Here at PayMeta we have a processing solution called Cash Discount which eliminates 95% of your processing fees you would incur with traditional processing. The way it works is by an app that is built into the POS system that works with your inventory. If a customer uses a credit card it automatically will bump up the charge an extra 4% but if they pay by cash, they get a discount of 4%.

 

By passing the credit card rate on to your customers, this helps businesses eliminate credit card fees. Here is a breakdown on how much traditional processing can cost a merchant based on the monthly volume processed, versus using a cash discount program.

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Traditional Processing on Clover POS

● Monthly processing volume = 50K

● V/MC pass through interchange Rates typically between 1.50%-2.95%

● Monthly volume of 50K x 1.50% or 2.95% You are looking at getting charged a minimum of $750- $1,475   plus transaction fees and other monthly fees.

● Clover POS station cost $1,352.00 plus mobile device of $495.00

● Clover POS service fee $39.95 plus $9.95 for each additional device

● Estimate of monthly fees $1,500 a month plus purchase of POS system

 

Cash Discount Program

● Monthly processing volume = 50K

● Cash discount rate 4.00% all other fees, dues and assessments waived with flat rate of 4.00% eliminating 95% of processing charges

● Free Clover POS system

● Monthly POS charge $39.95 plus $9.95 for each additional device

● Cash Discount app $19.95

● Total Monthly Fee $69.85