Cash Discount programs have been a saving grace for small businesses post pandemic. Business owners are looking for ways to cut costs, keep employees on payroll, increase inventory and grow their bottom line. One of the most effective ways to cut costs is to institute a cash discount program. Most likely your business accepts credit cards and there is an expense that goes along with that. In the past business owners absorbed these costs or built them into the cost of their services and goods. Today coming out of the pandemic card holders are more supportive of small businesses and understand that there is a cost to their convenience of using a credit card. Business owners are now transitioning this cost onto their customers. The motivation behind this is to keep their prices low and competitive to the big brand retailers.
As cardholder you may notice a fee is added to your total to pay utility payments, water bill payments, cell phone bill payments, property taxes, concert tickets and many more. We notice that when we send money or make purchases on popular platforms like Paypal and Venmo a fee is added. This is becoming the norm more and more. Cardholders are becoming more willing to pay extra for the convenience of using their credit card to a make purchases.
Why Choose a Cash Discount Program?
- Using a credit card is considered a convenience, and like most conveniences, it comes at a cost. Small fees are charged to the merchant for every processed credit card transaction.
- These small fees add up fast and can result in a huge loss of profit for your business. You’re losing hundreds, if not thousands, of dollars each month in credit card processing fees.
- But don’t worry! Some processing companies, like ibuxx, understand the burden of losing a vast amount of money to credit card processing fees and offer a program to transition these fees.
- Reduce your processing fees by at least 95%
- Select a program that works for your business!
As a result of their efforts, business owners just like you can eliminate their credit card processing fees by adopting a cash discount program, otherwise known as zero fee processing