With our cash discount program, you can pass the cost of acceptance back to the consumer through a dual price program or a true discount for cash sales. Our cash discount services allow business owners to continue to accept all major credit cards, but without the loss of money in fees.
Why Small Businesses Should Offer Cash Discounts
Small businesses operate on thin margins, typically without the large reserves of an enterprise-level company. Every dollar matters a great deal to the success of the business. Cash discounts in Destin can be an excellent incentive to increase income flow for small businesses, leading to greater success. It’s also an excellent way to set your business apart from the competitors and attract more customers!
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What is a Cash Discount?
There are a few ways customers can pay for their invoices or pay for products and services at a register. Credit and debit cards are very common, with fewer people carrying cash. Cashless is often positioned as the way of the future, but for small businesses, that can create a few problems.
All it takes is to let customers know that any invoices or payments made with cash come with a discount. The discount could be a fixed dollar amount or a percentage of the entire bill. If you are offering a fixed dollar amount, be sure to set a reasonable minimum purchase amount so you do not lose more money than you should on a transaction.
Why not add credit card processing fees to the transaction and avoid cash discounts altogether? This is called surcharging and is illegal in some states. Where states do allow surcharging, your company will need to tell customers that you are charging them the fee. As you can expect, many customers are unhappy about this and are less likely to pay more than the list price for an item.
Offering a cash discount in Destin ensures that your merchant processing service fees — a required aspect of doing business for most companies — are manageable. Credit card processing costs are built into each item and paying with cash simply triggers money off the top for the customer.
Surcharging and cash discounts are two sides of the same coin for small businesses trying to be as profitable as possible. Cash discounts in Destin have fewer regulatory restrictions and better optics for customers while attaining the same goal of reducing fees and improving profits.
We are happy to work with you to help you understand your options for merchant processing services and fees and how a Destin cash discount can help your business thrive. Contact us today for more information.
