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As a small business owner, you know the importance of slashing overhead costs. That includes credit card processing fees, which collectively cost U.S. businesses $160 billion in 2023 alone. Surcharging offers a way to offset these costs, which can cut down on at least some of your overhead costs.
How much are you currently paying in credit card processing fees? According to the National Retail Federation, credit card swipe fees have risen by a staggering 20% between 2022 and 2023. Can a dual pricing model help your business offset these costs? Here’s everything you need to know about using dual pricing to offer a cash discount program for your customers.
Are credit card processing fees eating into your bottom line? If so, you might consider a dual pricing model. In this strategy, you’ll charge a second, lower price to customers paying cash, helping you sidestep those annoying credit card processing fees. But is dual pricing legal?
The astonishingly high inflation rates over the last few years have made everyone more aware of their spending, especially small business owners. Ongoing inflation has led many economists to believe a recession is on the horizon. But even if their predictions pass, your business can cut costs, fight inflation, and promote continuity.
Did you know four out of five (80%) consumers prefer to complete transactions with a card instead of cash? If this statistic does not get you rethinking your cash-only policy, the benefits and statistics we reveal below certainly will.
Whether you operate in the full-service or quick-service restaurant (QSR) space, optimizing the efficiency of your business and streamlining the purchasing process is undoubtedly among your top priorities.
If you’ve always dreamed of opening a restaurant or café, the idea likely excites you and makes you a little anxious.
The National Restaurant Association reports the industry generated nearly $8 billion in sales in 2021 alone. While this figure demonstrates the high demand for both quick-service and full-service restaurants, the industry is also incredibly competitive.
Contactless payments are an easy way for your customers to make purchases with their phone. The process is simple, they simply download the app, scan the screen at the checkout, and enter their PIN or use Touch ID. This means that clients can pay for items without taking out their wallet or handing over cash. Contactless payments are great for those who spend a lot of time on-the-go. There are many benefits of using contactless payments including no risk of lost or stolen card or cash, quick checkouts, and easier payment tracking.
Whether your business is online or offline, accepting credit cards is a must. There are many benefits to accepting credit cards, such as:
