Cash discounting by North American Bancard? Paying with plastic will be a slightly different process than before. To encourage consumers to use cash and offset the costs of accepting cards at the merchant’s place of business, a surcharge will be imposed upon the customer at checkout, increasing the cost of the purchase for the consumer. In this situation, the consumer is able to use the convenience of plastic and the merchant is able to offset the fees that are incurred when accepting cards to help their business and increase their margin.
Understand your customer’s motivations and tailor your product’s value to their specific needs. This means you can’t use the same generic pitch for every customer. What’s the best way to do this? Research your customers, distribute surveys, and gather feedback from current customers, as well as potential customers as you build a relationship with them. Why should customers care? If they have a problem, you should present your product as a solution to that problem.
Are you tired of losing 2 -4% of your credit card sales to the credit card companies? That’s the cost of doing business, right? Where do you draw the line, though? When does it become too expensive to allow customers to pay with credit cards? You can’t just turn credit card paying customers away – that’s bad for business, so what should you do? Try the Cash Discount Program. It helps ease the financial stress on merchants while rewarding cash buyers with a discount. It’s a win-win for everyone. Read extra details on Cash Discount Merchant Services.
Get to know your client and their business: Once you understand client goals—personal and/or business—can you make recommendations on where you can offer additional help. This requires not only understanding your clients’ needs (a checking account, retirement savings, or life insurance), but also understanding their aspirations (early retirement, dream to open their own business, or desire for international expansion). Aspirations will come out in your client conversations only when you ask and when there’s a strong relationship. Once you understand your clients’ aspirations, you can provide insight on how to help them reach those goals. This is remarkably powerful.
If you use any type of transportation, ask for a senior discount. This is especially true for those who use public transportation. You could save a significant amount of money on these discounts. Big Lots: Some locations offer discount savings cards. Some locations offer up to 10 percent off through their discount programs. Goodwill: Perhaps one of the best known locations for savings. Seniors can get between 10 and 20 percent off one day each week. Locations set the dates that work for their needs. Bealls Outlet: Seniors get 15 percent off every Tuesday. Target: Limited access to senior discounts is available at Target. However, some locations may offer discounts on specific days for various events. Marshall’s: Marshall’s provides seniors with limited discounts. Special offers may be available at some locations. Kmart: A limited number of stores still offer the senior discount of 40 percent off on Wednesdays for seniors over 50.
Let’s Make Things Easier With an Example: A store sells baseball gloves at the price of $10 each. There’s a signage on the door that says, ‘We have a discount on cash payment while all credit card payments will be made on full price”. Now, if the payment is made via credit card, you will charge $10.5, which the customer will assume is the actual non-discounted cost of the gloves. Now let’s put this example in our previous 7 Eleven kind of store scenario. Here, we will have a 4% surcharge on credit card payment instead of $0.50 from the example because we are allowed to have a 4% charge max. So if the baseball gloves seller is doing $10k a month in credit card payments, we will tell him that instead of paying a $300 fee from your pocket, you put a 4% fee on credit card payments. Read more info at https://www.shawmerchantgroup.com/.