Question 1

How does the $99 Flat Fee, Processing Program Work?"

Accepted Answer

A: All of your businesses' prices become your "Cash Prices" so you don't have to change a thing. Your new terminal automatically charges your credit card customers a 3.95% non-cash service fee. This fee always covers all of your credit card processing costs. So, you receive 100% of the sale amount - just like cash sales.

Question 2

Is this program legal?

Accepted Answer

A: Yes, our flat-rate processing program is legal in all 50 states. The Dodd-Frank act prohibits payment card networks “from inhibiting the ability of anyone to provide a discount for payment by cash, checks, debit cards, or credit cards.”*
 
*source: https://www.ftc.gov/tips-advice/business-center/guidance/new-rules-electronic-payments-lower-costs-retailers (https://www.ftc.gov/tips-advice/business-center/guidance/new-rules-electronic-payments-lower-costs-retailers)accessed September, 2017

Question 3

I've never heard of this before, is it new?"

Accepted Answer

A: No, businesses have been offering discounts for those who pay with cash for years. In the United States, a lower posted price for cash is very common at gas and service stations across the country.

Question 4

Is this like a "Surcharge"?"

Accepted Answer

A: No, offering a discount to customers who choose to pay with cash is a completely different situation than surcharging when it comes to the card brands’ regulations. While surcharging is allowed under certain parameters laid out by the card associations, business owners are able to price their products and offer discounts on those products at will. Cash discounting is the business owner exercising that freedom. Surcharging is adding a charge only for customers who use a credit card, and is not currently allowed in ten states. EOApay does not "surcharge."
 
SURCHAGE: charges an extra fee for paying with a credit card.
 
CASH DISCOUNT: adds a service fee to ALL transactions, and applies a discount equal to the service fee when customers pay with cash or check.

Question 5

Will this program completely eliminate my monthly processing fees?

Accepted Answer

A: Almost. You have a monthly fee of $99. And a few merchants may still see some small fees on their bills due to the variations in Interchange prices, but will see a drastic (95-100%) reduction in their processing bill. Your monthly statement will show a near-zero cost of processing with the money for the goods and services you sold showing up in your deposits.

Question 6

Will my customers be upset and go somewhere else?

Accepted Answer

It’s a common concern that (a less than 4% service fee) may sway consumers purchasing decisions. But based upon hundreds of state, county and city sales tax studies and their results, service fees below 10% have almost zero impact on customer purchasing decisions. And we charge less than 4% at 3.95%.
 
How do you respond when you pull in to fill your gas tank and see a cash price and a card price? You weigh your options and, if you have the cash, you can save a dollar or two. If you choose the convenience of a card, the difference is paid and you don’t think anything else about it.

Question 7

Can I use my existing credit card processing equipment?

Accepted Answer

To provide this service, you must use Visa qualified equipment to process payments for the discount. The terminal we provide features unique software that computes the Cash Adjustment amount for each credit card sale. Every customer receipt also prints a line item for the Cash Adjustment amount.

Question 8

Do I need signage and notification on terminal receipts?

Accepted Answer

Visa/Mastercard requires that a visible disclosure be present in the business. These rules were established by the card brands in 2013. If you do not properly disclose your participation in the program, you are in violation of Visa/Mastercard guidelines and could be subject to penalties up to and including having your merchant account privileges revoked.
 
Ask us for the details.

Question 9

What if I try the program and don't like it?

Accepted Answer

No problem whatsoever!
 
If at any time you wish to go back to paying all of the fees yourself we will be happy to put you on our standard processing platform.

Countertop Terminal Included with $99 Flat-rate Monthly Processing Fee

Countertop Terminal Included with $99 Flat-rate Monthly Processing Fee

Merchant Cash Advance Financing

Merchant Cash Advance Financing

Merchant Cash Advance Financing

Merchant Cash Advance Financing