As a small business and merchant, you’re likely fully aware of how important it is to keep customers happy to encourage repeat business and drive to loyalty. Keeping customers satisfied can be tricky however, with limited budgets and no room for error.
If you’ve already made the investment in a powerful point of sale (POS) system and have been allowing your customers to pay for goods and services with more than just cash, then you’ve already taken important steps to draw in more business.
You’re probably also aware though that each time a customer swipes their credit card, there is a fee you have to pay. On one hand, customers paying with credit cards tend to spend more and have higher bills, but then there’s the fact that those fees have the ability to really eat into profits.
Understanding the best course of action to minimize the impact of interchange fees is essential.
Consumer Pay and Cash Discount programs are the best route when it comes to recouping these fees and are far more welcoming than surcharge fees which, in some states are not even legal to impose.
Here are the top 3 reasons to choose a cash discount program:
Reason #1: Savings for the Consumer
One of the top benefits of a cash discount program is that you’re able to deliver direct and tangible savings for customers at the time of payment. It’s truly a battle of ‘gain’ vs. ‘loss’ when you consider how many customers would rather pay with cash at a lower rate, versus knowing they’ll be paying more with a tacked on surcharge fee. And let’s face it – making customers happy with their experience is a true ingredient to long-term success.
Reason #2: Avoid Merchant Surcharge Headaches
In place of cash discounts, you could pass costs down to the consumers with surcharge fees each time they decide to pay with credit cards. But raising prices is not only a way to push them off to a competitor and against the law in some states, you’ll also need to be sure you’re meeting government regulations and stipulations with each transaction.
Reason #3: Easy to Implement with a POS System
With special point of sale hardware in place, you can implement surcharges and discounts properly and take all of the risks and guesswork out of handling transactions on your own. You already have your hands full as a small business owner.
Turnkey specializes in providing POS systems and credit card terminals that comply with all regulations and requirements for credit card surcharges and cash discounts machines.
Don’t forego the savings you need to stay afloat in today’s highly competitive market. Fill out the form below to get started.