MERCHANT
PROCESSING
WITH ZERO FEES
HOW IT WORKS
Nix is a Cash Discounting Suite for Merchants that eliminates processing fees. The total transaction (cost of goods/services + non-cash adjustment) is deposited into the merchant’s account and the non-cash adjustment fee is automatically withdrawn daily eliminating the large monthly debit merchants typically incur.
WHAT’S INCLUDED
In signing up for Nix, merchants receive the following in a Nix branded box:
- Cash Discounting Compliant Terminal(s)
-
Training material to set their team up for success
-
Informative customer signage to install at various points within the business
RUNNING A TRANSACTION
All goods and services are priced and promoted to include a “Non-Cash Adjustment” marked as Regular Price.
A sign is placed at the point-of-sale detailing an “In-Kind Incentive” available for customers who pay with cash.
The customer decides their method of payment:
CASH PAYMENTS
The customer is automatically qualified for the In-Kind Incentive earning a small percentage off of the regular price.
CREDIT CARD PAYMENTS
The credit card receipt will display a separate line item with the amount of the non-cash adjustment.
ELIMINATING PROCESSING FEES
Nix replaces merchant processing fees with the non-cash adjustment collected from customers who choose to pay with credit card. It is a win/win.
Customer Benefits
By avoiding merchant processing fees, merchants now have the option to pass the savings to customers who use cash.
Merchant Benefits
It is common for merchant to save hundreds, or even thousands of dollars a month by eliminating merchant processing fees.
FUNDING
The funding for a merchant’s deposits will see no affect. The example below outlines the scenario if a merchant’s rate were set to a 3.75% non-cash adjustment
1.
By avoiding merchant processing fees, merchants now have the option to pass the savings to customers who use cash.
2.
It is common for merchant to save hundreds, or even thousands of dollars a month by eliminating merchant processing fees.
3.
The 3.75% ($3.75) non-cash adjustment that was originally charged to the customer is redirected to the processor in lieu of monthly processing fees.
A TRULY TURNKEY APPROACH
Ready to get started? The process is simple:
- After signing with Nix, your representative with go-over hardware options to fit your budget and needs. It is important the hardware fits with the card brand compliance regulations.
- The next step is to post a sign at each point of purchase notifying your customers of the changes to your regular prices and the savings if they decide to pay with cash.
- Implement the Cash Discounting Program into your daily operations by training all staff about the program. It is important to have a clear message for customers if one were to question the sign or the non-cash adjustment.
Want to Learn How Cash Discounting Can Fit into Your Business?
Fill out the information below and a TEEPOS representative will contact you for a free cost-benefit analysis.