Restaurants around the country have found a new way to maintain profitability despite rising rates for credit cards. The secret is a POS that lets them set up cash discounts.
Cash discounts incentivises cash payments that don’t charge extra fees, while keeping you from the added costs of credit purchases that erode your margin.
Allowing your customers to choose between the convenience of a credit card or receiving a discount for using cash puts the power in their hands.
This allows you to educate your customers about how credit card companies charge to use their services.
The fact is that most consumers just don’t understand how much it costs you to charge their credit card.
Informing customers is the first step to reducing lost margins through credit card fees.
Without the cash discount program, you cover the fees for every credit card transaction. Those fees add up to hundreds or thousands of dollars a month that cut into your profits.
When customers pay for their order in cash there are no additional fees applied. Your customers save money when they pay with cash.
With a cash discount program, fees for the subtotal are charged to your customer as a nominal service charge. You retain the full amount of the check.
Transparency is an important part of restaurant cash discounting. How this is communicated to your customers helps them choose between cash and credit card.
A sign must be posted at the front of the restaurant and at the register notifying your guests that cash discounts are offered.
Normal credit card transaction receipt
Receipt with Cash Discount applied
Additionally, customer facing displays and guest receipts must reflect that a service fee has been applied for credit card transactions or that a cash discount has been applied for cash payments.
With Rezku cash discounting you’re free from worrying about complicated processing contracts, fees and the next time they’ll go up. You retain the full amount of your customer’s check before tips and they pay a nominal convenience fee for credit card payments only.
A typical restaurant can save between $2,000-$4,000 dollars a month with our cash discounting program. And qualifying restaurants are eligible to receive their point of sale service included for free.
Schedule your personalized demonstration now to learn how to protect your margins and protect yourself from the costs of rising credit processing costs today.1
1Law differ by jurisdiction. Is is important for you to consult legal and financial council before starting a cash discount program in your establishment.
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