VizyPay, a transparent credit card processing company, has unveiled a Cash Discount Program for merchants to offset merchant service fees without increasing overall prices. The program creates a more reliable, transparent payments process for business owners and incentivizes customers to pay in cash.
In today’s credit card first society, the hidden merchant fees and costly interchange rates issued by credit card companies are negatively impacting small businesses’ bottom line. In the retail and independent services industries, where merchants are typically covering credit card transaction fees out of pocket, VizyPay’s Cash Discount Program offers merchants an alternative to credit card processing fees. Historically only available for higher education, gas station and utility providers, cash discount programs can now be used by independent retailers in the automotive, food, bar, and spa services industries, among others, with VizyPay’s Cash Discount Program finally offering a solution to their complex credit card processing fees.
The Cash Discount Program instead incentivizes business owners to encourage cash payments in their establishment, giving customers the option to pay a discounted price. When customers pay with cash, or an in-store credit, they’ll eliminate the storewide service charge and save money for both the customer and business owner. Traditionally, merchants have been forced to raise prices to incorporate credit card services fees, which ultimately penalizes the customer. This counteraction also enables merchants to invest in other sectors of their business, like staffing, inventory and more.
“Credit card companies have been the driving force into a cashless society, yet small business owners are the ones left footing the bill on the rising and hidden rates that come with credit card acceptance,” said Austin Mac Nab, Managing Partner at VizyPay. “We want to create a transparent payments ecosystem where merchants not only understand the fees that come with credit card acceptance, but also have the option to avoid them completely.”
VizyPay’s Cash Discount Program is revitalizing in-store payment options for both merchants and customers alike. VizyPay is leading the mission to equip merchants with direct access to wholesale pricing and create a transparent credit card transaction system for business owners.