In today's fast-paced business landscape, business owners are constantly seeking innovative ways to enhance their bottom line. One of the most pressing concerns for those who accept credit card payments is the cost associated with payment processing fees.
These fees can significantly eat into the profits of small and medium-sized merchants.
However, there is an exciting solution that aims to alleviate this burden: the Edge Program by North.
Shaun Colburn, Northโs Inside Sales Supervisor, encapsulates the program's value by stating, "I talk to merchants every day that are reluctant to pay for payment processing because of the fees that go into that. And North has a solution. It's called the Edge Program."
The Edge Program is a flat rate, dual-price model designed to revolutionize how merchants handle payment processing. In essence, it allows businesses to offer two prices: a cash price and a slightly higher non-cash price. This ingenious model effectively eliminates the hefty fees typically associated with credit card transactions.
By adopting the Edge Program, businesses can convert what they would usually pay in processing fees into net profit. This approach helps in reducing costs, while helping to foster business growth.
Why the Edge Program is a game-changer
1. Cost reduction: By implementing a dual-price model, businesses no longer have to absorb credit card processing fees, which can be substantial over time.
2. Increased profit margins: With the Edge Program, every transaction processed as cash translates into pure profit. This is a significant advantage for businesses looking to boost revenue, even without increasing sales.
3. Simple implementation: Transitioning to the Edge Program is straightforward. Merchants can seamlessly integrate this model into their existing pricing structure, without disrupting their operations.
4. Enhanced customer transparency: Offering a cash and non-cash price makes the cost structure transparent to customers, potentially fostering trust and encouraging more cash transactions.
Actionable steps to implement the Edge Program
- Evaluate current pricing: Review your current pricing model and determine how a dual-price strategy could be integrated without alienating customers.
- Update signage and communication: Clearly communicate the new pricing model to your customers through updated signage and direct communication to ensure they understand the benefits.
- Train staff: Ensure your staff is well-informed about the new pricing model so they can effectively communicate it to customers and answer any questions.
- Monitor customer feedback: Keep an ear to the ground regarding customer reactions and be ready to make adjustments if needed.
The Edge Program by North offers a smart solution for businesses to cut costs and boost profits. By using a dual-price model, with a lower cash price and a slightly higher non-cash price, merchants can tackle the issue of transaction fees head-on.
This strategy turns typical costs into profit opportunities, allowing businesses to retain or even increase profitability, especially on cash transactions.
Moreover, this transparent pricing can strengthen customer trust and encourage more cash payments, enhancing profit margins.
As you consider innovative ways to enhance your business's financial health, embracing the Edge Program's dual-price model could be the strategic move you need to turn transaction fees into profit opportunities.
Average ticket and merchant classification restrictions apply. Only compatible with certain terminals and EPX processing. Additional fees apply. Program not available for Canadian merchants. Dual signage pricing required. Contact us for more details.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
