How Can Cash Discount Benefit Your Business?
Recently, there has been an increased interest in cash discount programs. A cash discount is when a merchant offers a discount to customers who pay by cash or check, instead of with a credit or debit card. Cash discount programs are legal in all 50 states as per the Durbin Amendment (part of the 2010 Dodd-Frank Law), which states that businesses are permitted to offer a discount to customers as an incentive for paying with cash. The merchant adds a customizable service fee to all credit and debit card transactions, and then rewards customers who pay by cash or check by giving them a discount. There is an opportunity for many merchants to reduce cost on credit card transactions depending on their current pricing structure. Let an Envoy sales representative review your statement and make sure you are getting the savings you deserve!