A patented technology that allows merchants to offset their credit card processing costs by applying a small customer service charge to each sale they make. If a payment is made with cash, a discount equaling the customer service fee is automatically applied to the sale. The Cash Discount Plan software automatically determines service fees and discount amounts based on payment type. It’s simple, transparent and sounds easy because it is.
By uniformly assessing a set customer service fee across all products and payment types, merchants utilizing the Cash Discount Plan meet the standard regulations set forth by all major card service providers, state law and federal law.
As stated in the Durbin Amendment (part of the 2010 Dodd-Frank law), businesses are permitted to offer a discount to customers as an incentive and to encourage customers to pay by alternative methods other than a credit/debit cards including either checks or cash in order to automatically receive a discount which is applied at the time of sale.
Answer: It's actually not new, gas stations have been doing this for a long time. I'm sure you've seen convenience stores do the same.
Answer: This is a "Cash Discount Plan," not a surcharge or convenience fee. It is legal in all 50 States.
Answer: No, the terminal and software do it automatically for you.
Answer: Not necessarily, just post the sign that you are a "Cash Discount store" and have the Standard Fee schedule available if you need to refer to it.
Answer: No, it is all combined into ONE transaction for them. The receipt will have a separate line item for the non-cash discount standard adjustment. Their credit card statement will have just the total charge and not the line items.
Answer: No, a terminal is included in your flat fee Licensing program. Should you need more than one terminal, there are other options available. There are licensing fees for each MID and per Terminal.
Answer: We have several integrations into many POS systems and hundreds of shopping carts as well. We'd be happy to discuss all of those options with you.
Answer: Yes there are!
Answer: The application and approval process will take 48 hours and we can have the terminal sent to your location within three (3) days of approval. Next day shipping is an option at an additional cost. Average time from Application to terminal is 7-10 days.