WHAT IS SURCHARGING?
The practice of passing on credit card fees to the consumer is one method merchants can use to cut their costs during these turbulent times. This solution allows property management companies the ability to accept credit cards without incurring the fees – they only pay for debit transactions. This program allows your clients to reduce operating expenses when every dollar matters these days. A compliant surcharge partner handles all the details of implementation, making sure your clients have a surcharging program that will not be interrupted, and thus not interrupting any deposit times of their funds. The correct processing partner also helps your client in being compliant. This is extremely important. For example, surcharging is currently prohibited in 4 states. Do you have clients with customers surcharging in these states? Do you know what these states are?
BENEFITS FOR PARTNERS’ CLIENTS
-Ability to keep more revenue.
-Allocate these savings to other parts of the business to keep growing.
-Enables struggling merchants to avoid layoffs.
-Enables merchants to lower prices that already have their credit card fees blended into it.
-Lowering prices can increase their SEO.
-To see more value this brings to your Clients’ customers, please see our Merchant Blog here.
BENEFITS FOR NEW PARTNERS
-A new payment processor option to offer your clients, making your system more robust.
-Adding a payment provider that offers this Surcharge Program as an option.
-Offering a compliant, worry-free Surcharge solution.
-A value to market to your clients, offering an easy solution to cut their customers’ costs.
-A NEW REVENUE STREAM THAT WILL OFFER 10X MORE THAN NORMAL COMMISSIONS.
BENEFITS FOR CURRENT PARTNERS
-Current partners already know their monthly/annual partner revenue. Now, they can easily calculate their new revenue multiplied by at least 10X more.
-A new solution to offer their customers, adding value in these times where every dollar counts.
SURCHARGING CORRECTLY OR INCORRECTLY IS THE QUESTION
With the new Covid economy here, the one thing that is certain is that nothing is certain. As more and more businesses in our sector are being scrutinized in more detail, some are seeing their funds frozen or finding out their accounts have been deactivated by other processors. It is more important than ever to ensure you are partnered with a compliant processing provider offering a turnkey solution, who are the experts – so that you do not have to be.
ASCENT can set up merchants to be compliant in their Surcharge Program to prevent any hurdles that could interrupt the partner’s clients’ day-to-day needs, such as delays in receiving their funds. Merchants do not need additional worries during these times when states are seeing increases in Covid cases, resulting in changes to their economy’s status in being able to be open, not open, or re-open and close again. This is not a good time to find out if their software is set up correctly or not. For example, some Stripe merchants have seen holds on their funds in recent weeks, or even de-activated accounts, due to higher refunds and chargebacks we have all seen during these times.
One company that offers surcharging has a small blurb in correlation to the compliancy rules of partaking in this program:
To offer a compliant surcharge program, merchants must fulfill a number of steps. Your surcharge partner should offer solutions in each of these steps, rather than mentioning one paragraph to address the number of items to be completed before starting the program.
We are here to help every step of the way. Please fill in the form on this page for more info or reach out to email@example.com for more details on how merchants can keep more revenue and be 100% compliant.