Accepting Credit Cards as a Discerning Business Owner

At the end of each month, every business owner must come to grips with the reality of the costs of accepting payments from cardholders who are less loyal to cash, and more interested in earning reward points for their purchases.  A credit card processing company is responsible for defining what a business must pay each month based on many variables that include different card brands and how payments are made.

Commonwealth Consulting Group provides upfront, no-obligation assessments for businesses looking to accept electronic payments, and also for businesses looking to lower their monthly costs. We provide the hardware and software that businesses use to accept card payments.

It is crucial for business owners to understand that their credit card services provider is, in fact, a partner when it comes to the financial aspect of processing electronic payments. It's important to have a relationship of trust with any business partner. We at CCG pride ourselves on industry expertise, and excellent customer support. We offer the latest in technology and solutions, ultimately helping business owners make the most of providing their customers with the option to make electronic payments.

At CCG we help business owners become familiar with an industry that has many moving parts. We want our merchants to understand the basics of what merchant services cost, what the mandated rates are for different card brands, and, at the end of the month, exactly what you are paying for.

Is Owning an ATM a Good Investment?

Automated teller machines (ATMs) were introduced 50 years ago. Although some might argue that cash use is diminishing, ATMs seem to be evolving and trending. We believe they will continue to play an important role and fill a need into the foreseeable future.

Savvy business owners should always be looking for ways to increase their revenue. Some merchants look to ATMs to increase passive income.

Brick and mortar businesses such as restaurants, gas stations, convenience stores, hair and nail salons (and more) may benefit from having an ATM. It can attract more customers and improve profitability. If a customer needs cash to purchase a lottery ticket or wants to leave a cash tip, having an on site ATM is a way to guarantee that these opportunities are not lost.

ATMs have evolved to perform a variety of functions that will only continue to expand.The United States has the highest number of ATMs per capita in the world, and the demand for ATMs is not decreasing.

Do you have customers asking the location of the nearest ATM? Have you had to turn away a customer because they wanted access to cash, but you couldn’t provide it? Maybe you have an ATM in your location, but it is not properly maintained, and is often out of cash or out of service. We can help. If you’re still reading, then the odds are high that your business will benefit from having an on site ATM. It’s not complicated. ATMs exist because there is a demand for convenient access to a customer’s cash, and the technology to make that need a reality.

Commonwealth Consulting Group is a full service provider of ATM products and services. Contact us and we will help connect you with the right solution to best fit your location, situation and needs.

Cash Discounting in A Credit Card World

A savvy merchant knows that being able to accept credit cards from customers is a lucrative part of doing business. The sobering reality of the credit card processing world is that fees associated with swiping credit cards are costly. If implemented correctly, cash discount programs can significantly reduce or eliminate credit card processing fees.

What is Cash Discounting?
Cash discounting is when a business offers a discount to customers who pay by cash, check, or with a pin-based debit card instead of paying with a credit card. Many merchants are exploring cash discount programs with increased enthusiasm as they see a potential to use these programs to negate payment processing fees. Cash discount programs are legal in all 50 states per the Durbin Amendment (part of the 2010 Dodd-Frank Law) which states that businesses are permitted to offer a discount to customers as an incentive for paying with cash.

Cash Discounting Vs. Surcharges
What is a surcharge? A surcharge is when a business posts cash prices, then charges additional fees at the register for processing credit cards. Business owners must be careful not to confuse cash discounting with surcharges, which are illegal in some states. Pin debit card and check card surcharges are illegal in all states. Merchants must post prices for a product or service, then cash discounts come into play when a customer using cash pays less than the posted price. A true cash discount program does not add any fees or surcharges at the time of purchase.

Contact Commonwealth Consulting Group to explore cash discounting as an option for your business. We are knowledgeable in the areas of surcharge rules and requirements and will help you create a program to minimize confusion for your customers, keep your business industry compliant, and, most importantly, save you money.