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What is Swype Fast Cash Discount Program?

The Cash Discount Program from Swype Fast enables merchants to offset some or all of their current merchant service fees without increasing the overall rates. The proprietary technology at Swype Fast allows merchants to implement service fee to their customers within the guidelines of Visa, Mastercard, and processor regulations. For those customers who wish to avoid the services fee, merchants can offer discounts to these customers if they pay with cash. With this method, your posted rates will become the rate for customers who pay with cash, and all others will see a line item added to their receipt.

Once Your Application is Approved

Here is What you will receive from Swype Fast:

OUR WELCOME KIT

Including 24/7 LIVE Expert Customer Service Contact information

SIGN

A custom made SIGN (ready to be installed ) giving customers the required cash discount notice

CREDIT CARD TERMINAL

A Free PCI Certified Dejavoo Z11 credit card terminal programmed for either dial-up or IP (cash discount certified).

INDUSTRIES USING SWYPE FAST ZERO FEE CREDIT CARD PROCESSING

Utility Companies

By using Swype Fast Zero Fee Credit Card Processing, Utility companies who also serve customers that choose to pay over the phone or online with credit cards have reduced their processing fees to almost nothing.

Gas Stations

Gas stations have been using a Cash Discount program for quite some time and charging up to 10 cents per gallon when using credit.

Retail Stores

Any retail store, big or small, online or offline, can save thousands annually by cutting out their credit card processing expense completely.

Bars & Nightclubs

The credit card processing rates for establishments such as bars and nightclubs are significantly high. By implementing Zero Fee Credit Card Processing, your business can save a lot..

Auto Dealers & Services

Many dealerships avoid accepting credit cards because it hurts their profits. With Zero Fee Credit Card Processing, your shops have the right solution to accept credit cards and save big.

Legal & Professional Services

Professional services such as attorneys, accountants and consulting services spend time chasing down clients for payments. With our program, you can now send online invoices to your client or accept retainers securely without the fees.

Healthcare & Wellness Services

Healthcare practices deal with tons of reimbursements that make accepting credit cards hurt your profit. With your Zero Fee Credit Card Processing, health practitioners can collect collect co-pays, DME purchases, and treatment payments without the credit card bill.

Property Payments

With our program, you can accept rental payments and deposits easy, without the high credit processing fees.

FAQ

Is the Cash Discount Program suitable for all businesses?
Swype Fast Cash Discount Program is most ideal for businesses with low ticket sales or businesses that are passing their merchant processing fees to the customer.
Is it legal to offer a Cash Discount?
The Dodd-Frank law prohibits a payment card network such as Visa or Mastercard from inhibiting the ability of anyone to provide a discount for payment by cash, checks, debit cards, or credit cards. Hence, as stated by the Federal Trade Commission in May of 2011, surcharging and cash discount are legal.
Why should I implement the Cash Discount Program?
Swype Fast’s Cash Discount Program can help businesses that are impacted by high processing costs save money by virtually eliminating their monthly card processing fees. Please use our calculator for illustration.
What should I do to make sure I’m using this program correctly in my business?
To correctly implement a Cash Discount program, you don’t need to change any of your prices. We will provide signage which you can post that states that all transactions now carry a 4% customer service charge. The proprietary technology is provided by Swype Fast. Any consumer who pays with cash, will have this fee waived. Your posted prices are your cash prices. Consumers who pay with a method other than cash will see a 4% cash discount fee listed on their receipt at the register, which we had programmed into your terminal.
I thought it’s illegal to charge a fee if someone uses a credit card?
There has always been a stipulation in the Visa and Mastercard regs that allow for a discount when paying with cash. While this may seem like an issue of semantics, It’s simply adhering to the wording of the Visa and Mastercard regulations that allow the cash discount program to be implemented.

Here’s the verbiage specific to both Visa and Mastercard Rules and Regulations:

From Mastercard Rules 15 November 2016
5.11.2 Charges to Cardholders
A Merchant must not directly or indirectly require any Cardholder to pay a surcharge or any part of any Merchant discount or any contemporaneous finance charge in connection with a Transaction.
A Merchant may provide a discount to its customers for cash payments.
A Merchant is permitted to charge a fee (such as a bona fide commission, postage, expedited service or convenience fees, and the like) if the fee is imposed on all like transactions regardless of the form of payment used, or as the Corporation has expressly permitted in writing.

From Visa Core Rules and Visa Product and Service Rules – 22 April 2017
1.5.4.14 Discount Offer – US Region and US Territories In the US Region and a US Territory, a Merchant may request or encourage a Cardholder to use a means of payment other than a Visa Card or a Visa Card of a different product type (e.g., Visa Classic Card, Visa Traditional Rewards Card, Visa Signature Card) than the Visa Card the consumer initially presents. Except where prohibited by applicable laws or regulations, the Merchant may do so by methods that include, but are not limited to: Offering the consumer an immediate discount from the Merchant’s list, stated, or standard price, a rebate, a free or discounted product or service, or any other incentive or benefit if the consumer, who initially presents a Visa Card, uses instead another general purpose payment card or another means of payment.

Is this the same thing as a Surcharge? I hear that’s only allowed in certain states.
No, it’s not. Although it seems similar, it is actually very different, particularly in the eyes of Visa and MasterCard. Surcharge is allowed in all but 10 states (California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas, plus the U.S. territory of Puerto Rico).

The Surcharge carries with it several stipulations:

  • Only credit cards may be surcharged – no debit cards
  • Signage must be posted for at least 30 days prior to implementing a surcharge alerting your clientele
  • There is a 4% maximum that can be imposed
  • Surcharging is only allowed in states where the program has not been excluded

There are no limitation with Swype Fast Cash Discount Program as you are not implementing an additional fee for accepting a credit card, you are providing a discount for those who pay with cash. This is a clear distinction, and one that Visa, Mastercard, and the courts have agreed upon.

Can I just implement the program myself?
When a fee is incorrectly applied to a transaction, any additional fee charged to those consumers using a credit card is labeled a Surcharge and that is expressly forbidden by Visa, Mastercard, and the processing provider without taking very specific steps (see previous question). The way around this process is to allow us to automate a Cash Discount Program for you which is different than the Surcharge. We will automate your equipment so that the 4% Service Fee is automatically added for those customers using any method of payment other than cash (essentially credit cards), but those who pay with cash receive a discount.
By utilizing the Cash Discount program, we establish proper pricing for you to ensure you stay within all stated guidelines.
Won’t my customers be upset by this fee and want to go elsewhere?
In fact, surveys have shown that over 80% of respondents stated they wouldn’t think twice about paying 4% Service Fee (only $1.00 on a $25.00 transaction) for the convenience of using their credit card rather than carrying cash. And we all know that fewer and fewer of us are carrying cash these days…and everyone loves the rewards associated with their credit cards.
What if I don’t like the Cash Discount Program after a few days, weeks, or months?
If for any reason you wish to discontinue the Swype Fast Cash Discount Program, we will immediately change you back to traditional Interchange Pricing.
Why does Swype Fast offer the Cash Discount Program?
Swype Fast was formed with the intention of acting in the best interest of our merchants, saving our clients millions of dollars each year. The Swype Fast Cash Discount Program creates a path to save our clients even more money each month.
Will a Cash Discount Program totally eliminate my monthly card processing fees?
Most merchants will see some small fees on their bill as it’s hard to get every transaction to zero out completely based on all the variances in the Interchange billing structure. That said, we typically see the monthly fees drop down below $100 per month.

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