The Clover trademark and logo are owned by Clover Network, Inc., a First Data company. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners. ©2024 PPSERVE. All Rights Reserved.
Top alternatives for payment processing and with the mission to support the needs of your business
Reduce or eliminate credit card processing fees with our Cash Discount Program or Surcharge. These services can significantly increase your bottom line and return hundreds of dollars to your wallet each month.
Given that they are governed by numerous unique laws and regulations, the subject of cash discounts and surcharges might make your head spin. In that case, what exactly is a cash discount and is it the same as a surcharge?
When customers pay with cash instead of a credit card or debit card, the price is reduced and is known as a cash discount. Customers who choose to pay with a credit card over other methods of payment, such as debit cards, cash, are subject to an additional fee known as a surcharge.
According to American law and Visa and MasterCard policies, cash discounts are allowed. The use of a cash discount is becoming more widespread. Businesses display signs stating that a service fee, such as 4%, will be applied to all stated prices, but that customers who pay with cash won't be charged the cost. In other words, everything other than cash will be subject to the fee: purchases made using credit cards, debit cards, and prepaid cards.
The service charge can significantly reduce the costs associated with accepting card payments, saving businesses money. Cash discount offer the advantage of mitigating the expenses of debit card payments while surcharge programs are restricted by law to credit cards. Naturally, they encourage more clients to pay with cash as well. This, in my opinion, explains the current enthusiasm for cash discount.
We are here to support you at any point in your payments journey, whether you are a merchant, agent, or partner developer.
The Clover trademark and logo are owned by Clover Network, Inc., a First Data company. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners. ©2024 PPSERVE. All Rights Reserved.