the fee that is charged by the credit card association to the vendor. To recover all the fees charged by the credit card

Credit Card Surcharges vs. Cash Discounts: What’s the Difference?

Credit card processing can be expensive for merchants, and it is harder for them to allow the customers to pay with a credit card. On the contrary, customers want some flexibility as they prefer to pay with a credit card. The merchants are looking for ways to save money on credit card processing. Because the credit card processing companies impose processing fees to the merchants that cut their profit margins. They implement surcharges onto the customers. According to the rules of the credit card brands, the surcharges had been outlawed that were modified after the settlement agreement. What is the difference between the credit card surcharges and cash discounting program, and how do merchants and card associations deal with surcharging? Here you will learn everything you need to know about Cash Discount Credit Card Processing and surcharges. What is a Surcharge? A surcharge is a fee that merchants add to the customer’s every credit card transaction to cover the costs