How Can Cash Discount Help Your Business?
With cash discount, you will be able to entirely offset your credit card processing fees. Instead of the standard pricing model, cash discount programs offer a flat rate where cardholders will pay their own fee.
The several thousands of dollars businesses are saving with cash discount are being used to offset increasing labor costs or compensate for revenue loss due to reduced operating hours. There may also be an opportunity to subsidize point of sale equipment.
How to Implement Cash Discount?
Sync’s Focus solution includes a cash discount feature to manage execution. The offset amount is added to the check subtotal and sales reports display the cash savings amount in the non-sales totalizers. For accounting, the program’s cumulative report does not list the cash savings amount. This is not a sale amount; it is an amount used as an offsetting entry in your general ledger to credit card expense account.
“Sync’s cash savings program allows me to pay my employees a living wage and offer benefits…there has been “almost negligible opposition” to the program…We’ve been serving 55,000 guests per month for over a year now, and that number has been going up.” – Craig Uttendorf, owner of Gingham’s
For more information on how to implement Sync’s Cash Discount program, call us at 314-782-3465 or visit www.syncpayments.com/contactus.