Here at Leap Payments, we work hard to deliver industry leading services for your business’ credit card payment processing all while saving you money. Unlike many banks, we keep our merchants happy by earning their business everyday, catering to high-risk merchants that other processors decline and offering unparalleled customer support. We offer a long list of services that are specially designed to help merchants like you to remain in business by lowering costs and to continue bringing valuable goods and services to your customers.
We make hardware, supplies, and online processing gateways available at competitive prices just for our valued partners like you. Unlike many processors that seek to slowly increase your fees over time, we have fought alongside industry innovators to provide cost saving policies and programs that benefit merchants and customers alike. We also bring you value-added content in our regular blog series to help ensure that all of your important questions are answered.
Introducing Our New Cash Discount Program
With the ever growing trend of card payments, credit card processing is basically a required service to offer customers. However, more and more we see these vital payment services increasing in cost while remaining less than optional for business owners. Our team wanted to find a way for you to earn more money while running your daily business. That is where our new cash discount program comes in. This low cost payment processing program is rapidly becoming one of the best ways for many organizations to do just that. Merchants enjoy reduced payment processing fees, an increase in sales through lower credit card processing fees and many businesses enjoy zero fee credit card processing!
The way it works is your customers will be incentivized with a tempting discount to make payments with cash or by check rather than to use their credit cards. When they choose to use their credit card to pay, they will simply pay the retail, sticker price for the products. Cash paying customers will see their cash discount amount included clearly outlined on their receipt.
This two-pronged approach encourages your customers to use payment methods that are less costly to you by offering them discounts for choosing to pay by cash or check. This is actually a mutually beneficial program that makes taking payments less expensive for you as well as cheaper for your customer with the discount.
The discounts they receive may be equal to the amount they are charged for using credit payments. The end result is that customers will quickly learn they can save money while also saving you money – all this adds up to more sales for you. Depending on how you manage your discount program, you can effectively reduce your credit card processing fees by as much as 95% or more. In some cases, you may even be able to drop them down to zero.
A Different Kind of Payment Processing Program
If this program seems similar to others you might have seen or experienced (name a surcharge program), it is important to note that a cash discount is not the same as a surcharge program. Surcharges are focused around adding penalty fees to customers using a credit or debit card.
Surcharge programs are also not legal in every state and cause a lot of customer resentment. Because our program only gives incentivising discounts to cash customers instead of punishing card holders, it is fully legal in all 50 states and widely praised by both customers and merchants alike. In summary; Surcharge programs motivate with punishments, whereas Cash Discount programs motivate with rewards.
How Leap Payments’ Cash Discount Program Will Save You Money
Our cash discount program is designed to help you to save money by reducing or completely eliminating your cost of processing credit card payments.
Whether you’re working from a single location, or if you have stores in multiple states, the cash discount program can help you to pay less on credit processing fees, lower your cost of doing business, and- as we will see- it can even help you to incentivize your customers to help you save money!
Cash Discount VS Traditional Processing Fees
With a traditional processing fee structure, typical merchants can expect to pay a total, combined processing fee of 4.0% per transaction. This means that every $100.00 in sales that your business earns, you are losing $4.00 just to accept debit/credit card payments. These fees can quickly add up and can cause a significant loss to your business’ bottom line.
Here is a good example of how these fees can negatively impact a typical business;
Mary owns a coffee shop that has 3 locations, each averaging $1500 in daily sales. With a traditional processing fee structure of 4.0%, the merchant is paying $60.00 in processing fees. Everyday, at each location. That adds up to $180.00 everyday, $5,400 every month and $64,800.00 yearly!
All of these processing fees could have been, almost entirely negated, with a cash discount program. Here is another example of what an average sale would look like with both programs;
Benefits of the Cheapest Credit Card Processing Available
If you are an experienced business owner, you probably know all too well that processing credit and debit payments takes a bite out of your bottom line. If you’re a new start up business, you’re probably looking to keep your overhead costs as low as possible. The purpose of this program is to reduce the cost of doing business by motivating your customers to pay in a way that makes doing business less costly for you.
Other important benefits of Cash Discounts include:
- Lower Merchant Fees
- Get Faster Access to Your Money
- Attract Customers with Attractive Discounts
- Fewer Chargebacks
- Wholesale Cost Processing Equipment
- Easily Expandable to Multiple Locations
Of course, the most important benefit of our Cash Discount Program is that your customers will know they can save money by choosing to purchase your goods or service with cash. This makes it easier for you to save money as well.
Getting the Most out of a Cash Discount Program
You know that cash payments help you avoid costly credit payment processing. They greatly reduce the risk of fraud and chargebacks, and if properly advertised, they are likely to increase your overall sales revenue quickly.
That being the case, it’s very important that you inform your current and potential customers of the money they can save by choosing to buy from you with cash or check. This gives you the opportunity to advertise your new cash reward program with sales and promotional deals to boost interest and grow your brand.
Leap Payments is Proud to Offer Cash Discount Program to You
We’re excited about this new program’s ability to save you money and grow your business by offering your customers real savings. At the end of the day, you can think of our cash discount as a way to lower your prices without cutting into your bottom line. It’s a complete win-win for you and for your customers.
In our opinion, it just doesn’t get any better than that.
To learn more about our Cash Discount Programs, sign up online or give us a call at (800) 993-6300. Our payment processing professionals are standing by to help you leverage these valuable benefits.
