With several decades in the trenches of credit card processing, I’ve seen first-hand the evolution and escalation of merchant fees, a burden many business owners bear with grudging necessity. The increasingly popular solution? Cash Discount Programs. I thought I’d share a few insights from my 50 years in the industry. #cashdiscount
A cash discount program is designed to encourage customers to pay with cash, thereby saving the merchant the fees associated with card payments. However, not all cash discount programs are created equal. The ideal program should balance cost-effectiveness with customer satisfaction.
I recently discovered Royalty Cash Discount – a program that really stands out from the crowd. They provide an innovative take on the cash discount model. The program allows merchants to eliminate card processing fees by installing cash discount software in their POS system. When the customer pays with a card, the software automatically includes a small service charge, effectively passing the processing cost to the customer. However, should the customer choose to pay in cash, this fee is waived, hence incentivizing cash payments. The beauty of it is the cost-saving efficiency it offers without compromising the customer experience. #royaltycashdiscount
But, what honestly impressed me about the Royalty Cash Discount was the concept of royalty checks. After signing up, merchants receive a percentage of the amount processed every month as a royalty check. This is an enticing feature that turns card processing into a lucrative avenue. A business not only eliminates credit card fees but also creates an additional income stream.
The idea of passing the fee to the customer is gaining acceptance across varied businesses, stimulated by the fact that transparency is ensured – no hidden fees, complete clarity. This democratic approach to credit card processing fees strikes the right balance between leveraged technology, fair customer service, and a win-win financial model for the businesses.
My belief as a long-time industry veteran is that the cash discount model is poised to revolutionize the payment processing landscape. So, whether you’re a retailer, diner, hair salon, or any business for that matter, if you haven’t already considered these programs, now is the time. Shake off the shackles of processing fees and join the cash discount revolution. #paymentprocessinghttps://oaidalleapiprodscus.blob.core.windows.net/private/org-61jAhWZtGlFya4boPAmZOSC1/user-CQxZ8zTzCwOLjKxuEYYG2n1c/img-UDSffxL5n8AeEVIfjwHWReNh.png?st=2024-11-05T14%3A49%3A01Z&se=2024-11-05T16%3A49%3A01Z&sp=r&sv=2024-08-04&sr=b&rscd=inline&rsct=image/png&skoid=d505667d-d6c1-4a0a-bac7-5c84a87759f8&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2024-11-05T03%3A13%3A22Z&ske=2024-11-06T03%3A13%3A22Z&sks=b&skv=2024-08-04&sig=Sym4YRiAbnszfvQf5TjuwWMcjSZc1/GtUfJGJd2/zUI%3D
