08/07/2022
What is Paymentix ZERO FEE PLAN ?
Our Zero Fee Plan is the new legal way that business owners can implement to pass the cost of credit card processing to their customers (the cardholder)… No longer do business owners, have to fund the credit card benefits and rewards points that their customers receive, at the merchants expense.
Our brand new zero fees credit card processing program is sweeping the nation ! It is the only way to legally eliminate most of the associated credit card processing fees. Utilizing our proprietary software and cash discount terminals, a cash discount program will allow merchants to implement a customizable service fee (usually 3.99% of the total purchase price) to customers that pay with credit and debit cards while rewarding customers who pay by cash or check by giving them a discount.
This small 3.99% fee (or a small flat fee) added to individual transactions has a small impact to your consumer, but a huge impact on your cost of doing business. *Source: https://www.ftc.gov/tips-advice/business-center/guidance/new-rules-electronic-payments-lower-costs-retailers.
This is NOT a credit card surcharge because all receipts will include this fee. However, the fee is waived if the customer happens to pay with cash……The business owner simply posts a sign (provided by us) at the register explaining that the posted prices are the “Cash Discounted Prices”….. When your customer checks out, our credit card terminal are enabled to add a small service fee to their receipt automatically. On the other hand, this service fee is deducted from the receipt if your customer decides to pay with cash, check or gift card. The end result is that all your card processing fees collected daily are applied towards your monthly credit card bill automatically, thus you will save thousands of dollars monthly.
Note : *Currently there are a few very small fees that may not be removed from your merchant statement; these include Dues & Assessments – (NABU fee, MALF fee, Acquirer fee and APF fees. (on average these fees are between 5 – 10% of your current monthly bill)
This guidance document also is available in Korean, Vietnamese, and Chinese.