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Accept Credit Cards at 0% cost 


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Accepting Credit Cards at 0% cost 

Credit card fees for merchants have drastically gone up in recent years, especially for reward card purchases, making credit card fees one of businesses largest expenses.  Interchange fees for reward cards have gone up by 24% in a recent 4-year period. The highest reward card fees to a merchant are now around 3% of the transaction total (not including what the markup from whomever sold you their credit card processing).  Many people have probably seen Samuel L. Jackson TV commercials promoting Capital One’s Quick Silver credit card, paraquoting, “The Quick Silver credit card will give you 1.5% cash back on all of your purchases.” Who do you think is actually giving these customers 1.5% of their cash back on their credit card purchases?  You guessed it- you, the merchant.

What’s a business owner to do?

  • Do nothing
  • Raise the products or services prices to account for higher credit card fees
  • Offer a cash discount
  • Don’t accept credit cards
  • Or, provide your customer a choice when they pay with a card to pay a surcharge or not- 0% credit card costs to the merchant

All of these options have their pluses and minuses, but with the ever higher and higher fees credit cards are charging to merchants, there are other methods where technology and consumer choice can help mitigate these fees.

0% credit card cost is relatively new legal method of accepting card payments in the US.  The credit card companies fought to not allow consumers a choice to pay a surcharge with credit card or zero fees with a debit card.  The credit card companies make much less money with a debit card opposed to a credit card... This case went all the way to the US Supreme Court this decade.  The credit card companies lost and consumers being able to choose to pay a surcharge with a credit card or zero fees with a debit card is now legal in 45 states.  The remainder of the 5 states will likely be joining the other 45 states in the near future as there are still ongoing court proceedings.

The US is now following the Australian model which has been allowing merchants to surcharge since 2003.  Currently, 42% of all merchants in Australia pass on a surcharge to customers who use a credit card.

Here’s an option that you might not know about, until now:

When your consumer decides to pay with a card, they have two options.  If they use a credit card, a small fee will be charged to their card. If they use a debit card, there will be no fee to the consumer.  Our software does all the work and explains to the customer of their choice prior to the charge being authorized.

What exactly are the costs to the merchant and to the consumer?

For credit cards: Merchant pays zero credit card fees, the consumer pays 3.5% of the transaction amount

For debit cards:  Merchant pays 1% + $0.25/authorization, the consumer pays Zero fees

Facts:

  • A card swiper is not needed: credit card information can be typed in a phone, computer over the phone and in-person.  A 'brick' card swiper/dipper is available if needed.

  • Works with online sales/invoices

  • Simple application process, no upfront cost, no term contract, no cancellation fee and complies with all credit card rules and regulations

  • If you auto batch by 8:00 PM EST, you get your money the next day

  • Up-and-running within a week

 Benefits to the Merchant:

  • Being fair to your consumer by offering them a choice to pay a fee or not, while eliminating your credit card fees, which can be up to 3% of your total credit card sales.

  • Simple to use and all charges are viewable through real-time online portal.  

  • Support: our team is there when you need us, but it truly is very straight forward.

We realize this solution is not for everyone.  But, you now have the opportunity to no longer pay credit card fees, forever.  Reach out through ASO or here if you are interested in discussing further: https://www.lomasolutions.com/contact


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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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