Let’s face it: as a business owner you are BUSY. Whether it’s keeping up with inventory, managing payroll, or billing clients, you have a long list of things to accomplish throughout the month while trying to remain as profitable as possible. So, when that dreaded credit card processing bill arrives every month you try not to dwell on it. It's just another part of owning a business, right?
Your processing salesperson assures you they've hooked you up with the best rate, and they haven’t royally messed anything up yet, so you have no reason to shop around. Plus, you don’t have the time to spend attempting to compare the various rates and types of fees of each company. So as a busy business owner, you’ll settle for your current company, despite that dreaded monthly bill. You’ve heard of this new trend “Cash Discounting” but your customers are different, and you know they wouldn’t be happy to see a 4% service charge on their bill. As much as you would LOVE to reduce your bill to $25 per month, you just can’t charge your customers a 4% fee.
What if there was a brand-new way to implement a cash discount program that would leave both you and your customers happy?
How could that possibly work? The answer is simple. RAISE your prices by 4%. VizyPay's unique technology isolates the 4% increase and immediately applies that to your processing bill, reducing it to a flat, low fee for unlimited processing (as low as $25!). Using this program, you no longer have to worry about an unpredictable processing bill and all of the rate and fee confusion.
Our new cash discount program, Cash Discount 2.0, allows you to have customers cover their own fees while making them blissfully unaware that it's happening- because it's included in the price they see. If you have regulars who would make a fuss about a 4% price increase, we have good news: they can still pay yesterday's prices simply by paying with cash. This new program replaces the need for service fees, cash discount signage, and any other evidence that would indicate to a customer that they are covering their own fees. In place of that, when you raise your prices by 4%, the price they see on the menu or item in your store is the amount they are charged at the register.
When you partner with VizyPay, 4% is isolated from the credit card sale immediately so that additional money doesn't hit your books and your bill each month is one flat, low fee. (Which is why simply raising your prices on your own does not accomplish the same thing as the cash discount program with VizyPay would.)
Getting Customers on Board
The key to this program is how you present it. Take off your business owner hat for a minute and put on your buyer hat. With our old program that added a service fee, if you buy a $5 coffee, you might be confused when you look at the receipt and see an additional 4% service fee was charged just because you paid with your credit card. Our Cash Discount program allows business owners to avoid having a complicated discussion with their customers about what that service fee is because Cash Discount 2.0 has no service fee!
So let's say you decide to grab a coffee one morning but see the price is marked with an additional 4% (or $0.20 higher) from the beginning. You're probably still buying that coffee and most likely don't even pay attention to the $0.20. When you pay, the cashier even offers to give you a discount if you pay with cash, bringing your total down to $5. Cool! The overall experience will then be a positive one as a consumer, everybody loves the opportunity for a discount but nobody likes to be charged more.
Why Our Program Works
The reason this program works so well is because it uses the psychology of a consumer to it's advantage, and therefore works great for all price ranges! "Mrs. Customer the bill for your landscaping project is $6,240 but if you pay cash or check we will drop that down to $6,000." Sold! That person feels like they are getting an awesome deal, she has no idea that yesterday's prices were $6,000. Plus, you have the option to offer a cash discount or not. You can choose to raise your prices 4% across the board with no cash discount, knowing that you're saving money on the processing fees as well as pocketing a little more on cash sales.
Benefits of Cash Discount 2.0
- You no longer have to worry about a processing bill that is perpetually more expensive because of bi-annual rate increases. That is now OUR problem.
- NO signage stating customers who pay with cards will pay more. A simple sign showing the cards that you accept will replace that. Or if you choose to offer a cash discount, your signage will look like this.
- NO “service charge” or any line item on the receipt to indicate card paying customers pay more
- NO fluctuating, unpredictable monthly bill. You will now pay as low as $25/month for unlimited processing
- VizyPay's technology isolates your 4% price increase at the time of the sale so you won't pay more in fees, or pay money on money
- At your discretion, a discount up to 4% can be offered to cash paying customers. If no discount is given, you can profit more on cash sales
- Automated terminal will apply discounts for you on cash transactions if you choose to offer them
- 100% compliant and legal in all 50 states (We are constantly monitoring potential and current laws & regulations to make sure that you are compliant and protected. Rest assured, you are in good hands!)
- Encourages your customers to pay with cash
- No long-term contracts!
We understand that new things are scary, which is why we don’t make you sign a long-term contract. We know there will be a transition period with updating your pricing, and there may be costs involved with that. We will try to help you with that as much as we can, knowing that you will save a tremendous amount on this program.
You can try Cash Discount 2.0 to see how it works in your business without worry, and switch back to traditional processing at any time if it truly does not work for your business. (We will even match or beat the rate you had previously!) We have piloted Cash Discount 2.0 and it is proven successful. Which means we already know your main concerns, and we’ve addressed them right here!
Goodbye confusing processing fees, dreadful processing bill that seems to constantly go up, and long-term contracts, hello simplicity!
Looking for more information about our cash discount program or other tips to boost your business? Visit our blog!
This is not intended as legal/accounting advice, and we encourage you to consult with your own legal/accounting counsel about these issues.