Zero Credit Card Processing Fees
By offering a Cash Discount program to your customers who pay with cash, you are able to eliminate 100% of your processing fees. This 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. Cash Discount programs are legal in all 50 states per the Durbin Amendment (part of the 2010 Dodd-Frank Law), which states that businesses are permitted to offer a discount to customers as an incentive for paying with cash.
Let me explain how it works.
A customer-pricing notice in your store will state that a product or service that is listed at $100 will actually be $104 unless the customer is paying with cash. Customers paying with cash will be offered a “Cash Discount” and only pay $100.
The posted prices in your store are considered cash prices and the customer-pricing notice allows for a fee if the payment is not made with cash. Important detail to remember here. Merchants are required to display a customer-pricing notice that informs each customer about your customer service charge that is on all transactions.
This is a win not only for merchants but your customers as well. You not only eliminate processing fees, you are offering your customers a discount if they pay in cash.
Contact Steve Kelly at 856-685-6644 to get more information.