Try our no risk, Reverse My Fees Program.
In the past merchants would charge a convenience fee when a credit card was used. Typically, a person sees these types of fees online for ticket purchases to events. However, the card brands, Visa, MasterCard, Discover, and American Express have authorized a Cash Discount Program. The Cash Discount Program can eliminate merchant fees 95% or more.
Reverse My Fees and Cash Discount are synonyms or mean the same thing.
How does it work?
- Merchant account is set up properly; surcharge with the card brands or the Cash Discount program. For Complete Definitions, click here.
- If the customer decides to use a credit card for purchase, there is a flat service fee for the use of the credit card.
- The service fee is automatically calculated by the credit card terminal and is a separate line item on the receipt. The service fee is a fixed percentage.
- For example, the service fee is set at 3.95%. Customer is paying a $20 sale including tax with a credit card. The service fee is $0.79 and the total on the credit card terminal receipt is $20.79. The customer is billed $20.79.
- The flat rate/service fee charged to the customer is the same as the flat rate charged to the merchant on their merchant billing statement. Therefore, the merchant is paying $0.00 to accept credit card payments. Merchant fees are eliminated.
Merchant benefits
- Up to 95% of the merchant fees are eliminated. Imagine if you are paying $1000 per month in merchant fees and now you are paying only $100 or even less, $29.95?
- Watch out you may get some crazy or unrealistic offers. Such as, crazy equipment leases of $50-$200 per month for 48 months or monthly fees more than $200 per month! Watch out for the other offers for free credit card processing. Many of these offers have awful, egregious leases attached to them. Their equipment has been quoted at $1500-$2500 for one device.
- The Reverse My Fees Program is available on multiple processing equipment.
- Dial-up or Ethernet connection credit card terminals
- Wireless credit card terminals
- Mobile Payments
- Point of Sale for restaurant or retail businesses
- The surcharge amount can be deducted from the batches each day or at the end of the month.
- If daily deduction, assuming a $100 batch and a 3.95% surcharge, the deposit into the bank account would be $96.05. Service Fee = $3.95, subtract from $100 batch amount = $96.05 deposit. In many cases, the fees to accept a credit card are completely eliminated.
Full Disclosure (Fine Print)
- Service fee may not exceed 4%
- Service fee only applies to credit card transactions, not pin debit. Pin Debit is great for many merchants. On the reverse my fees, pin debit will not eliminate merchant fees. The fees charged for pin debit are passed to the merchant.
- Pin debit can still be accepted, however, the merchant is responsible for the pin debit fees charged on the merchant statement.
- There is a flat monthly fee as little as zero and as much as $39.95.
- The Reverse My Fees program is legal in all 50 states.
If you have further questions or would like to get started on the Reverse My Fees program, please give our office a call 877-651-1655 option 2.