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Merchants are now permitted to surcharge customers for credit card processing in the form of a cash discount. This means that the processing cost of using credit cards for purchasing can be the responsibility of the customer. If the customer chooses to pay with a cash payment method, then there would be no surcharge fee.
As an estimate, you could save up to 3% of your monthly processing gross volume. Therefore, for every $100,000 you process each month, you’ll save about $3,000 per month or $36,000 each year.
MerchantWay will communicate with one of our POS specialists in your area and contract them to perform the work at your convenience. There is no cost to you to get set up with MerchantWay’s cash discount solution.
Yes. You will be changed to a new Merchant ID (MID) and will start receiving reports from MerchantWay/Fiserv. Your new reports will reflect that you are no longer paying any fees for your credit card processing.
Surcharging is allowed in 48 states in the U.S. Only Connecticut, Massachusetts and Puerto Rico currently prohibit surcharging.
According to a survey conducted in May, 2022 by Payroc and Pymnts.com, 85% of consumers pay credit card surcharges without issue.
Most likely not. MerchantWay’s cash discount solution works with most POS systems that allow merchants to choose their credit card processor or gateway. In cases where your POS restricts your processor, merchants typically take advantage of our free POS upgrade program and switch POS systems in favor of 0% processing.
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