As credit card processing fees continue to rise, business owners are adopting surcharge or check-out fees at record paces.
Although the practice of charging customers for the cost of credit card acceptance has been legal for several years, competition among merchant processing companies has generated explosive new growth in surcharge program activity and marketing leading to larger market adoption.
As an INDEPENDENT Payment Services Company, SalesHEAD Payments helps our customer’s fully understand the benefits and pitfalls of surcharge programs while ensuring compliance with Visa and Mastercard rules governing their use.
HOW IT WORKs?
Surcharge programs provide the option for merchants to utilize a cash discount program and charge a different price for cash versus credit card payments.
This offsets the transaction fees for the merchant by collecting a percentage on every credit card payment.
Surcharge programs are legal, however, there are varying rules and regulations applied by the major card brands (MasterCard, Visa, Discover, American Express).
It is very important that you and your processing partner clearly understand the card brand guidelines to ensure your business remains compliant.
WILL I LOSE CUSTOMERS?
The experience of our current Surcharge merchants reveals that losing business is not an issue. An ever increasing number of customers are beginning to acknowledge how costly it’s been for merchants to accept credit cards and have no problem paying for the convenience.
DO I HAVE TO CHARGE A FEE?
No. You always have the option to waive the fee for individual customers, and with our programs, you may also elect the amount of the fee to share with your customers.
The choice to recover your credit card fees ALWAYS remains with you the business owner.
WHAT ARE MY EQUIPMENT OPTIONS?
There are several credit card terminals and point of sale systems that work with our Surcharge Program including the Deja Vu Z8, Z9, Z11 and Paradise POS.