In recent years, many businesses have enrolled in a cash discount program. These programs previously were not allowed, but now are allowed under the terms of the Dodd-Frank Act. Such programs enable businesses to offer customers a cash discount to encourage them to use this form of payment. These programs can save businesses a significant amount of money on processing fees. Read on to learn more about cash discount plans.
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Processing fees are a major expense for businesses in nearly all industries. Processing fees can easily run into thousands of dollars a month for businesses with high transaction volume. A cash discount plan allows a business to continue to accept credit cards, it merely encourages customers to pay with cash. The reduced amount of credit card transactions translates to reduced processing fees. How much a business can save depends on the cash discount plan and on the business’s revenue.
Offering a cash discount plan is now legal and allowed by all major credit card providers. As long as customers pay a set service fee across all transactions, the cash discount plan is within the rules. Customers who pay cash simply receive a discount equivalent to the amount of the service fee. This same discount also applies to customers who pay with checks (if the business accepts checks). Many cash discount plans also offer customers a discount equivalent to the service fee if they pay with an in-store gift card.
If your business can benefit from a cash discount plan, Adept Payments has a solution for you. We offer a simple cash discount plan that includes training for your employees and signage for the customers about the program. If you’re interested to see just how much your business could save with our cash discount program, you can contact us to get a free personalized rate quote. You can also contact us if you have any questions or need any more information about our services. One of our knowledgeable associates will quickly get back to you with the information you need. We can also help you set up an appointment with one of our associates so that you can speak to us live about the payment processing needs your business has. Contact us today to learn more about our cash discount plan.
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