Did you know that POS Nation Merchant Services offers dual pricing? Find out what this feature is — and if implementing it is the right move for your small business.
What Is Dual Pricing?
To put it simply, processing fees are passed on to your customers who use credit cards so you don't take the financial hit, rather than your business paying for a percentage of each credit card transaction.
Is Dual Pricing Right For Your Business?
- Competitors - Do you have regular customers? Would they become frustrated if they prefer paying with a card, and go to your competition?
- Industry Norms - Is dual pricing acceptable in your industry? We've implemented dual pricing most frequently in liquor shops and convenience stores.
- More Cash Purchases - Does your small business have the time and manpower to make more frequent trips to the bank?
Dual pricing doesn't work for all business types, so get in touch with your POS Nation product specialist to make sure it's the right move.
Dual Pricing: The Basics
Before we delve into specifics, let’s clarify what dual pricing is — and what it isn’t.
Here are three key things to know about dual pricing:
- Dual pricing means offering two prices for items in your store: a card price and a cash price.
- The card price should be your store’s regular price for a certain item. The cash price should be a discounted price.
- Dual pricing does not imply charging a surcharge for card transactions. Instead, you’re simply offering a discount for customers using cash.
Keeping these three principles in mind will help you communicate with your customers more effectively about your store’s dual pricing policy.
Dual Pricing Do's and Don'ts
If you do decide that dual pricing makes sense for your small business, here's what you should and shouldn't do to ensure you're compliant.
Our team is here to help you make decisions that will benefit you in the long run! Reach out to the merchant services team at 877-727-3548 ext. 6000!
