FlatRatePay, a division of GivePay Commerce, has introduced Discount for Cash, a merchant processing program that eliminates credit card fees paid by the merchant.
According to a press release, the FlatRatePay.com point-of-sale solution leverages new card rules from MasterCard and Visa, presenting customers with a service fee for card purchases and offering them a discount if they pay with cash.
The company said the program is well suited to merchants who have an on-site ATM. A company blog said that deployers who offer the program can increase cash use, which is good for the IAD, and drive discount-seeking consumers to stores, which is good not only for merchants, but also for merchant-IAD relationships.
"The program can save merchants thousands of dollars in processing fees and provides a novel way to offer additional discounts at checkout," GivePay spokesperson Roger Myers said in the release.
Participating merchants receive a free POS terminal or mobile card reader with signage that explains Discount for Cash savings. Merchants pay a monthly percent of merchant processing fees are waived or credited on merchant statements, the release said.
"We've simplified the signup and complicated price structure, while keeping the transaction experience seamless for the customer," GivePay CEO Jerry Jackson said. "This allows our agents and merchants to focus on what they do best, growing their business while maximizing their profits.