Cash Discount Program vs Merchant Account Surcharge vs Convenience Fee - What is the difference

[@Bancardsales]

Are you thinking of setting up a cash discount program at your business? How do you feel about cash discount and surcharge programs as a customer? ~Brian

[@user-xb6dk4zl7l]

Hey Brian, Would love if you could help me out with any of these questions. How would someone go about getting a merchant account for high-risk business (supplements) with a bad credit rating? I have heard NMI is the go-to payment processor for supplement businesses. Can they also offer a merchant account or are they only a payment processor? What are some good high-risk merchant accounts that I could connect to NMI? The whole process is a bit overwhelming.

[@Bancardsales]

@@user-xb6dk4zl7l Hey Michael, I'd be happy to chat. You can schedule a call with me here: www.bancardsales.com/call/brian

[@binkster01]

So far have only met this at mom/pop restaurants. Once encountered that establishment is forever avoided. The cash discount is OK. This should thin out the ranks of mom/pop restaurants , isn't that the real plan?

[@Bancardsales]

Thanks for commenting Larsen. I hope that's not the plan, but unfortunately it might be an affect of surcharging programs. -Brian

[@jr8210]

We love the channel, could you do a pros and cons cash app venmo vs an actual merchant account?

[@Bancardsales]

J R, thanks for watching. I have thought about doing videos on the cash apps before so I'll add your request to my notes and see if I can work it in sometime soon! -Brian

[@user-xb6dk4zl7l]

@@Bancardsales Hey Brian, Would love if you could help me out with any of these questions. How would someone go about getting a merchant account for high-risk business (supplements) with a bad credit rating? I have heard NMI is the go-to payment processor for supplement businesses. Can they also offer a merchant account or are they only a payment processor? What are some good high-risk merchant accounts that I could connect to NMI? The whole process is a bit overwhelming.

[@DaniellJara-t5j]

If you pass a 3% fee in your example, wouldn’t the business still end up paying for a portion of it? Because if they process $103, then the card company charges 3% off of that $103, which is 3.09. But they only charged the customer $103, not $103.09. They end up only getting $99.91 in profit, right?

[@Bancardsales]

No that's not exactly how it works. The various programs cover all the costs. Thanks for watching and commenting