DEAL OF THE MONTH
How our cash discounting program works
Trinity Payment Solutions Cash Discount Program removes merchant processing fees for companies. The total transaction (cost of goods/services + non-cash adjustment) is deposited into the merchant’s account, and the non-cash adjustment fee is automatically withdrawn daily, avoiding the high monthly debit fees that merchants commonly end up paying.
What Is Included In TPS Cash Discounting Program
When starting TPS Cash Discount Program, you will get a welcome package including:
- A Cash Discounting Compliant Terminal
- Training materials to help you and your team succeed.
- Signage that is informative and can be placed at various locations throughout your business.
Executing a Transaction
- All products and services are valued and advertised with a “Non-Cash Adjustment” labeled as Standard Price.
- A sign for customers paying in cash is put at the point of sale indicating an “In-Kind Incentive.”
- The customer determines their payment method:
Customers are automatically eligible to receive a small percentage off the standard price for the In-Kind Incentive.
Credit Card Payments
If they are going to use a credit card to make an in-person payment, there will be a separate charge on the credit card slip for the non-cash cost.
Removing Processing Fees
- The TPS cash discounting program eliminates payment costs by charging those who want to pay with credit cards. It is beneficial for both parties.
- Merchant fees can be avoided, providing a cheaper alternative for those who pay with cash.
- Merchant transaction fees are sometimes hundreds, or even thousands of dollars lower by cutting out the middlemen.
The merchant’s deposits would remain untouched. The examples below illustrate the case if the merchant’s payment schedule were set to a 3.75% non-cash adjustment. discount rate.
- The customer’s credit card receipt will display $100 for goods and services and a 3.75% service charge as an additional line item.
- On the following day, $100.00 is deposited in the merchant’s bank with all other transactions.
- In place of monthly processing fees, the 3.75 percent ($3.75) non-cash adjustment that was originally charged to the customer is redirected to the processor.
A True Turnkey System
Are you ready to begin? The procedure is straightforward:
- Your representative will go over hardware options with you after you sign up with TPS to make sure they fit your budget and needs. The hardware must adhere to the card company’s brand compliance guidelines.
- The next phase is to put up a sign at each point of sale informing customers of the changes to your regular prices as well as the savings they will receive if they choose to pay with cash.
- By training all of your employees on the Cash Discounting Program, you can integrate it into your daily operations. If a customer questions the sign or the non-cash adjustment, it’s critical to have a clear message for them.