Welcome to Cash Discounting!
A cash discount is when a business offers a discount off the list price to customers who pay by cash instead of with a credit or debit card. It’s a great way to offset your credit card processing fees and results in real savings that can be reinvested into your business.
When running any kind of enhanced pricing program, it’s critical that you comply with card brand regulations, as well as Federal and state laws.
Here’s a list of best practices when running a cash discount program. Additional information can be found below.
1. Display the credit price for all items.
If credit card fees are currently taken into account when pricing products and services, cash discounting is simple. As long as those prices are posted, you can offer a discount on those set prices to customers who pay with cash.
If your listed or stated prices are not credit prices, you need to reprice your inventory or services to reflect the card price.
To eliminate confusion and provide a better experience for your customers, display both the cash price and the credit price. With the Dual Pricing feature of our Cash Discount program, we can help you show both prices on the terminal and receipt.
2. Display clear signage.
While the card brands do not require merchants who offer a Cash Discount to display signage, doing so is mandatory for Clearent merchants.
Meeting this requirement is quick and easy. We offer free signage that must be posted on the door or window of the entrance of your business and at the point of sale.
Click on the link below to order free signage in English and Spanish.
www.clearent.com/cash-discount-signage
We offer door/window decals, table tents, adhesive register tags and shelf stickers.
3. Educate your employees.
When employees are well trained and knowledgeable, they will ensure the success of your program (you’ll save money!).
Make sure your employees can explain the discount, which shows on the receipt when customers pay with cash. Here are some other tips to keep in mind when training your employees.
Train your employees right away – don’t wait. This will help make them more comfortable.
Make the training fun. Try role playing, have active discussions and give employees the chance to ask questions and give feedback.
Reward positive behavior and motivate your employees. Compliment employees when you see them doing a great job.
Clearent/XplorPay assumes no liability for any errors or omissions in the content. The dual pricing information contained herein is not legal advice and is provided on an “as-is” basis with no guarantees of completeness or accuracy.