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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
CREDIT CARD TERMINAL
INDUSTRIES USING SWYPE FAST ZERO FEE CREDIT CARD PROCESSING
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 have been using a Cash Discount program for quite some time and charging up to 10 cents per gallon when using credit.
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.
With our program, you can accept rental payments and deposits easy, without the high credit processing fees.
Is the Cash Discount Program suitable for all businesses?
Is it legal to offer a Cash Discount?
Why should I implement the Cash Discount Program?
What should I do to make sure I’m using this program correctly in my business?
I thought it’s illegal to charge a fee if someone uses a credit card?
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
220.127.116.11 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.
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?
By utilizing the Cash Discount program, we establish proper pricing for you to ensure you stay within all stated guidelines.