Cash Discount Program
What is the Cash Discount Program?
The Cash Discount Program is a way for you as a business owner to offset some or all of your processing fees without increasing your overall rates or pricing. It's a method of implementing a service fee to all customers, while give a discount to those who pay with cash. Your current pricing in your business would be the price if a customer pays cash. Customers who pay with credit and/or debit card would see a second line item as a service fee.
Here's how it works?
1. Unlike traditional payment processing, you tell us how much you want your cash discount service fee to be.
2. You determine how much you want to save by choosing a % between 1-4% or flat fee between $0.01-$1.00 based on your average ticket.
3. We will program your cash discount service fee in a Free Verifone Vx520 and displayed signage for your door and register.
4. When you process a payment, the cash discount service fee will automatically be added to the original amount.
5. We will deposit both the original amount and cash discount service fee in your business bank account.
If you have 1000 $25 transactions in month, and you chose to charge a 4% service fee, you will see $25,000 in sales, plus the cash discount service fee of $1000 deposited into your bank account for a total of $26,000.
With traditional processing, if you have 1000 $25 transactions in month, you will see $25,000 in sales deposited into your bank account, and a debit for $1000 in processing fees for a net total of $24,000.
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Please Read: Currently, 10 U.S. states have surcharging restrictions including California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas. States listed are not eligible to participate in the Cash Discount Program. 2. Pin Base debit transactions can not be assessed a service fee in participation with the Cash Discount Program in accordance with Visa and MasterCard.