Cash Discounting Lessons from A New Payment Partner

    

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!

Below is Clearent's explanation of the different "types" of discounting/surcharging:

  1. True Cash Discounting – A true cash discount is when a business offers a discount to customers who pay by cash, check or store-branded gift card, instead of with a credit or debit card.
  2. Non-Cash Adjustment – Implementing a non-cash adjustment is another way business owners can offer a discount off of their listed, stated and advertised prices. Customers who pay with credit and debit cards do not receive the discount and will notice a non-cash adjustment on their receipt.
  3. Surcharging – Surcharging is when a business owner applies a fee to a customer who pays by credit. It’s important to note that surcharging is prohibited in six states and requires business owners to follow a few additional steps so they are in compliance with the card brands.

If you are interested in one of these programs for your business, contact us for more information:

907-243-2683

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About The Author

Lynn literally grew up in the point of sale and cash register industry – and is now at the helm of the family business. She enjoys working with local Alaskan businesses, especially restaurants, grocery stores, and retail operations - helping them control costs and increase revenues through well managed point of sale solutions. Besides running the company, Lynn has also served on the Board of Directors, and as Chairman of the Board, for the Retail Solutions Provider Association.