You’ve seen it before: business owners offer a discount if you pay with cash or check instead of using your credit card. It isn’t a new concept, but what IS new is VizyPay’s way of implementing it. We manage to keep your customers blissfully unaware that they are paying for their fees, yet your processing expenses are reduced to $100 or less per month.
What is Cash Discount 2.0?
With our Cash Discount 2.0 program, you raise or quote your prices 4% higher than usual, and you can choose to offer a 4% discount to customers willing to pay with cash or check (wait, people still use tabs?). That way, when a customer wants to spend with their card, our technology recognizes 4% of the sale is processing fees and peels it away automatically, so it never hits your books. The old version of the cash discount program added a 4% service fee to card sales, which required signage, alerting the customer of the price and potentially creating friction.
Cash Discount 2.0 accomplishes the same thing while keeping your customers happy. When you incorporate that fee into your pricing, there are no surprises for your customers, except that they might get a discount for paying with cash if you choose to offer that. Your regular customers who would notice a price increase can still get yesterday's pricing if you offer them a cash discount. It's as simple as that!
See the Program in Action
Picture this: you head to your favorite coffee shop in the morning to grab your usual. It's usually $5 (if you're anything like me, it's probably an extra-large). Still, unbeknownst to you, the coffee shop recently signed up with VizyPay and is now participating in Cash Discount 2.0. Your $5 coffee is now $5.20 on the menu. You hand them $6, and when the cashier rings you up as paying with cash, their POS system automatically lowers your usual price back to $5. Awesome! You leave feeling excited because A) You are about to drink an extra-large coffee, and B) you know the secret to getting yesterday's prices on your favorite coffee is to pay with cash! No problem. The car behind you in the drive-through also notices the prices increase and still pays with a card. After all, it was just $0.20, and she didn't feel like digging in her purse for change. No problem!
Is a cash discount program right for your business?
Do you encourage people to pay with cash or check whenever they can?
Great! If you would rather have people pay with cash or check, what better way to encourage that than to offer a discount if they are willing to do that?
Do you provide quotes for projects or services?
You are the perfect candidate! Especially if you are concerned about your prices remaining competitive. With Cash Discount 2.0, your customers will feel like they are getting a deal when you tell them you can give a 4% discount for paying with cash or check.
"This landscape project will be $10,200, but if you pay with cash or check, I will give you a discount and drop it to $10,000."
People always chase a good deal or a sale. They like to feel like they are unique to get a discount. Plus, most people with high tickets only pay with their card for the points. So this will encourage cash payments but still gives them the option to use their card.
Do you hate having a high, unpredictable monthly bill?
In reality, all industries can benefit from this program, and we have clients in a wide variety of industries who have had tremendous success with it. You will never again have to wonder what amount will be deducted from your bank account at the end of the month. This program reduces that expense to as low as $25/month for unlimited processing.
We don't believe that locking you into a contract is the right way to do business. We want to EARN your company every time we interact. If you wanted to test Cash Discount 2.0 in your business to see how customers respond, we would help you make the transition. What’s holding you back?
What are the best types of businesses for Cash Discount 2.0?
VizyPay integrates seamlessly into most major restaurant POS systems for industries, including:
- Restaurants, bars, and clubs
- Automotive (transmission, body shop, tires)
- Service (flooring, roofing, plumbing, landscaping)
- Specialty/novelty (boutiques, gift shops, vape/e-cig)
If you are curious how Cash Discount 2.0 would work in your business, get in touch with us today! For more information about our programs and tips for your business, browse our blog.
Amy Hayes wrote this article. Make sure to connect with her on LinkedIn and let her know what you think!