As a business owner, you can offer a cash discount on goods and services. It makes sense to incent customers to use cash. Therefore, you as the business owner can keep your costs down. You institute a service fee to all goods and services and post it with signage in your business provided by iBUXX. With ibuxx it’s easy! The transaction fee is calculated automatically for customers swiping cards and nothing extra is charged when they pay with cash, i.e., CASH DISCOUNT. Notifications of services must be posted at register. Signage is provided by Impact PaySystem.
No, the Cash Discount program, while similar, is actually very different, particularly in the eyes of Visa and MasterCard. Tthe surcharge is allowed in all but 10 states (California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas, plus the U.S. territory of Puerto Rico). A Cash Discount program is allowed in all 50 states. This is the reason most participate in a cash discount program rather than a surcharge program to avoid the state restrictions.
When a fee is incorrectly applied to a transaction, any additional fee charged to those consumers using a credit card is labeled a Surcharge and that is expressly forbidden by Visa, Mastercard, and the processing provider without taking very specific steps. This can lead to steep fines and termination from accepting Credit Cards. Additionally, you are forbidden by Visa, Mastercard, and the Processor’s rules to profit on a credit card transaction, which could happen if you accidentally charged more than you were being charged by the processor. By utilizing the ibuxx. Cash Discount program, we establish proper pricing for you to ensure you stay within all stated guidelines and implement a cash discount program correctly.
In order to correctly implement a Cash Discount program, you don’t need to change any of your prices, you simply follow our ibuxx Guidelines and provided signage that states that all transactions now carry a $0.49, $0.59, $0.69, or 3.95% customer service charge. The ibuxx technology is provided by Impact PaySystem LLC, in conjunction with our hardware partners. However any consumer who pays with cash, will have this fee waived. Your posted prices are your cash prices. Consumers who pay with a method other than cash will see a $0.49, $0.59, $0.69, or 3.95% service charge that is programmed into your ibuxx terminal, so there are no additional steps for you.