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The cash discount program is a great way for your businesses to keep accepting credit cards without having the 3-4% fee taken away from your profits. What's even better about this type of service? Consumers are now accustomed to paying the card processing fee.
That's correct, all of your processing fees are gone forever. You never have to pay a processing fee again.
Your customers can pay with cash to receive a discount, or pay with their credit card. This pricing structure is authorized by the card brands and has been legal by federal law since the Durbin Amendment of the Dodd-Frank Act of 2011.
You receive everything you need to, including proper signage, and the terminal is a breeze to setup.
You won’t find any surprising line items on your statement that hide processing fees you shouldn’t be paying.
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Free credit card terminals are available
Free Point of Sale Systems are available
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Online account reporting and management
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The Cash Discount Program works by enabling you to give a small discount to all your customers who choose to pay with cash instead of a credit or debit card. Your customers who choose to pay with a credit card will pay the published price because the processing cost is built into the price of the product. This allows you, as the business owner, to get the full payment from the customer and not incur any credit card processing fees.
In 2011, Mitchell Katz (spokesman for the Federal Trade Commission) quoted from the amendment saying that “The Dodd-Frank law prohibits a payment card network like Visa “from inhibiting the ability of any individual to give a discount for payment by cash, checks, debit cards, or credit cards.” He went on to clarify that “Neither surcharging, nor a cash discount is unlawful.”
The standard cash discount is 4% and is based upon your average sale. The average % is about 3.5%.
We're happy to say that after three years of offering this program we have found the advantages far outweigh the disadvantages.
Customers understand that paying with a credit card has a cost, but it also has its benefits. Despite the opportunity to save by paying with cash, over 98% of customers still choose to pay with credit.
Implementing a cash discount program the right way should not cause you to lose customers.
The card associations have strict guidelines on how a cash discount program must be implemented. First, they require the correct signage must be posted. Then, the amount of the added service fee must be displayed on the receipt. This last one is something you are unable to accomplish on your own.
If you try out our cash discount program and don't like it we can easily switch your machine to traditional credit card pricing. No problem at all.
"Alt-Pay is local and when I have called for support James and Jerry always answer the phone and assist in getting the question answered."
"Alt-Pay offered a one stop solution when it came to credit card processing and a point of sale system that helped organize my business. I can’t say enough about how helpful they were in training and checking on me to make sure everything was running smoothly."
Oklahoma's Premier Payments Provider.
Oklahoma's Premier Payments Provider.
