When I’m talking with people from the lower 48, I often use a bear analogy to describe how Alaskan businesses depend on the summer. In spring, we gear up for a big summer, where we try to do as much business as we can; because in the winter times will be much leaner. It seems very similar to the bears we share the state with. At Skurla’s, we see this same cycle every year, and this year we’ve been busier than ever. Our new EdgeServ POS is doing amazingly well for us and our customers. More Alaskans have chosen us as their POS and payment processor provider this year than before the pandemic. Our solutions have enabled Alaskans to make it through the past two years, some customers have even told us they had their best years ever! So far, this year is shaping up to be bigger than others. But success doesn’t come without its challenges.
What does it mean to share credit card fees with customers? We have had several inquiries lately, so thought we would pass along a little bit of information.
If you are a business that accepts credit cards, you know that there are fees involved. And historically, a customer that pays in cash pays the same price as a customer that pays with a credit card. Many just accept this as the cost of doing business. However, with card acceptance at 80% or higher, businesses are starting to take a second look at the fees and ways they can share these fees with customers that want the convenience of using their card.
Start saving some of those fees to put back into your business.
Heartland Restaurant recently shared this article with us, and we thought it would be helpful to share with you too:
During this crisis, business owners are looking at all cost cutting options in order to keep their doors open. We have talked to our peers in the industry and have learned that many of their customers are turning to different cash discounting programs to reduce or eliminate the cost of accepting credit cards.
This is an ongoing series of articles about cash discounting and surcharging programs.
I recently returned from a conference and attended a session by Clearent to learn more about this hot topic in the payment world. The number one take away from this conference - you need to follow the rules very carefully - and work with a partner that knows what they are doing!
Did you know that cash discounting and surcharging programs for credit card fees is legal in most states. We have seen an uptick in the use of these methods to offset credit card fees in some locations locally, but isn't common in most businesses - yet. So, we decided it was time to learn more: