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Improve Your Bottom Line with Cash Discounts in 5 Easy Steps

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Topics: Payments

February 22, 2021

You’ve decided SpotOn Assist is a great fit for your business, and you’re ready to start saving on processing fees and increasing revenue. What’s next? Decide your cash discount amount and follow these five easy steps to ensure your cash discount program is a success.

How Much of a Cash Discount Should I Offer?

At SpotOn, we set the standard cash to card price difference with SpotOn Assist at 4%, but our cash discount program can be set anywhere between 1% and 4% based on your desired outcome. If the cash discount is lowered to 1%, there is only a very small difference in the cash versus card price, which might make sense if you have a high average transaction amount. Just keep in mind that with a lower discount, you will recoup less of your credit card processing fees. However you choose to set up SpotOn Assist, you can be sure you will save money. 

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How Can I offer a Successful Cash Discount Program? 

  1. When you enroll in a cash discount program
    Check your local laws and regulations before beginning the program to determine if there are any specific requirements. 
  2. When a customer enters your business
    Display proper signage at your business. If you’re partnered with SpotOn, we will provide the necessary signage to inform your customers about the cash discount. 
  3. At the check-out counter
    Check that your point-of-sale equipment is ready to be used with the cash discount program. At SpotOn, we have a variety of point-of-sale options enabled for cash discounts, including SpotOn Terminal. Our 24/7 white glove service will get your SpotOn Terminal programmed to your specifications or help you choose another option for your business.
  4. When a customer is making a transaction
    Ensure that you are only applying the 4% cash discount to any cash OR pin-based debit card transactions. Debit card transactions are just like cash, so you must apply the 4% discount to these transactions when you are using a cash discount program. 
  5. After the transaction is complete
    Make sure that your customer receipts are transparent for both cash (or pin-based debit) and credit transactions. Again, at SpotOn, our support team is here to help—we’ll ensure that your point-of-sale equipment is set up to print clear and transparent receipts that will keep your customers happy. 

Is a cash discount program right for your business? Get your free demo today to see how SpotOn Assist works and learn how much money it can save you. Our program is a true cash discount that’s compliant in all 50 states, with no games or hidden fees, so your customers will stay happy and keep coming back to your business!

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