High inflation means businesses and customers need to make the most out of every transaction. Celero Choice can help with that by through cash discounting and/or surcharging programs that recoup transaction costs.
With prices at an all-time high, some consumers are choosing to stay home and limit their spending. This isn’t good news for business owners or consumers. Cash discounting and surcharging can help with that.
Let’s discuss how they work and the benefits you’ll see as a merchant.
Benefits of Offering a Cash Discount
Over the past few years, credit card issuers have steadily increased the card holder rewards, which has prompted people to reach for their cards instead of cash when shopping. This may be great for the consumer, but for businesses, it means higher credit card processing costs.
Celero Choice gives customers the option to pay a bill balance “as is” using a credit card or receive a discount on a payment made in cash. For any non-cash payments, a small service fee is added to the purchase cost.
It’s perfect for merchants who frequently sell small ticket items, such as gas stations, coffee shops, and fast food restaurants. By encouraging customers to pay via cash, this program eliminates many processing fees altogether.
Surcharging Made Simple
A surcharge for payments made by credit card is another effective way to share the burden of credit card processing fees with your customers.
Most people prefer to pay by debit or credit cards. Even with a cash discount, there are some people who will choose to pay via card.
While cash discounting applies a discount to bills paid in cash, a surcharge adds a small fee to the bills paid with credit or debit cards. This transfers the cost of processing a card payment from the merchant to the customer.
Easily Achieve Savings
Celero Choice helps merchants cover transaction fees while still allowing customers to pick their preferred payment method. Surveys have shown that 80 percent of respondents said they wouldn’t think twice about paying a $1.00 fee on a $25.00 transaction for the convenience of using their credit card.
With Celero, it’s easy to set up cash discounting or surcharging at your business. We handle the set-up, in-store signage, and employee training.
These programs don’t completely eliminate monthly credit card processing fees, but they will significantly lower your bill. Many merchants that implement these programs see fees drop by hundreds of dollars monthly.
Fight Inflation With Celero
Are you interested in learning more about cash discounting and surcharging? Contact us today for additional information and guidance on getting started.