Credit card processing is slowly becoming expensive for merchants. It is the reason they are looking for avenues to reduce the expense. One such avenue is the cash discount merchant services. It offers incentives to customers to pay by check or cash, and allows business owners to offset the payment processing costs.
Cash discount program
Businesses use a cash discount program and offer discount to customers paying by check or cash, instead of paying using a debit or credit card.
Merchants incentivize by offering discount for the cash payments done to the customers and include a service fee. The cash payments are a way to offset the processing charges of the payment coming with card transactions.
How does it work for the merchant?
The merchant services cash discount program offers various benefits to the merchant such as:
Reduced fees- It is the obvious benefit that merchants get on adopting cash discount program. Their processing fees on cards get eliminated or reduced. Deciding not to process the cards implies avoiding paying for the services.
Reduction in chargebacks- With the card payments frequency reduction, the chargebacks also reduce. People or merchants can opt for the cash discount program, if they are struggling with high chargebacks number. Opting for the program of cash discount is a way or reducing the risk of continuing with the current rate.
Increase in cash payments- Customers commonly prefer using cards, but providing the customers a discount will certainly bring more cash payments. It also means faster access to funds as processing times for the merchant gets eliminated. The decrease in card payments reduces drastically the likelihood of fraud and cash is favored.
Increase purchases- The customers and merchants have alike benefits that it is best to consider adopting the cash discount program. It is good and may suit most businesses to see increase in purchases.
There are few enticing tricks of marketing than offering sales discounts on the prices marked. Customers also love saving money and when they get to save through cash discount, they appreciate it. Even if the saving is a small amount, it is enough for people to use this facility and there is the possibility of increasing additional purchases.
The popularity of the cash discount programs has given birth to different questions. For instance, the question regarding the legality of the credit card processing cash discount program has begun. Are there any states that prohibit credit card processing? Let us understand the credit card processing hereunder:
a. What is Credit Card Processing Cash Discount Program?
A cash discount is a benefit that is offered by a seller to a purchaser in exchange for making a payment before the due date. A cash discount is when the seller reduces the amount owed by the purchaser by a modest percent or a specific monetary amount.
Following we have explained in detail regarding the credit card processing:
Customers are rewarded with cash savings if they pay their bills within a particular time range.
A cash discount allows a seller to get her money faster than she would if she didn’t provide the reduction.
A vendor who gives a 2% reduction on an invoice due in thirty days if the customer pays within the first 10 days after receiving the billing is an example of a cash discount.
b. In Which States Is A Credit Card Processing Cash Discount Program Not Legal In?
Eleven states have seen the error of their ways. They have made it unlawful to engage in cash discount merchant services programs. Merchants are prohibited from imposing surcharges on credit card purchases in California, Colorado, New York, Oklahoma, Texas, Puerto Rico, Massachusetts, Florida, Kansas, and Connecticut. Minnesota bans a vendor of products or services that establishes and is responsible for its consumer credit card from charging a premium to a buyer who chooses to pay with that credit or debit card rather than cash, check, or other similar methods.
The PFP team believes that the majority of states that consider this unlawful will keep rising. All businesses, in our view, should avoid these types of initiatives and urge their customers to return to a no-surcharge setting, such as free lollipops or a give-back scheme.
Cash Discount Merchant Services Programs are currently illegal in 11 different countries around the world. The vendors, in the mentioned countries, should not use the cash discount programs at all. Other states in America are also imposing restrictions on the employment of cash discount programs. Many more states will declare the cash discount programs as illegal.
A spike in the Foreign Exchange firms created a surge for the merchant account providers worldwide. Merchant Account Providers are competent to offer Forex Trading Merchant Account to FX brokers around the globe.
“The Forex market is the biggest market in the financial market. With $2,409 trillion estimated annual trading value,” says Forex To Stocks.
Yet, the FX merchant faces several obstacles while getting a merchant account. Moreover, many FX brokers find merchant account providers to be fake and fraudulent. It becomes crucial for a forex business to get a trusted and secure merchant account provider for the company.
The Little Changes for FX Merchant Account
A need for a merchant account for your business makes you hunt for the merchant account provider. As forex is considered to be a high-risk business most banks conventionally deny a merchant account for your FX broker business.
The volatility of the market creates a huge barrier, to begin with. You can take certain changes into account that will make a huge difference in attaining a Forex Trading Merchant Account. It will be a kick-start to your brokerage business online.
Research the Merchant Account Provider: You will find a great deal of information while you research for a Merchant Service Provider. There are different aspects to merchant service. The features, the benefits, the assistance, even the support of a company are different from the other.
Background checks, reviews, and other trusted sources will serve as a backbone to the research and your business as well.
Don’t just aim for a Merchant Account: A merchant account is not enough for your business to take the right stance. In other words, a Merchant Account is just a bank account that will receive the online payments for your business.
You need a payment gateway to process digital payments. Online transactions through your website are possible via a payment gateway alone. The transfer of revenue from the consumers to your acquiring bank needs a bridge or a payment processing channel. A payment gateway is exactly what you need for the payments to be processed.
Aim for a Trusted Third-party Merchant Account Provider: High-Risk Businesses are mercilessly denied a merchant account due to its volatile nature. As we mentioned before, Forex does fall under the High-Risk business category. It is recommended to take a trusted merchant account provider into account.
A Merchant Account from a third-party service provider has certain features and benefits that a bank will deny in the first place. Fraud protection, chargeback management, multi-currency and multi-language support, modes of payment, and much more.
The Paperwork: The paperwork forms the most crucial part of the contract that you make with the merchant account providers. Therefore, it is your duty and responsibility to read the paperwork thoroughly.
There are two reasons for the same. One all the charges and the conditions are clearly stated there. Secondly, you will have a clear idea of what they are offering you and for what you are paying them.
Ask for Security and Compliance: Setting up a PCI Compliance, Fraud Prevention, or Chargeback Management system on your website is a huge task. Not to mention the cost of installing one of these.
As we mentioned before, the merchant account needs a payment gateway, it is important that you chooses a service provider which is PCI Compliant, has features of fraud protection and chargeback management. It saves you money and will help your business to get better consumer retention.
Build your Business Credit History: Business credit score is a major requirement for your business to get a merchant account and a payment gateway. Unfavourable credit history can be a serious downfall to a business and can hamper the long-term goals of a business. Therefore, you need to build a business score.
Avoid chargebacks and stay away from frauds. The timely repayment of loans and a good relationship with a merchant account provider proves to be a great support for the credit score and credit history.
The Transaction limits: The large-value payment system of a company will significantly boost the business idea of yours. FX requires constant transactions from low to huge amounts. The daily run of foreign exchange trade needs you to accept the payments from the traders.
Therefore, putting a limit to the transaction volume or the number of transactions per month will cost you heavily.
What is the Best Choice for your Business?
The Forex Trading Merchant Account from a trusted Account Provider such as eMerchantProis a great choice. Merchant Account with a Payment Gateway will help you to process and accept payment on your website seamlessly.
The easy integration of the algorithm into the website ensures that your business can readily start with payment processing and payment acceptance.
The best part is the benefits you get with the combo of payment gateway and merchant account. Here is a small list of the benefits:
3DS or Non-3DS Payment Gateway
Quick Approval for the Merchant Account
Chargeback Management; etc.
There are several features and benefits that you can expect.
To sum things up, a Forex Trading Merchant Account needs to be accompanied by a Payment Gateway. It is wise of you to on board a service provider that offers both. Moreover, do take into account all the pointers that we discussed to reach a better possibility and result for your FX Broker Business.
Did you know why used cars are becoming costlier than ever? Gone are the days when you could walk into the dealership lot and buy a used car without any auto loan. What is the reason behind the sudden rise in the prices of used automobiles?
There is a global shortage of microchips essential for cars. And, so the manufacturing of new vehicles has suffered exponentially. The recent Covid-19 pandemic has also put innumerable roadblocks in the course of automobile production in the U.S.
It has also led to a dramatic rise in used car prices since 2019. In the recent months of May and June, experts have witnessed a sharp increase in used car pricing. However, the growth rate has tapered as of now. But, as things will return to normalcy, the prices of vehicles will continue to remain high. With the growing public preference for using personal vehicles instead of public transport, the demand for used cars will increase in the future.
Should you Wait for the Used Car Prices to Reduce?
Although the current rise in used car prices is due to manufacturing roadblocks, you should not wait to buy a vehicle. If you sit back and wait for the prices to drop, then you might have to wait for long.
a) With the improvement in automobile technology, dealers and lenders have realized that vehicles that have more than 100,000 miles on the odometer can still function optimally and deliver good results. It means you can get an auto loan even if you choose an older vehicle.
b) Until manufacturers reach full-production capacity, they will focus more on profitable car models. It means the general public will not be able to afford new cars. The demand for reliable used cars will remain high for quite some time.
c) There is another added advantage of trading in your current car to buy a used one. With the high demand for used vehicles, you will get a higher price for your existing car. It means you will enjoy a profitable trade-in, and it will help you reduce the overall cost of your auto loan.
d) You can wait to buy a used car if you can manage your work from home and do not need your vehicle to run errands. However, purchase it when you are resuming your job.
Why should you get Car Financing for Buying a Used Car in 2021?
Do you think it is difficult to get used car loans today? Do you want to buy an affordable car in 2021? Let’s find out why opting for used car financing is a wise decision.
a) Auto financing is a better decision, even if you have money on hand to pay the dealer. It will improve your credit score and establish a stable financial history. It is a good choice, especially when you do not want to take money out of your emergency funds.
b) Used car loans are better than personal loans because of their low cost. As the lender will use your vehicle as collateral, he will be sure of getting a return on his investment. So, you will enjoy a faster loan approval process, higher loan amount, and affordable interest rates.
c) Many subprime auto lenders are ready to offer bad credit auto loans for buying used vehicles. If your credit score falls below 630, you can still get an auto loan and make an affordable car purchase.
Do not make a Hasty Decision.
The main advantage of buying a used car was its affordable cost. But the recent pandemic has increased the cost of used vehicles, thus making auto loans necessary. However, do not make a hasty decision. There are many things to consider when applying for a used car loan. Before signing the loan contract, check all the aspects in detail. Check your interest rate and compare it with other loan quotes to arrive at a profitable decision.
“Sometimes the biggest problem is in your head. You’ve got to believe you can play a shot instead of wondering where your next bad shot is coming from.” – Jack Nicklaus
When you free yourself to play unrestricted, unworried golf you free yourself of many poor shots caused primarily through thinking incorrectly which translates into tension and bad swings. We also call this “Getting out of your own way” and it is the only way to achieve your best on a consistent basis.
If you want to hit good shots so you can build your confidence then you are going to have to do what is necessary to build confidence. If you have a serious technical issue then seek professional coaching and resolve it but remember that many players with seriously ugly swings still play great golf because they believe in themselves, their swing and their prowess at managing it all around the course.
It is always more likely that it is your own lack of confidence in yourself which causes the majority of your swing mistakes and not the technical fault itself.
Jimmy was a client of mine who had problems with a Shank. We worked out a little drill to fix the technical issue, and this allowed him to play with more confidence. A few weeks went by and then he reported he was shanking everything! I invited him to play 9 holes with me and I kept him fully focussed on what he wanted with a shot, never allowing him to think of his dreaded shank. He played 9 holes without a single shank.
He admitted that the dreaded “S” word would cross his mind and then pretty soon he hits one. No wonder he gets what he is thinking about. Since he is making images in his mind of playing the ball off the Hosel it actually happens. He further admitted that when he was shanking everything the thoughts of doing it were constantly in his mind. Do you remember how we get what we focus on?
The fact that he played without shanking when his mind was occupied by better thoughts and not allowed to wander to “what he didn’t want” shows how much the shanking was Made by Thoughts and not by technical issues.
Let me just reinforce that I am not saying technical issues don’t matter, they do. A persistent technical issue needs to be addressed and fixed if you are looking to improve your ability to swing with more consistency and freedom. We are human and a recurring fault causing a bad shot is hard to simply ignore and swing with complete confidence, but unless you want to do the hours of hard work to re-groove your swing mechanics, then focus on using your mind to swing freely.
“Confidence is the most important single factor in this game, and no matter how great your natural talent, there is only one way to obtain and sustain it: work. Don’t be too proud to take lessons. I’m not.” – Jack Nicklaus
You could consider the fact that get your mental game of Golf will do more for your game than any other single aspect of the golf game, presuming you have the right sticks in your bag. Take a lesson from Jack and learn something new today that will have a really positive impact on your ability to play more consistent golf regularly.
Finally let’s put it this way. If you have a swing fault and you have to play golf before you can resolve it through hours and hours of work, are you going to play better by having a solid Mental Game for Golf or by worrying about the swing problem every time you take the club back?
Will you hit better shots thinking about your swing mechanics and worrying about the result before you have even hit the ball, or will you play better and enjoy golf a lot more, if you can learn to hit balls with complete confidence, in the present moment?
Find out more by the mental game of golf now and how to easily apply principals such as visualisation, focus of attention, targeting and many others that will dramatically improve your golf results and enjoyment of the game now go to [http://www.golfmindshop.com]
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