Make cents with cash discount this holiday.
With the holiday sales rush right around the corner, you may want to consider the cash discount program for your business. It’s a change that’s making a lot of cents for a lot of businesses.
In many states it’s nearly the season for gift buying, hot chocolate consuming, and holiday customers. With an increase in sales, comes an increase in credit card transactions both large and small. For many businesses, with hundreds of transactions a day, those credit card fees can turn into a major expense. The cash discount program can eliminate those fees entirely.
But let’s look at those credit card fees.
Like snowflakes, individual transaction fees are not a big deal. However, when those transactions pile up over the month, you can end up in an avalanche of fees.
On average, businesses pay about $200 – $400 in credit card fees for every $10,000 in sales they process. The lion’s share of these fees go toward funding the reward points your customers earn by using their credit cards. While your customers cash in those points for their next tropical vacation, you’re faced with a blizzard of fees! The cash discount program is a new way for your business to eliminate these fees once and for all.
How the cash discount program works.
The cash discount program works by establishing a credit and cash price for your businesses products and services. If a customer uses a card, they pay the higher price. If a customer pays cash, they pay a discounted price (hence the ‘cash discount’ program). After getting the program, businesses just have to modifying their cash price. Why? Because no matter how a customer pays (cash or card), the business will ultimately receive the cash price. As a result of the cash discount program, businesses are able to eliminate their credit card fees completely.
Let’s pretend Santa decided to use the cash discount program to charge his elves for hot cocoa purchases. First, Santa would have to determine the cash price of hot cocoa – let’s assume he chooses $3. If an elf chooses to pay by card, he will pay $3.12 – if choosing cash, he’ll pay $3. Either way, Santa will receive the cash price he originally chose ($3).
Cash discount makes cents.
As a restaurant or café where you would need menu updated to reflect the slightly higher prices, we can take care of that for you. If you have a menu designer, we can do the price changes and have your designer handle the layout changes. If you do not have a designer, we can take your menu and work with our in-house media and visual design teams to make new menus for you. You can even re-order your menus through us in the future. Our support team will be on call to assist you with your hardware and software needs, will stay on top of PCI certifications (at no cost), and are available to review costs at your convenience.
It just takes a few minutes to see if the cash-discount program is a fit for your business. Soon the holiday season will be full swing and those transactions will be stacking up. Lets chat over a cup of hot cocoa and discuss if the cash discount program can make cents for your business. Here at the Connecticut office we are split between spicy hot cocoa and hot cocoa with Irish cream in it. Which do you prefer? When you fill out the form below to contact us let us know. 😉