Cash Discount Program - Eliminate Credit Card Processing Fees
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:
With a cash discounting program, you do not need to pay a processing fee again. Even you can customize the service fee to balance the cost of your credit card payment transaction.
This program comes with the industry experts’ assistance who handles the legal complexities of setting up the program for the customers. Up-gradable It offers easy upgrades to make sure its amenability state rules and regulations of any state.
How Does It Work?
Anyone who is eligible for a cash discount merchant account has their payment processing equipment upgraded to add a minor service fee on credit card transactions automatically. Signage must be displayed at the checkout counter or store window to let customers see the additional price to be paid if they use a credit card for completing the transaction. The fee is waived off if a customer pays via cash or check.
Why North American Bancard has the Best Cash Discount Program?
It’s complicated to implement cash discount programs. The line between cash discounting programs and credit card surcharges is very thin. Cash discounting is legal throughout the country, but credit card surcharges are unlawful in many states. This is to protect the customer from unfair practices. Even in those states where surcharges are permitting, Visa, MasterCard, and other payment networks have restrictions about surcharging. Our experts will walk you through the setup process to comply with all state and card company rulings. Laws and regulations keep on changing. We help you maintain constant vigilance to stay compliant at all times.
How to Know If A Cash Discount Is Meant For Me?
Cash discount merchant processing programs are very useful in offsetting credit card processing fees, but they are not ideal for every business. Want to know if it’s right for you? Here are some scenarios: ·
- When you want to encourage customers to pay via check or cash
- All businesses in your local area offer cash discounts (and your customers expect the same from you)
- The fee would pose a financial burden over your customers in the long-run