Each time a customer pays by card, you will need to processing fees, which can be very expensive in the long run. However, now models like cash discount programs help businesses save on these fees. Today, there is a wide variety of services provider who offer cash discount programs to businesses. So, how do you narrow down your choices and choose the right cash discount program?
Our Acceptcreditcard4free™ Cash Discount alternative program vs Competitor’s Surcharge programs.
Let’s say that you walked into a store and planned to buy a surprise birthday present for your significant other. A Leica V-Lux 5 Explorer Kit caught your attention and you walked over to look at the advertised price. “$1,450. Nice, it’s within my budget,” you commented. After determining you can afford the product and that it is a practical gift, you approached the cashier and got ready to pay. You took out your credit card and was slightly surprised when you had to pay a higher price (e.g., $1,500). Did you know that it was the price for non-cash payments? This is a practice called surcharging where businesses use it to cover the cost of processing fees.
For business owners, the primary advantage of surcharging is that they don’t have to bear the expenses for processing. Any cost reduction can be a big help for businesses with thin margins. The downside, however, is that some customers may dislike the idea of paying more than they should. As a result, they may patronize other businesses instead of yours.
At TITAN Merchant Services, our Acceptcreditcard4free™ Cash Discount program gives customers the option to receive a discount off the advertised price by paying with cash. For example, one of your goods may have an advertised price of $10. If the customer chooses to pay by cash, they may get an additional discount of 4% off the $10. This means that they only pay $9.60. Even if some customers don’t happen to have the cash, they don’t feel bad as they are still paying the same advertised price. At the end of the day, you win because the advertised price has already included your processing fees.
Why choose TITAN’s Acceptcreditcard4free™ – Cash Discount Alternative program vs other Cash Discount programs?
Clover’s Cash Discount program: $20/month service fee, monthly minimum $35-50, covers 70-90% of processing fees, only allows cash discount on credit card transactions. Debit card transaction fees still get charged to the business, Clover software fees $5-65/mo., not available for virtual terminal or shopping cart, minimum contract 1-3 years. No High Risk industries. Limited equipment options
Other Competitors programs: $20-$75/mo. service fee, monthly minimum $35-50, covers up to 100% of processing fees, only allows cash discount on credit card transactions. Debit cards transaction fees depends on the company, equipment purchase or leasing fees, monthly software fees $20-$55, not available for virtual terminal or shopping cart, minimum 1-3 years. No High Risk Industries. Limited equipment options
TITAN’S Acceptcreditcard4free™ program: $0/month service fee, monthly minimum negotiable, covers 100% of processing fees, covers 100% of signature debit card fees, $0 equipment purchase or leasing fees we provide it as part of a free loaner, $0 monthly software fees, YES available for virtual terminal or shopping carts, minimum contract 0 years. YES High Risk industries. Variety of equipment options (Countertop, POS System, Wireless, Mobile, Ecommerce/Virtual).
With the straightforward legality surrounding cash discount programs, it is the preferred model to help merchants save on processing fees. When you have established that you want to implement a cash discount program to your business, you should look for a reliable processor.
With 30+ years of experience, we are able to deal with your queries and doubts quickly and efficiently, giving you peace of mind. We have been the leading choice for many businesses who are looking for personalized payment solutions. Not only do we have the best rates, as you can see we are also transparent with our pricing. Our team here is also dedicated to understanding each business and customizing a solution for you. As a premier provider, we aim to only give the best to our clients.
Looking for a cash discount program? TITAN Merchant Services is your ideal partner. Feel free to contact us if you have any queries regarding our Acceptcreditcard4free™ program today!
