Cash discount program by North American Bancard? 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.

Highlight your strengths and differentiators that set you apart from the competition. Motivate prospective customers to learn more. Your value proposition should be comprehensive, yet brief, and solve specific pain points for the customer. When possible, quantify value for your customers—provide a concrete and tangible ROI. And of course, continually reinforce your values to the customer.

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. See extra information at Best Cash Discount Program.

Make sure clients know about all your products and services: Too often financial advisors and sellers assume their clients know more about them than they actually do. There are likely only a few clients who are aware of all the products and services you offer. In fact, many of your clients might be using another provider for services you offer. It’s up to you to communicate your full range of service offerings. You don’t necessarily need to be the expert in each service area, but you need to know enough to uncover opportunities. Once you do that, you can refer your client to the appropriate expert within your company.