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The Dual Pricing program is a great way for businesses to keep accepting credit cards without having the 3-4% fee taken away from their profits. What's even better about this type of service? It allows you to continue receiving all major payment forms, while card customers cover the card fee.
Customers who pay by card pay a card price that covers the card fee. Customers who pay cash pay the cash price.
Your customers can pay with cash to receive a discount, or pay with their credit card.
You receive everything you need to, including signage, and the terminal is a breeze to setup.
Your statement shows every line item in plain terms.
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Next day funding to your bank account
Credit card terminals included on most standard setups
Point of sale systems available
Month-to-month contracts on all accounts
Online account reporting and management
5 Star, 24/7 customer service
The Dual Pricing Program works by enabling you to give a small discount to all your customers who choose to pay with cash instead of a credit or debit card. Your customers who choose to pay with a credit card will pay the published price because the processing cost is built into the price of the product. This allows you, as the business owner, to get the full payment from the customer, with the card fee covered by the card price.
In 2011, Mitchell Katz (spokesman for the Federal Trade Commission) quoted from the amendment saying that “The Dodd-Frank law prohibits a payment card network like Visa “from inhibiting the ability of any individual to give a discount for payment by cash, checks, debit cards, or credit cards.” He went on to clarify that “Neither surcharging, nor a cash discount is unlawful.”
The standard cash discount is 4%.
Under special circumstances or for larger accounts we will consider other options.
If it is determined that a lower cash discount percentage is required, we will need current processing statements and management approval.
We're happy to say that after three years of offering this program we have found the advantages far outweigh the disadvantages.
Customers understand that paying with a credit card has a cost, but it also has its benefits. Despite the opportunity to save by paying with cash, over 98% of customers still choose to pay with credit.
Implementing a cash discount program the right way should not cause you to lose customers.
The card associations have strict guidelines on how a Dual Pricing program must be implemented. First, they require the correct signage must be posted. Then, the amount of the added service fee must be displayed on the receipt. This last one is something you are unable to accomplish on your own.
If you try out our cash discount program and don't like it we can easily switch you to a tradition credit card processing plan.
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VMS provides exceptional support. Whenever I call, James and Jerry are always there to pick up the phone and help resolve any issues promptly. Their reliable assistance makes all the difference for my towing business.
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"VMS provided a comprehensive solution for our credit card processing and point of sale needs, streamlining our tree trimming business. Their training and ongoing support have been outstanding, ensuring everything runs smoothly. I couldn't be happier with their service."
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