Almost every business accepts credit cards and every business owner has complained about the high rates and fees they have to pay to accept credit and debit cards.  But is surcharging or “zero fee” a plausible solution?…

The problem

Almost every business accepts credit cards and every business owner has complained about the high rates and fees they have to pay to accept credit and debit cards.  Most business owners have seen countless statement comparisons promising them savings.  Even with Interchange pricing, business owners still pay approximately 3% for every transaction.
Gas stations have been using it for years, the “cash discount” model.  And why does it work so well for them?  It works because there’s a sweet spot with surcharging right around $100.  When the charge gets higher, the customer typically begins to push back.  But anything below that, it works.  And it works well as it will save you, the merchant, hundreds if not thousands of dollars every month.

The Solution

The FullPayment InBalance program.  InBalance, powered by processing giant, International Bancard, allows businesses to charge a small service fee to customers who pay with credit cards.  The service fee supplements the cost of acceptance.  Any customer who pays with alternative forms of payments, such as cash or gift cards, will receive a cash discount.  By taking part in the InBalance program, businesses can supplement AND lower their costs accepting credit card payments.

How It Works

Merchants add a small service fee to each credit card transaction.  A fixed percentage is added to every credit card sale and is clearly noted on the customer’s receipt.  Debit transaction, EBT transactions, and PayPal transactions are ineligible for cash discount programs.  Lastly, the merchant must inform their clients that they surcharge prior to the purchase by having a sign at the cash register and one at the door.  FullPayment provides you with all the necessary signage.

The Rules

Merchants must clearly post provided signage at the Point of Purchase.  Surcharging is not allowed on EBT and PIN based transactions.  Surcharging is allowed in 40 U.S. States BUT not in Maine, Florida, California, Colorado, Kansas, Massachusetts, New York, Oklahoma, and Texas.  Merchants must register with Visa, MasterCard, and Discover.

What Next?

Call us today at (248) 220-4624 for a FullPayment Merchant Review.  We’ll show you how thousands of merchants are saving money with InBalance every day!