Cash discount program guide: 3 best options & how to get started

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Credit card companies allow business owners to increase their sales by offering credit card purchases. However, it is an expensive process. The credit card processor must take a percentage of every credit card transaction because they provide the service of sending and verifying data between the merchant account, customer’s bank, and merchant’s bank. However, cash discount programs are being introduced to help businesses save money. Here are some of the most helpful cash discount programs.

National processing

This small company caters to small businesses that would like to save money on credit card processing costs at an affordable rate. They charge $9.95 per month and provide you with a full-service merchant account. Typically, this company will offer interchange-plus pricing for their program; it is possible to omit these fees on the customers that pay with credit cards with the help of a cash discount program. They offer many products that can automatically apply cash discounts to customer purchases, whether with a debit or credit card, check, or cash. You can use a compatible terminal with the account you set up with them and be billed every month. There are no required long-term commitments.

PaymentCloud

This is an excellent solution for high-risk businesses that find it challenging to get approved for a merchant account due to the nature of their commerce. This company works with banks and back-end processors to get your company approved without you having to pay an account setup fee. You can include a free terminal and not have to pay a monthly minimum.

Cash discount program

This program has no hidden fees and is very transparent throughout the process of setting up your merchant account. You can pick a cash pricing model that fits your company’s needs and reduce fees to zero or the bare minimum. With the help of this program, you have more control over the pricing of your goods, which can help you become more competitive. You can eliminate credit card processing fees and reward cash-paying customers.

How do I get started with a cash discount program?

Getting started with a cash discount program is easy and requires very few steps.

Sign up

You need to consult with a representative and figure out which program works best for you. Then you can sign up.

Modify equipment

You will need to have your processing hardware and payment gateway updated and reprogrammed to allow cash discounts to happen automatically. You can work with your representative to learn how to do this.

Post notices in store or website

Because your customers may not be aware of the cash discounts available, you should alert them. Let them know that they can receive a discount for making a cash purchase.

Next steps for cash discount program

You can read more here to learn the basics of cash discount programs to help you make an informed decision. Don’t feel pressured to buy new equipment. No special hardware is necessary, and most cash discount programs can be used with compatible systems you already have in place. While all credit card companies have specific limitations and requirements in place that comply with federal and state law, your cash discount program helps you follow these rules.