Eliminate the expense that comes with accepting card payments by passing these costs on to the customer using a “Cash Discount” program.
* rates listed pertain to the Acquirer Managed option of the Cash Discount Program
A Cash Discount program is a method of implementing a service fee to all customers who pay with a card, while providing a discount to those who pay with cash.
Isn't this a Surcharge?
In short, no. Cash discount is where merchants offer a discount on the posted price for cash customers, whereas a surcharge is when additional fees are added to the posted price for customers paying by card.
What are the benefits?
The most obvious benefit for merchants adopting a cash discount program is reduced or eliminated processing costs.
Increase Cash Payments
Offering a discount incentivizes cash payments meaning instant access to funds and consistent cash flow, as processing times are eliminated.
Reduction in Chargebacks
As frequency of card payments declines, the risk of chargebacks & likelihood of fraud also decreases.
The fees collected are deposited to your account as batched settlements. After each billing period, the account is debited for the total service fees collected over the course of the billing cycle.
The processor removes the surcharge fees you collected prior to sending the funding file to your account. No debit of the surcharge fees will appear on your account at the end of the period.
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