NEW YORK, NY / ACCESSWIRE / October 4, 2018 / Why does the United States have one of the highest credit card processing rates? Because capitalism and consumerism. Banks are incentivizing consumers with big rewards to use their credit cards. Free plane tickets, free vacations, free MacBooks, or cold-hard cash. You name it. But who’s paying all these rewards. The banks? Not exactly. Restaurants pay an average of 2.6%-3.5% to the credit card processors when customers use a credit card to pay for meals and drinks and consumerism is pushing more cardholders to use their credit cards to buy more stuff. On average, 80% of restaurant payments are made with credit or debit cards.
Luckily, small business owners now have the option to eliminate their credit card processing fees. Some recent changes in credit card regulations allow small businesses to use what gas stations have been using for decades to completely eliminate one the of the major wasted costs that eats into business profits. It’s called a Cash Discount Program.
WOW Payments, a NYC-based company was one of the first companies to develop a fully compliant and easy to use payment technology that focuses on one thing: Eliminate your credit card processing cost by 95-100%.
Durbin Amendment 2 (Part of the financial reforms) states that businesses can offer a discount to customers who pay by other payment methods such as cash. With that being said, if you pay with credit cards, then you will get the discount.
“What we’re doing here is giving both the business owners and consumers more options. For business owners, you are not forced to stomach all payment processing fees yourself. For consumers, you can enjoy a discount if you pay by cash, so you don’t have to pay the inflated price due to extra cost,” Eugene Gold, CEO of WOW Payments said.
“Rent is going up. Food costs are going up. Wages are going up. We need to cut some costs or raise our prices. We cannot cut staff because it will reduce the quality. We cannot raise our prices because it will scare customer away. Fortunately, WOW Payments was able to help me eliminate my credit card processing costs and keep me in business longer. My rep was easy to deal with and explained everything to me upfront. I will highly recommend WOW Payments to any business if you want to keep your business going longer,” Matt, a client of WOW Payments who owns a French restaurant in Midtown Manhattan said.