Payway Unveils Cash Discount Program
First recurring payment solution to offer a cash-discount program for online businesses
Danvers, MA – Sept. 2, 2021 — Payway®, an integrated payment processing solution, announced today that it has introduced its cash discount program, the first recurring payment solution to offer a true cash-discount program for online businesses.
“While cash discounts are prevalent for card present transactions, we realized no one in the industry was providing a true cash discount service for ecommerce or businesses that operate on a recurring payment model,” said Kimberly Miller, executive vice president of Strategy and Operations, Payway. “We decided to implement this program as a way to give our customers an additional option to streamline costs.”
Cash discount programs allow companies to be able to offer customers an option to pay less for their recurring or subscription payment. With cash discount program, an organization can increase or quote its pay-by-credit card price up to 3.99% higher and offer up to a 3.99% discount to customers willing to pay by cash, check or ACH.
There are many types of benefits to a cash discount program, and these include:
- No credit card processing fees. Just one monthly processing fee.
- A constant view of profit margins and better budgeting
- Reduced risk of pricing disputes, fraud, and chargebacks.
- Attract bargain hunters by giving customers incentive to pay cash.
- Minimal to no impact to existing subscription management applications
- Minimal to no development work required for managing subscription and recurring payments.
“As always, we encourage customers to look at their customer retention strategy and work with their internal teams to determine if a cash-discount program is the right choice for their business. If they decide it is, we are here to support them. The nice thing about our program is customers can stay on their current gateway, so there’s little to no impact to current business operations,” said Dan Nadeau, co-founder, Payway.
For more information, please contact Payway.
Payway is a proven payment service provider that helps card-not-present and subscription businesses simplify and accelerate transaction processing leading to improved cash flow and significantly lowering the costs associated with accepting recurring payments.
Payway has decades of experience in managing card-not-present payments and provides their customers the most up-to-date security features. Payway built their user-friendly payment processing solution to be responsive to the needs of organizations who operate a recurring payment business model, like the many publishing and media companies they’ve served since 1984.
Erin Farrell Talbot
Farrell Talbot Consulting