ISO cash discount program by Shaw Merchant Group? Here’s What We Will Do: You go to the merchant and tell him that you will reduce his credit card payment processing fee from $300 to zero or almost zero. And you will do that by telling customers that they will get a discount if they pay via cash, but if they pay via credit card, they will have to pay full price. However, with this approach, you are losing 50% of your profit and only getting $50 out of the total profit of $100. This approach might win you “salesman of the year” award, but it won’t let you buy that Mercedes you’ve been eyeing for some time.
Examples of Surcharges? A variety of industries, such as the telecommunications and cable industries, regularly use surcharges to offset costs imposed on the business through federal, state, or local regulations. When regulations impose additional costs on the market, the business may adjust the surcharge instead of the price of the good or service. The fee is still being passed on to the consumer, but it is being done so in a more indirect way, through the surcharge. For example, a customer may see a regulatory recovery fee on a cable bill. The purpose of the regulatory recovery fee is to offset the burden on the cable provider for certain voice service fees imposed by various government entities. Another example of a cable surcharge is the fee to provide sports programming to the viewing market. In this case, the charge is to offset the premium the cable provider pays for the ability to broadcast the events.
Understand your customer’s motivations and tailor your product’s value to their specific needs. This means you can’t use the same generic pitch for every customer. What’s the best way to do this? Research your customers, distribute surveys, and gather feedback from current customers, as well as potential customers as you build a relationship with them. Why should customers care? If they have a problem, you should present your product as a solution to that problem.
Also, it is not permitted in several areas. So, if you are from one of the areas such as New York, Maine, Kansas, Oklahoma, Florida, California, Texas, etc, you won’t be charged a surcharge. In the same way, the vendors can’t add the surcharge. Let’s say a customer has to pay 100 bucks for an item. The credit card association will charge 2 bucks fees from them. So, the merchant will add 2 bucks as a surcharge, the customer will have to pay 102 bucks. In this way, the merchant can recover the money. Find even more details on Best Cash Discount Program.
Be proactive: Clients want to know that you’re thinking about them. They want to feel special. Too often financial advisors and bankers let too much time pass between talking to their current clients because they don’t want to be viewed as a pest or come across too salesy. However, your clients want your advice. Be proactive and give it to them. If you read something on LinkedIn’s Financial Services blog that you think is applicable, send it along. If one of your clients is looking to expand in the Chinese market and you read an article about U.S. companies trying to break through, highlight the important part and suggest a phone call to discuss the implications. Don’t sit back and wait for your clients to reach out to you. Stay in constant contact. This will strengthen your relationships, help you uncover new opportunities, and protect your clients from your competitors.