One of the most common complaints of small retailers like convenience stores, bars and single location restaurants is the high cost of accepting credit and debit cards. Card processing fees can cut into already thin margins for many business owners.
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A recent settlement on a long-running court case in New York regarding surcharging could be a game changer for merchants who have been shouldering the burden of credit card processing fees.
According to a Newsday article, the settlement will allow New York retailers to pass surcharge fees on to consumers as long as the additional amount is disclosed in monetary terms. California, Florida and Texas are among other states that have overturned surcharge bans, allowing retailers to share or pass on the burden of using plastic. While surcharge fees are controversial, Cash Discount Programs are legal in all 50 states.
Demystifying the Cash Discount
Surcharge fees are often confused with cash discounts, creating uncertainty as to the application and legality of cash discount programs. The 2010 Dodd-Frank Law, in the Durbin Amendment, states that businesses are permitted to offer a discount to customers as an incentive for customers to pay by alternative methods.
The distinction is best explained through the posted price of an item or service. According to a Visa representative, “merchants can provide a lower price for cash acceptance… However, merchants are not permitted to post a price for cash and then charge a higher price for cards.”
With a Cash Discount Program, merchants can give customers the option to pay a discounted price when they pay with cash. This eliminates the storewide service charge and reduces costs for both the customer and business owner.
NOTE: Wholesale Payments offers a $500 GUARANTEE! If they can’t beat your current rates, they will give your business a $500 check just for taking a few minutes to allow them to do a comparison.
Better for Business, Better for Customers
Once the difference is understood, it is hard to dispute the benefits of a cash discount program for both retailers and their customers. Benefits include:
- Reduced Fees. The most obvious benefit is reducing or eliminating fees associated with credit cards usage. Merchants are able to reduce processing fees that cut into their profit margins and consumers avoid credit interest rates on small purchases.
- Simplicity. A discount program is easier for employees and customers alike to understand. Since all items in the store are priced with a built-in service fee that is deducted if consumers pay with cash, pricing disputes, interest rates, processing fees, chargebacks and other complicated accounting items can be drastically reduced for all parties.
- Less Debt. Merchants are able to retain more profit and reduce credit card charge offs. Consumers are also less likely to rack up significant credit card debt if offered a discounted cash option.
With so many types of payment options, credit card processing can be a challenge for businesses with smaller budgets.
RELATED: Credit Card Processing: What Is a Cash Discount Program and How It Can Help Your Business
Retailers who are looking to reduce fees that cut into their profit margin can take advantage of cash discount programs, while offering customers more affordable pricing.
* Below are The Highlights of Wholesale Payments Cash Discount Program & The Benefits For Your Business...ANY/EVERY Business!!!
• 0% Credit Card Processing Cost
• $0 Transaction Fee
• Free State-of-the-Art Equipment
• No Hidden Fees
• $45 Flat Fee Per Month
NOTE: See Video & Attachments Below
Choosing the Best Cash Discount Program
Wholesale Payments is THE leading credit card processing company in The US offering one of the most incentivizing cash discount programs on the market.
Wholesale Payments Cash discount program eliminates up to 100% of processing fees while enabling businesses to offer their customers a larger variety of payment options.
Wholesale Payments Technology makes it easy for you to offer your customers cash payments, contactless pay, mobile pay, gift cards, and credit card payments without charging you any of the hefty processing fees. By eliminating these fees entirely, you can save your business thousands of dollars per year.
Wholesale Payments also offers 24/7 customer service, transparent pricing, no setup costs, and will walk you through the setup process with a product professional for FREE.
You’ll also have access to QUICK Cash Advances, FREE State Of The Art Equipment, Local Account Management and ton's of other perks.
Get in touch with Wholesale Payments by clicking HERE NOW to learn more about how a High Quality Cash Discount Program can boost your business AND INCREASE YOUR PROFITS IMMEDIATELY!
Learn More About Wholesale Payments Cash Discount Plan
If you are interested in learning more about the credit card processing industry and which processing solution is right for you, contact us today by phone @ 772-237-1017 or by email by clicking HERE NOW!
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