Businesses looking to lower or eliminate card processing fees
If you're looking to lower or eliminate credit card processing fees, there are several strategies and services that can help. Here’s an overview of popular approaches:
1. Cash Discount Programs
- How it Works: Businesses offer a discount to customers who pay with cash or debit cards instead of credit cards.
- Benefit: Credit card processing fees are effectively passed on to customers who choose to pay with credit.
- Compliance: Ensure compliance with state and federal laws regarding disclosures and fee transparency.
2. Surcharge Programs
- How it Works: A surcharge fee is added to transactions where customers use a credit card. Debit cards are typically exempt.
- Benefit: The surcharge offsets processing fees, saving the business money.
- Compliance: Some states (e.g., California, Florida) have restrictions or requirements for implementing surcharges.
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