Check out these 6 reasons why your tattoo shop needs a cash discount program…
F*CK THE BANKS. F*CK THE CREDIT CARD PROCESSING FEES.
KEEP MORE OF YOUR MONEY WITH THE DUal pricing program.
1. Tattoo shops need to cut costs.
According to many of our friends and clients in the tattoo industry, credit card processing fees are becoming one of the largest expenses after rent and supplies. Each time you accept a credit or debit card from your customer, you are paying an effective rate of nearly 4.0%. That’s 4% of your hard earned money gone to the F*CKING bank. Dual Pricing eliminates these fees and the payment processing industry has proven that customers are willing to pay this fee especially when supporting local business owners.
2. Dual Pricing programs have a simple “button”
on the terminal and/or point of sale to override the Dual Pricing should your valued customer not want to absorb the processing fee. We call this “the best of both worlds” as our technology allows you to have a card price and a discounted cash price –
3. Dual Pricing programs are legal in all states
– unlike credit card surcharge program that have complex compliance rules, Dual Pricing programs are 100% compliant and legal in all 50 states. It is important that this program be properly disclosed to your customer with signage and customer receipts.
4. Customers already understand and accept Dual Pricing programs
– While Dual Pricings may seem new, the idea has been around for years. Think how customers can save on gas when they pay with cash. Industry surveys continue to illustrate that customers understand that merchants must absorb these increasing payment fees.
5. Dual Pricing programs are gaining popularity in all industries.
Whether it’s your local restaurant, nail salon, or tattoo shop, the numbers continue are exploding with business owners switching to this new program.
6. Dual Pricing programs, in many cases, can integrate with your POS Systems.
KeepTheFees works with a proprietary shop management program that helps tattoo shops with scheduling, invoicing, and many other features to help run your entire shop; one solution with payment processing integrated in allows for easy management of your shop.
By switching to a Dual Pricing program, the ease of managing your bookkeeping program becomes much easier. The credit card processing industry is purposely very confusing – different rate structures exist depending upon how a transaction will be conducted. For instance, are the majority of your transactions swiped (card and cardholder present) which is typical for a tattoo shop vs.a manually entered (card and cardholder not present.)?
Visa and MasterCard maintain different rate structures for different types of cards and based upon how a transaction is processed. Credit card companies present these rates in different forms i.e. qualified, mid-qualified, non-qualified. Credit card companies also have other fees such as batch fees, debit fees, annual fees, voice verification fees, address confirmation fees, etc., I think you can understand the point.
Other issues that are rarely raised is how long until your money is deposited into your bank account – , 12, 24, 48 or 72 hours? Why should you have to wait three days to get your money, doesn’t 12 hours sound better? When is your discount fee taken, daily or monthly? Think about the savings on interest, the float of your money plus increased cash flow if your fees were removed at the end of the month? It certainly adds up and these issues will help greatly with your cash management.
Finally, it is important to note that switching processors is not a difficult task. In most cases, there is no fee to switch and it typically involves filling out a simple application. Why not start saving money today for your shop? It is a much better investment to spend your money on improving your shop vs. wasting money on the high and hidden costs of your credit card processing fees.