What is a merchant services cash discount program?

Credit card processing is slowly becoming expensive for merchants. It is the reason they are looking for avenues to reduce the expense. One such avenue is the cash discount merchant services. It offers incentives to customers to pay by check or cash, and allows business owners to offset the payment processing costs.

Cash discount program
Businesses use a cash discount program and offer discount to customers paying by check or cash, instead of paying using a debit or credit card.

Merchants incentivize by offering discount for the cash payments done to the customers and include a service fee. The cash payments are a way to offset the processing charges of the payment coming with card transactions.

How does it work for the merchant?

The merchant services cash discount program offers various benefits to the merchant such as:

Reduced fees- It is the obvious benefit that merchants get on adopting cash discount program. Their processing fees on cards get eliminated or reduced. Deciding not to process the cards implies avoiding paying for the services.
Reduction in chargebacks- With the card payments frequency reduction, the chargebacks also reduce. People or merchants can opt for the cash discount program, if they are struggling with high chargebacks number. Opting for the program of cash discount is a way or reducing the risk of continuing with the current rate.
Increase in cash payments- Customers commonly prefer using cards, but providing the customers a discount will certainly bring more cash payments. It also means faster access to funds as processing times for the merchant gets eliminated. The decrease in card payments reduces drastically the likelihood of fraud and cash is favored.
Increase purchases- The customers and merchants have alike benefits that it is best to consider adopting the cash discount program. It is good and may suit most businesses to see increase in purchases.
There are few enticing tricks of marketing than offering sales discounts on the prices marked. Customers also love saving money and when they get to save through cash discount, they appreciate it. Even if the saving is a small amount, it is enough for people to use this facility and there is the possibility of increasing additional purchases.

The popularity of the cash discount programs has given birth to different questions. For instance, the question regarding the legality of the credit card processing cash discount program has begun. Are there any states that prohibit credit card processing? Let us understand the credit card processing hereunder:

a. What is Credit Card Processing Cash Discount Program?
A cash discount is a benefit that is offered by a seller to a purchaser in exchange for making a payment before the due date. A cash discount is when the seller reduces the amount owed by the purchaser by a modest percent or a specific monetary amount.

Following we have explained in detail regarding the credit card processing:

Customers are rewarded with cash savings if they pay their bills within a particular time range.
A cash discount allows a seller to get her money faster than she would if she didn’t provide the reduction.
A vendor who gives a 2% reduction on an invoice due in thirty days if the customer pays within the first 10 days after receiving the billing is an example of a cash discount.
b. In Which States Is A Credit Card Processing Cash Discount Program Not Legal In?
Eleven states have seen the error of their ways. They have made it unlawful to engage in cash discount merchant services programs. Merchants are prohibited from imposing surcharges on credit card purchases in California, Colorado, New York, Oklahoma, Texas, Puerto Rico, Massachusetts, Florida, Kansas, and Connecticut. Minnesota bans a vendor of products or services that establishes and is responsible for its consumer credit card from charging a premium to a buyer who chooses to pay with that credit or debit card rather than cash, check, or other similar methods.

The PFP team believes that the majority of states that consider this unlawful will keep rising. All businesses, in our view, should avoid these types of initiatives and urge their customers to return to a no-surcharge setting, such as free lollipops or a give-back scheme.

Conclusion
Cash Discount Merchant Services Programs are currently illegal in 11 different countries around the world. The vendors, in the mentioned countries, should not use the cash discount programs at all. Other states in America are also imposing restrictions on the employment of cash discount programs. Many more states will declare the cash discount programs as illegal.

Why Do Investment Advisers Work With Bitcoin Asset Management Groups

Introduced in 2009, Bitcoin has acknowledged as the foremost decentralized and the most demanding cryptocurrencies out of thousands of cryptocurrencies available today. Backed by the pioneering blockchain technology, it has literally outperformed the worth of gold while providing a whopping 155% annualized gain to the annualized loss of gold (around 6%) over the last few years.

Once, the cryptocurrency that was sold worth of dollar $150 per coin, has now been recorded worth of $nearly 42,000-50,000 in 2021. This has made it one of the most popular digital investment vehicles for institutional and large-scale investment advisors. However, to deal with the decentralized complexities of the platform smoothly and flawlessly, the emergence of bitcoin asset management has become a windfall for investment advice and institution investors to explore the obscure world of bitcoin trading through manifold wallets, accounting, and managing processes.

Reduced Risks

Perhaps the biggest advantage of working with specialized bitcoin asset management companies is that it ensures the investment advisors provide secured investment solutions to their clients. Put simply, in case your crypto exchange is hacked, investors who use that specific exchange may lose their holdings right away. And there is virtually no way alternative from such sort of losses. The crypto asset managing solutions have the prowess to prevent advisers and investors from the underlying risks of operating from insecure wallets and exchanges.

Working with these platforms eases the complex areas of buying, storing, and selling digital assets for their users. It’s worth noting that invalid transactions in the crypto domain which may lead to loss of information can be avoided supported by digital asset management experts to prevent the potential outflow of an investor’s data. Integrated management solutions make bitcoin trading protected and easier for potential prospective investors.

Better Understanding

Especially for newcomer investment advisers understanding the sphere of crypto assets isn’t that simple. Due to its innovative approach, decentralized investment technology, for most investors understanding things properly appears to be extremely complex that demands a steady learning platform.

Matter of fact, with many trading, places out there and growing at a staggering rate, a potential investor must be well-familiar with concepts like wallets, private keys management, and other procedures that ensure the highest yield without which it could be intimidating to look at the crypto world at the first sight. This is the key reason what makes investment advisers encouraged to work with a professional bitcoin management team that helps ease and safe accessibility by eliminating the inherent intricacy of investing in bitcoin.

Professional Advice

While the common retail investor is more likely to be attracted to a limited number of crypto-assets, the approach of institutional investors and wealthy investors contrasts to a great extent in terms of their investment objectives. Most of these investors are more tending to explore the gateway to the most potential collections of bitcoin investment to reach their diversified investment goals, risk management related to more complex crypto- products. Due to the highest return potential and investment hedge of bitcoin, as interest among investors including retail and institutions has observed a steep rise in the last five years in the industry, the necessity of simplified crypto management has been integral.

Exploring the Top Slack Alternatives for Enhanced Team Collaboration in 2020

The Rise of Collaboration Tools in the Digital Workplace
The digital age has transformed the way we work, with information now accessible at our fingertips. However, the effectiveness of this information hinges on its timely and appropriate delivery. Missteps in communication can lead to significant setbacks for even the largest organizations. Recognizing this, enterprises are increasingly turning to business collaboration tools to ensure seamless team communication and organized workspaces.

Slack: The Reigning Champion of Collaboration
Slack, an award-winning and widely acclaimed collaboration platform, has set the standard with its powerful messaging capabilities and user-friendly interface. Features such as threading, instant messaging, pinning, document tracking, and swift navigation have made Slack a go-to tool for corporate teams.

However, despite Slack’s impressive offerings, there are compelling reasons to consider alternatives. Some organizations may find gaps in Slack’s features, while others might discover tools with advanced features that elevate productivity. Additionally, budget-friendly options are available that may better align with a team’s financial constraints.

A Glimpse at the Top Slack Competitors
Let’s explore the top contenders in the realm of team collaboration tools, each with its own set of standout features and advantages.

Troop Messenger
Troop Messenger is a robust business messaging application designed to facilitate communication and collaboration among team members. It offers a secure environment with features like instant messaging, video calls, and file sharing. Troop Messenger stands out for its high-speed connectivity, end-to-end encryption, and privacy-focused firewall. It also includes productivity-enhancing features such as speech-to-text conversion and the ability to delete or recall messages. With a free version suitable for small businesses and a premium version at just $1 per user per month, Troop Messenger is an affordable and secure choice for organizations.

Fleep
Fleep is a versatile team collaboration software that merges business chat with multitasking tools. It operates across various devices and platforms, making it one of the most adaptable solutions available. Users can manage notifications at both app and conversation levels, and the interface is thoughtfully designed. Fleep’s paid plan starts at $5 per member per month, offering a balance of affordability and functionality.

Microsoft Teams
Microsoft Teams enhances team collaboration with top-tier security and the ability to customize workspaces and integrate with Office 365 applications. It provides 1 TB of storage per organization and a 15 GB file upload limit. Office 365 subscribers can access Microsoft Teams for free, benefiting from seamless integration with Microsoft’s suite of tools.

Zoho Cliq
Zoho Cliq offers messaging features that surpass traditional chat applications. It is favored by businesses of all sizes for its ability to consolidate multiple channels into a single window. Zoho Cliq emphasizes security, user training, and quick navigation. The free plan includes 100 GB of file storage per organization, while the paid plan offers 100 GB per user at $0.58 per user per month.

Blink
Blink caters to companies with a deskless workforce, such as those in transit, logistics, and hospitality. It digitizes processes and engages employees through a mobile app. Blink boasts enterprise-level security, including encrypted data and remote wipe capabilities. It has been shown to decrease employee turnover by 28% and increase satisfaction, making it a valuable tool for internal communications and HR teams.

Ryver
Ryver excels in task and content management, offering built-in solutions for video and audio conversations. Its search functionality allows for unlimited message retrieval, and the platform supports comprehensive notification management. Ryver’s premium plan starts at $99 per month, with an enterprise option at $399 per month.

Mattermost
Mattermost is a premium, open-source business chat software that provides a private cloud for scalable and highly encrypted messaging. It features brainstorming tools, task management, and video conferencing. Mattermost’s self-hosted nature ensures data security, with pricing starting at $3.35 per user per month for the Enterprise E10 plan and $8.50 for the Enterprise E20 plan.

Bitrix24
Bitrix24 facilitates team communication through video calls, social networking, and project management on an end-to-end open-source platform. It offers a centralized repository for secure media sharing and features such as document storage, chat integration, and CRM customization. Bitrix24′s standard plan is priced at $99 per user per month, with a professional plan at $199 per user per month.

Conclusion
While Slack remains a powerful tool for business collaboration, the landscape is rich with alternatives that offer diverse features and pricing models. Organizations should assess their specific needs and explore these competitors to find the best fit for their team’s communication and collaboration requirements.