Small merchant business owners have proved that they’re resilient and nimble enough to handle any challenge the economy throws at them. According to a recent Hello Alice survey, researchers found that 73% of owners predict their businesses will grow in 2023. SMBs are focused on their fight against inflation, a major concern for 2023; concerns that include challenges of how to minimize customer attrition due to price increases in their stores. They also understand that a growing number of consumers – over 60% – are tired of paying higher interest rates on unpaid balances and are looking for ways to make their dollar stretch farther by paying with cash or with a debit card.
It is hard to dispute the benefits of a cash discount program, like the one that eProcessingNetwork offers, for both merchants and customers. Implementing a cash discount program is a great way to reward loyal in-store customers and attract new ones. Offered as an add-on feature for both ePNJPOS and ePNMobile, ePN merchants can offer a discounted percentage or dollar amount of the purchase price to customers paying with cash, check, or PIN debit. ePN’s cash discount program is processor-agnostic, compliant, and is legal in all 50 states. By incentivizing customers to pay with cash, merchant processing fees are greatly reduced, if not covered entirely. And since it’s easy to integrate with ePN’s cloud-based solutions, merchants find it simple to increase the rate of their inventory, giving them the perfect program to help fight against inflation and attrition.
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