A Step-by-Step Guide to Implement a Successful Cash Discount Program

If you are wondering how to implement a cash discount program, this blog post is for you. With the launch of our new site, we’re excited to start blogging to offer tips, tricks, & case studies. We’re excited to write our first post – a step-by-step guide to implement a cash discount program.

In short, a cash discount program allows a business to easily accept a lower price for cash purchases and add a small surcharge for non-cash purchases. This can be done automatically with certain terminals. The discount and surcharge often range from 3.5% – 4%. The cash discount program has several benefits. Some include rewarding customers with a slightly lower total when paying with cash, saving thousands of dollars per month, and standing out from the competition by offering an innovative payment option.

The difference between successful businesses profiting a few extra thousand per month vs continuing to pay high fees and not realizing this revenue. Most customers are accustomed to surcharges and even desensitized by fast food restaurant cashiers requesting 15-20% tips.

Finding the Best Cash Discount Program Company

Before implementing the cash discount program, you’ll need to find a company to assist you like EliminateCardFees.com. This is because you’ll need to ensure you remain in compliance, have equipment that easily calculates discounts or surcharges, and be provided cash discount program signage.

To our knowledge, we’re one of the first companies to truly eliminate all fees associated with the cash discount program. Some other merchant providers charge a monthly fee to maintain a cash discount program. With EliminateCardFees.com, we truly eliminate all of your credit card processing fees by implementing a cash discount program. There is no fine print, either.

If you’re an established business doing over $10,000 per month in sales, we’ll even cover the cost of the equipment. That means no one-time equipment costs. That also means no one-time setup fees. Some other merchant providers try to sell expensive POS systems and while we offer POS systems, our goal is to make you as profitable as possible with $0 payment to us if possible. Our team views you as a partner, not a client. If we can help your business grow – it helps us as your merchant provider! Our goal is to make money with you, not from you. After you’ve chosen your cash discount program company, you can start the implementation process.

Planning Your Cash Discount Program

Planning your cash discount program is an important step in the process after you have selected your cash discount program company. You’ll want to identify with your company your average credit card processing fees. For instance, exotic reward cards which are often used are the ones that typically have the highest processing rates. To cover these and others, usually, a 3.5% to 4% cash discount program is the sweet spot. Our consultants assist you every step of the way to make planning a breeze.

This means that if you chose a 4% cash discount program for every $100 charge, you would discount the product or service by $4.00. So the cash total would be $96. Alternatively, if the customer or patient chose a credit card as their payment method, the total would be $104.

For absolute clarity, if you chose a 3.5% cash discount program for every $100 you charge, you would discount the product or service be $3.50. So the cash total would be $96.50. If the customer or patient opted to pay with a credit card, the total would be $103.50.

This calculation seems easy with a round number, but when you have odd numbers with taxes or odd dollar amounts, the calculation can be tiresome. For this reason, all of the terminals offered by EliminateCardFees.com for our program automatically calculate the discount or non-cash rate adjustment based on the payment method chosen by the customer or patient.

Implementing the Cash Discount Program Effectively

To implement the program, you’ll need to upgrade your terminal. It will allow for dual pricing displays so the customer can choose cash or credit, then the terminal can calculate the price difference. This equipment is included at no cost from EliminateCardFees.com if your business processes over $10k per month.

Testing the program internally before launch is always a part of the process at EliminateCardFees.com. Proper planning equates to a flawless launch where you reap the benefits of savings thousands per month in fees. Our team will also help address any questions you have about the program. Our team is always here to serve you in anyway you need.

Educating & Training Staff for Cash Discount Programs

After planning and testing your cash discount program, you’ll need to educate your staff. If you choose to work with our company, you’ll not need to worry about this. Training staff for cash discount programs is another benefit of ElimianteCardFees.com. It becomes an effortless factor of the program so you can worry bout growing your business with the newfound savings. Training is quite simple because the equipment we provide does all the work!

Our team will also help address common questions from customers or patients. They will be fully prepared to logically answer any questions posed by customers about the program. In its simplest form, you are merely covering the costs associated with taking credit cards. After signing up, there are some innovative answers that we train your employees with which have a near-perfect rate of acceptance!

Communicating the Cash Discount Program to Customers or Patients

The last critical step in the guide to implementing a cash discount program is communicating the program to customers or patients. This is done through cash discount program signage and employee training. EliminateCardFees.com helps you remain fully compliant with your cash discount program. Implementation is simple and we have all bases covered.

If you ever lose or damage your cash discount program signage, EliminateCardFees.com is happy to re-produce this information for you as a valued partner. Your staff will also be trained on the latest methods of communicating the program details to customers and answering any questions they have. Our training is amongst the best in the market for a near-perfect feedback rate from customers or patients!

It is our goal that this step-by-step guide to implement a cash discount program was helpful for you!