Hello Agents! Just as card transactions are becoming more popular every day, merchant processors are becoming more important to the small businesses that accept those cards. Each processor is unique in the opportunities and advantages they offer. These can range from lower rates to cash advances or loyalty programs. One such advantage that FlashBanc offers in particular is the Cash Discount Program! This program helps merchants with their processing fees, and is something that you should mention to every potential merchant!
What is the Cash Discount Program?
The Cash Discount Program adds a service charge of a varying percent to a customer’s price every time they use a card. If the charge was 4% for example, then every customer that uses a card will be charged 4% more. This in essence increases the price of every product or service the merchant offers by 4%. Therefore, if a customer pays in cash, there is no service charge to process a card, and they receive a “discount” of that 4%. With either result, this saves the merchant money in processing fees.
How does it affect the customer?
Aside from increasing their bill by a slight amount to cover the cost of processing their card, it doesn’t. This increase is negligible on most normal transactions, and only becomes more significant on larger transactions. A 4% increase to an $11 purchase results in only an extra 44 cents. However, on an $1100 transaction, they can expect to see an extra $44 added on. This encourages spending cash on larger transactions, but customers can “save” on any purchase, regardless of size.
What do the merchants need to do?
The only requirement is the use of signage disclosing this information to a merchant’s customers. A simple sign at a terminal explaining the 4% service charge will satisfy this requirement for approval. From there, the program is applicable to select terminals, including the PAX S80 and Clover terminals. The PAX S80 is pre-programmed for the cash discount out of its box. The Clover terminal suite, consisting of the Clover Station, Flex, Mini, and Go, requires the use of an app that is found on the Clover App Store.
What’s the catch?
Well isn’t that just the best part? There is no catch! Contract? Nope. Statement fees? Nada. Early termination fees? None. Just the mentioned signage. Past that, and having the correct equipment, the merchant is free to use the Cash Discount Program to their heart’s content.
How do they sign up?
By contacting FlashBanc of course! They can either call our support number, or gain contact through their handy-dandy agent, YOU! Then you can pass them along to us, they’ll answer some questions, fill out a form, and be on their way to sweet sweet cash discounts. Its a very quick, simple, and painless process that benefits everyone involved. With that, make sure to mention the Cash Discount Program to all of your merchants and give them the information needed to contact us and sign up!