You’ve seen it before, business owners offering 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 would be VizyPay’s way of implementing it. We manage to keep your customers blissfully unaware they are actually paying for their own fees, yet your processing expenses are reduced to $100 or less per month. In our recent blog post we introduced Cash Discount 2.0 to business owners and explain why it is so beneficial.
With Cash Discount 2.0, 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 checks?!). That way when a customer wants to pay with their card, VizyPay’s technology recognizes 4% of the sale is actually processing fees and peels it away automatically so that it never hits your books. The old version of the cash discount program added a 4% service fee to card sales, but that required signage which alerted the customer of the fee and potentially created friction. Cash Discount 2.0 accomplishes the exact 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. For your regular customers that would notice a price increase, they can still get yesterday's pricing if you offer them a Cash Discount. It's as simple as that!
Time for an example: You head to your favorite coffee shop in the morning to grab your usual. It's normally $5 (if you're anything like me, it's probably an extra large), but 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 the price of your usual 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 notices the prices increase as well and still pays with her card. It's just $.20 after all, 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 you 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 $10,000." People always chase a good deal or a sale. They like to feel like they are special to get a discount. Plus, most people with high tickets are only paying 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 business every time we interact. Which means if you wanted to test Cash Discount 2.0 in your business to see how customers respond, we will 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)
- Automotive industry (Transmission, Body Shop, Tires)
- Service Industry (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, chat with us or give us a call at 515-373-8699 today! It's a unique program, and we'd love to chat with you about your specific business model to see if it would be a good fit.
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Written by Amy Hayes (Make sure to connect with me on LinkedIn and let me know what you think!)