Zero is a BIG DEAL!
Zero Cost Credit Card Processing Can Save You 3 to 4%!
How can you legitimately pass the credit card processing fees off to the consumer and put that 3 to 4% back in your pocket? Here are the various ways:
- Raise your prices to cover the overhead cost of payment processing.
- Charge a “Surcharge” for Visa and MasterCard charges. A surcharge is regulated by Visa and MasterCard and has the following stipulations:
a. You cannot add a surcharge to a debit card, whether it is transacted with a pin or merely transacted as if it was a credit card.
b. You must register with Visa and MasterCard separately and let them know you will begin surcharging in 30 days. You can register on Visa and MasterCard’s websites.
c. You must only charge a surcharge equal to what you are currently paying for credit card processing fees.
d. The following states do not allow surcharging: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
e. Merchants must post a sign indicating the amount of the surcharge, which may be a percentage or a flat amount. A tip may not be surcharged. The surcharge % may not exceed 4%.
f. The merchant may choose to surcharge only Visa or only MasterCard. A refund must include the surcharge refunded.
- Give a “Cash Discount.” Post that your prices posted in your store location are prices reflecting payment with credit cards. Should the consumer want to pay cash at the counter, a discount will be applied. Dejavoo credit card terminals can allow for a cash discount to show on a receipt.
- Use a “Merchant Fee” which can be applied to PIN debit only. It cannot be applied to credit cards or debit cards run through the credit card networks. This program also works with a Dejavoo terminal. The fee can be applied to all PIN debits or only to PIN debits with cash back. It is up to the merchant as the name implies.
Our Favorite Zero Credit Card Processing Fee Program!
- Apply a “Custom Fee.” As a merchant you are allowed to charge whatever pricing you want, including a custom fee at checkout. In this scenario, a sign can be posted to indicate all pricing in the store is cash pricing and that any other tender at checkout will have a custom fee added to it. Again, a Dejavoo terminal can be programmed to add the custom fee on the receipt. The merchant can choose an option to allow individuals to opt out or an option to require all to pay the custom fee who do not present cash.
Electronic Money Company finds that most merchants choose the “Custom Fee” if they want to put their credit card processing fees back in their pocket. Most merchants add 4% as the custom fee at the register. Give us a call at
505-296-2847 to try out our “Zero is a Big Deal” program.