Is your business missing out on additional income? Most merchant service providers charge a credit card processing fee for any customers that choose to pay with a credit card. While it may be convenient to offer the option of paying with a credit card, it can add up to significant lost income. Explore ways that the latest Clover Station 2.0 can help you take back your missing income and grow your business while still offering low prices to your customers.
Offer Cash Discounts
A common way to avoid credit card transaction fees is to offer cash discounts. Choose a processing service that works with you to introduce a cash discount program. One way to do this is to simply discount any sale when your customers use cash. Another way is to add a processing fee to any sale where customers choose to use a credit card. This allows you to pass on savings without missing out on income from cash sales.
Charge Credit Card Transaction Fees
Credit card transaction fees transfer the burden of credit card processing fees to your customer. With a wide range of payment options available, this fee helps point customers to other payment solutions that are more convenient for both parties. A credit card surcharge is easy to include in your POS system with the latest software and hardware options.
Enjoy More of Your Sales
Credit card surcharges are a necessary part of credit card processing. This allows the processor to ensure safe and efficient processing and that you will be paid in a timely manner. Unfortunately, it can also take away a percentage of your sales. Depending on the processing company you’re working with, this percentage can be a significant amount of your profit.
Reducing your processing fee is one way to improve your income. Not all processing companies offer the same rates, so be sure to work with a competitive option. After choosing a competitive company to work with, receive even more of your profit by encouraging customers to use cash or alternative payment options.
Offer Flexible Payment Methods
A cash discount program increases your profits without decreasing the number of payment options available for your customers. Don’t turn away potential customers that prefer to pay with a credit card or mobile payment options. Simply offering a discount to those customers who choose to use cash improves your sales and gives you cash-on-hand to reinvest in your company.
Receive Funds Quickly
Search for a credit card processing company that transfers funds in as little time as possible. A long processing period is a drain on your working capital. Competitive processing should give you next-day funds to use immediately for business growth opportunities.
Cash, on the other hand, offers immediate income. Next day may be fast, but immediate funds are even more effective at keeping up a healthy working capital amount.
Update Your Credit Card Processing Technology Today
Grow your business and give your customers the opportunity to save money by using a cash discount program. Learn more about this and find out how to receive a free Clover Flex.