What is Cash Discount?
Cash discount is a discount given to customers who pay with cash instead of card. For example, if you are buying something that costs $100, and the seller offers a 3.89% cash discount, the customer will only have to pay $96.11 instead of $100. What does this mean for business owners?
According to Merchant Chimp, cash discount allows your business to grow faster, which is perfect for a small or start-up business. When implementing cash discount, you’re simply passing over the credit card fees to the customer. In return, this system encourages customers to pay in cash, and have a flat monthly fee at the end of the month!
Why should your business have Cash Discount?
For business owners, implementing cash discount can provide several benefits for your business. Here are a few reasons why your business should offer cash discount:
· Increased sales: Offering cash discount can attract more customers and increase sales, as some customers may be more likely to make purchases if they know they can receive a discount for paying in cash.
· Improved customer loyalty: Cash discount can help build customer loyalty, which can encourage repeat business and increase customer satisfaction.
· Competitive advantage: Offering cash discounts can help differentiate your business from competitors, and give you a competitive edge.
Overall, cash discount can provide significant benefits for your business, including increased sales, improved customer loyalty, and competitive advantage. Not sure where to get started with cash discount? Visit our website and use our live chat, or give us a call at 1-800-954-3281. Not only does OSS Data provide software and hardware for your business, but also assists in merchant services with a rate of 3.89%. We are your one-stop shop for all your small business needs!
M. Shaw 2023
