Matrix POS Cash Discount Program
For years all business owners have experienced a shift from customers using cash to now preferring credit card payments, which are now the primary form of payment for most businesses. As a result, the high expense of accepting credit cards and the expense of processing fees are now unavoidable. However, with cash discount programs, businesses will eliminate their credit card processing fees through the application of a true cash discount. These zero cost credit card processing programs allow any business owner to eliminate the expense of credit card processing fees even if customers are making purchases with a credit card or debit card.
Cash discounting is a relatively new concept and helps most businesses lower the swipe fee and the financial burden of the processing cost of all your customers. Here, we explain how we eliminate the processing costs of card fees by complying with payment card networks, allowing you to receive a discount amount that drastically reduces any additional fee associated with a customer purchase. You can expect the profit margins of your revenue to increase, even if you have few cash customers and most sales are done with debit card transactions.
How Do Merchants Benefit from the Program?
Cash discount processing utilizes cash discounts to eliminate merchant fees charged by credit card companies to businesses that accept credit card transactions or debit card transactions. A true cash discount program is compliant in all 50 states. When using cash discounting, business owners eliminate fees associated with accepting credit and debit cards as payment. As your merchant services provider, Matrix POS will eliminate your processing cost on your entire monthly processing volume when you accept credit cards. Your business would benefit by incentivizing cash paying customers by having no additional fee for a cash payment and posting a higher credit price for credit card transactions.
Benefits
Eliminating Processing Fees
Credit card processing costs are reduced or eliminated helping you increase your net income every time you accept purchases from customers paying with credit or debit cards by offering cash discounts. Most merchants believe payment processing costs could only be diminished by reducing the amount of fraud risk, using an address verification service, and negotiating with credit card processors by lowering rates. Instead, now you can use cash discount programs to reduce the merchant processing fees of every credit card transaction. With cash discount merchant services, there are legal credit card processing programs that save money with little to no credit card fees. Instead of card processing fees being entirely uncontrolled and defined by credit card companies, finally, you can reduce or eliminate merchant monthly fees through a legal cash discount program.
No More Annual Rate Increases
Cash discount programs eliminate rate increases and do not take advantage of the business owner. With our credit card processor, cash discounts are provided by displaying a cash price for a cash payment. What makes a cash discount program legal is two separate prices posted. Rate increases are now changed where the customer pays the rate when using a credit card. These rates won’t have volatility or change year by year. You can then give customers the option to pay in cash or card, where they receive a discount for cash purchases. This is what makes a cash discount program work, and makes cash discount legal.
Improve Cash Flow To Your Business
Instead of wasting money on expensive credit card processing fees every month, you can increase your revenue with the help of a cash discount program. Your business will reward customers for paying in cash by offering them a discount through this program while saving your business money. This way, even if you are a small business owner you will have more revenue to allocate in your business, helping you be more successful by enabling you to compete with larger companies with more affordable prices.
How Do I Pay Zero Dollars in Monthly Processing Fees?
When implementing a cash discount program, your credit card processing fees will be reduced or eliminated.
While following strict card brand rules, we are able to eliminate the interchange fees for most business owners by implementing a compliant cash discount program that offers a discount for cash purchases and waiving the fee for customers paying with debit cards. Staying within the regulations will enable your business to process payments more efficiently and in a cost effective manner through cash discounting, ultimately reducing or eliminating card processing fees and any monthly fees.
What exactly is a Cash Discount Program?
Cash discounting gives customers who pay in cash a discount at the cash register. A merchant can either list items with two different prices, one price for credit card purchases and one price for cash payments, or you can simply apply a discount at the register. With cash discounting, the amount of the discount is normally the same amount as a credit card processing fee would be. For example, if your credit card processing fee is 3.99%, your cash discount would also be 3.99%. This is how cash discount programs incentivize customers to use cash. It is a way to promote your business and save the customer money when they pay with cash.
You can be in control of your business with the help of a cash discount program that allows you to save money on credit card processing fees. These fees add up to hundreds and thousands of dollars every month. You can use these savings to invest in marketing for your business.
We provide a variety of different approaches to help you be legally compliant with your Visa, Mastercard, Discover and American Express cash discount guidelines.
Benefits from a Cash Discount Program
Merchants benefit from cash discounting because customers love the idea of saving money and getting a discount, even if it is just a small amount. If you have many competitors in your area, a cash discount will give them a reason to come to your store instead of going anywhere else. For example, if you own a gas station or convenience store, it might be hard to incentivize customers with the products you sell because the products you sell will be so similar to your competitors. However, if you offer a $0.10 off per gallon of gas or $0.15 off of every cup of coffee, customers will have a good reason to come to your store.