Top ISO cash discount program and selling advices? Let’s Make Things Easier With an Example: A store sells baseball gloves at the price of $10 each. There’s a signage on the door that says, ‘We have a discount on cash payment while all credit card payments will be made on full price”. Now, if the payment is made via credit card, you will charge $10.5, which the customer will assume is the actual non-discounted cost of the gloves. Now let’s put this example in our previous 7 Eleven kind of store scenario. Here, we will have a 4% surcharge on credit card payment instead of $0.50 from the example because we are allowed to have a 4% charge max. So if the baseball gloves seller is doing $10k a month in credit card payments, we will tell him that instead of paying a $300 fee from your pocket, you put a 4% fee on credit card payments.
How Surcharges Work? Many entities, including governments, businesses, and service professionals assess surcharges for goods or services. For example, taxi drivers may add a fuel surcharge of $1 when gas prices increase. The cost of some products and services do not include the added surcharge. Instead, the calculated fee will be assessed upon acceptance or purchase of the item and appears in the contract or purchase agreement. Surcharges may be set at specific dollar amounts, such as $5 per transaction, or based on a percentage of the total price. A surcharge is an extra fee, tax, or cost added to the already existent cost of a good or service.
Understand your customer’s motivations and tailor your product’s value to their specific needs. This means you can’t use the same generic pitch for every customer. What’s the best way to do this? Research your customers, distribute surveys, and gather feedback from current customers, as well as potential customers as you build a relationship with them. Why should customers care? If they have a problem, you should present your product as a solution to that problem.
Cash Discounting and surcharging are two different things that you might have heard about. When you are doing any of the credit card transactions, you might have seen both of these. We will be seeing everything you should know about both of them. Many people are confused when it comes to Cash Discounting vs Surcharging. We will clear all your doubts here. Find extra info at https://fs10.formsite.com/Clear-Portland/merchantservices/index.html.
The way to do this is to gain permission to give an overview. Say something like, “I realize we’ve been working together for a few years, and we’ve never done a general overview so you know what we bring to the table. We have some major differences from our competitors in terms of offerings, and some new areas that I think could make a difference for you. At some point, do you mind if I give you the round-the-world overview?”