In today’s world, it is essential for businesses to offer their customers the ability to pay by credit card. But unfortunately, credit card processing comes with fees. For every sale made, Visa, MasterCard, and other credit card platforms take their cut. And these fees are increasing. In the past 10 years, fees collected by Visa and Mastercard have more than doubled. For a small business operating with thin margins, these fees can be taxing. Some businesses have been forced to stop accepting credit cards, while others have tried offsetting these costs by raising prices to recoup these fees. What if you could virtually eliminate these costs? With the cash discount program from Edge One, you can do just that.
Help Your Revenue Grow
Credit card fees may not seem like much at first glance, but they add up. Fortunately, there is a way to reduce credit card processing fees. Business owners can offset credit card processing fees while collecting more sales revenue through a cash discount program. These programs allow businesses to offer incentives to customers who pay with cash rather than using a credit card. Those who choose to pay with card pay a specified amount, with the processing fees built into the cost of the product. By forwarding fees to the customer, you can maintain product pricing. Businesses participating in the cash discount from Edge One see an average savings of $12k annually in merchant processing fees.
Will cash discounting upset my customer?
Merchants have been reluctant to adopt a cash discount program because they are afraid of upsetting their customers. There is little need to worry. Your customers are not being penalized for using their cards, but rather rewarded for paying cash. Studies have shown that for most consumers, this is not an issue. In contrast, these studies found that consumers are 11% more likely to switch from their preferred payment method to cash when a cash discount is offered. There are many factors that play into a customer’s choice in payment method. They may not have cash on hand or may prefer to use their credit card to receive associated rewards. When polled, very few consumers cited surcharges as a reason for deviating from credit cards.
Edge One provides detailed signage at the front door, time of purchase, and on the receipt. This assures that the customer is aware of the fee prior to making the purchase, giving them time to decide whether to pay with cash or with card. Our customized terminals automatically add the additional percentage in, so there is no extra work or math for your employees. It’s that easy.
Find out more about Edge One’s Cash Discount Program
We can provide you with a free analysis that shows your current program and how it stacks up against the Cash Discount Program, revealing your savings potential. Our program is risk free. If you decide this isn’t for you, you can return to your original program. Contact Us at 800-423-3343(EDGE) and the team at Edge One will help you choose the program that is best for your business.