There is a mindset among some merchants that they can “Self” surcharge. When surcharging is done wrong, it is where a business will use its current merchant account and simply choose to add a fee for the processing of all card types. The typical scenario is a SMB adding a fee to a product Read more about Default title[…]
In October of 2018, Visa released a bulletin detailing its position on the “Cash Discounting” programs that has become popular with merchants who pass on the credit and debit card fees to the customer. The problem with the so-called cash discount programs is that they add fees at the POS without complying with the surcharge Read more about Enforcement of Cash Discounting[…]
The surcharge model ensures a level of transparency and customer friendliness that benefits both the merchant and the customer. The chief component of how surcharging works is that the merchant is allowed to add a fee at the point of sale that complies with the rules of Visa and MasterCard. The primary advantage of how Read more about How Surcharging Works[…]
What is Cash Discounting? Business owners everywhere are asking, “What is Cash Discounting?” Simply put, cash discounting is the decision by a business owner to give a customer a discount for using cash as a form of payment. As an example, imagine a car dealership selling a car for $1,000. The owner decides to give Read more about What is Cash Discounting[…]
The difference between a cash discount and surcharge Much like everything in life, credit card processing fees continue to rise. With tight budgets and stiff competition, businesses are ever vigilant in looking for strategies to lower the fees. The need to accept credit cards comes with the heavy burden of various brand fees, aka the Read more about What is the difference between a Cash Discount and Surcharge[…]
Implementing a Successful Cash Discount Program In order to implement a successful cash discount program, the merchant educate their employees and customers on many of the confusing aspects of the cash discount program. The card brands require the merchant to provide at least one point of program notification prior to the sale that states that Read more about Implementing a Successful Cash Discount Program[…]
One of the questions I get a lot is how do I start connecting with the right people. There are short answers and long answers to this question, but for today I want to share just a couple quick strategies that I found that can save you a ton of time in getting to highly connected Read more about Foolproof strategy for connecting with the right people in a big room![…]