Top ISO cash discount program and selling tricks? Here’s What We Will Do: You go to the merchant and tell him that you will reduce his credit card payment processing fee from $300 to zero or almost zero. And you will do that by telling customers that they will get a discount if they pay via cash, but if they pay via credit card, they will have to pay full price. However, with this approach, you are losing 50% of your profit and only getting $50 out of the total profit of $100. This approach might win you “salesman of the year” award, but it won’t let you buy that Mercedes you’ve been eyeing for some time.
A convenience fee is charged when a consumer pays with an electronic payment card rather than by cash, check, or Automated Clearing House (ACH) transfer. A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. If regulations raise the burden on a company by $1 per customer, the company may increase its regulatory recovery fee by $1. In this way, the company avoids having to absorb the loss or the full amount of the government fee, efficiently passing it on to the consumer. An excise tax is an indirect tax charged by the government on the sale of a particular good or service.
Highlight your strengths and differentiators that set you apart from the competition. Motivate prospective customers to learn more. Your value proposition should be comprehensive, yet brief, and solve specific pain points for the customer. When possible, quantify value for your customers—provide a concrete and tangible ROI. And of course, continually reinforce your values to the customer.
The next time you see the surcharge been deducted from your credit card, you won’t have to wonder what is it. So, let’s begin the comparison of Cash Discounting vs Surcharging and see what are they. We will start with surcharge and then we will know about cash discounts. What is a surcharge? When you are in any of the cash discount programs, you might have seen some surcharge is deducted from the card. The surcharge is a small fee that any vendor can add to the credit card transaction. This is the fee that is charged by the credit card association to the vendor. Find extra info on Best Cash Discount Program.
Get to know your client and their business: Once you understand client goals—personal and/or business—can you make recommendations on where you can offer additional help. This requires not only understanding your clients’ needs (a checking account, retirement savings, or life insurance), but also understanding their aspirations (early retirement, dream to open their own business, or desire for international expansion). Aspirations will come out in your client conversations only when you ask and when there’s a strong relationship. Once you understand your clients’ aspirations, you can provide insight on how to help them reach those goals. This is remarkably powerful.