3. Not taking advantage of Cash Discount
Cash discount is on the rise and currently gives business owners the amazing opportunity to pass along all their fees to cardholders, saving literally thousands of fees each year.
By implementing this program, we have seen clients cut their costs by over $30,000 per year in fees! That can make a major difference for businesses who need to utilize that capital for growth, marketing, more employees, more equipment, or that much needed vacation.
Think about it from the customers standpoint. If you pass along roughly 2 to 3% on a $100 transaction straight to the cardholder, that’s only about $2 or $3. Not much. But when you add that hundred dollars over and over and over again during the course of each business day, week, month and year then as a business owner you end up paying literally thousands of dollars a year. So to pass this along to the customers themselves is very feasible and easy to implement. Plus it can save Business owners mammoth money.
Case in point, we’ve got a little bakery shop here in town that we’ve processed for years. And Regina the owner is always innovating, always looking for the next best thing to improve her business with marketing campaigns, advertising or looking for better deals and ways to stay above the pack beating the competition. And she jumped on our cash discount program right away. In fact she was one of the first to say yes and jump on board. And quite literally as a result her sales went directly up, her costs went down, and truth be told her store is always busy. Each time we go to see her shop at Cupcakes & More she is pretty much always slammed with orders. As a very successful business owner and probably the most successful bakery in town, she knew that this is the future and that she didn’t have to eat these costs anymore. Now she’s using that money to bolster her business even more. And the rest of the competition are just struggling to keep up with her.
And you can do the same thing as Regina. Now business owners can save that money and put it back into their own pocket for better uses of business capitol.
Today is the time to start implementing these changes and take advantage of the ways you can bolster your business. If you’d like to learn more about how to implement these tools and programs into your business, simply reach out to one of our highly trained team members who can assist you in saving money and help make your business more successful.
Adam Roberts runs the Regional office for First American Payment Systems and can be reached at firstname.lastname@example.org or his office directly at 402-261-6700. Visit them online at www.FirstAmericanNE.com