FAQ's — Merchaneer

What is a cash discount platform?

Our cash discount platform is a seamless process that passes the cost of acceptance back to the customer who chooses to pay by credit card. Cash discount merchant service like Merchaneer allows business owners to continue to accept unlimited transactions by all major credit cards…without the 2.0% to 4.0% processing expense.

What will our Customers say?

The truth is…not much. A dynamic shift has occurred in merchant processing and your customer will have already been exposed to the cash discount or charge for credit card fee in numerous industries. Much will depend upon the option you choose. If included in the pricing, your customers will not see the extra “non-cash adjustment” but can still pay a lesser amount if paying in cash, check or debit card. People today use credit cards to earn points/miles, because they have corporate cards and they simply use credit cards as a method of keeping track of their expenses. A nominal amount whether it is added on to the receipt / folio / invoice or included will not curtail your customer’s use of credit cards. If your customer service staff are asked what this extra charge is…the answer is direct. “It is a fee to cover credit card expenses but we do offer a Discount for Cash”.

How much are we going to save?

If your business currently accepts credit cards and works with a merchant banker, your fees run differently per month based on the percentage of use between cards. The higher the Amex use, the higher the effective (average) rate will be. The effective rate is typically between 2.0% and 4.0%. Yes, this is the amount you will save. There will still be some marginal processing costs such as licensing, programming fees, chargeback fees and PCI fees…but, know the amount will dramatically impact your P&L and the valuation of your business.

When do we get paid?

If the daily transactions are processed on timely and correct fashion, the answer is THE NEXT DAY. Yes…unlike what is happening now…getting paid in two to five days…and sometime even longer, this money is yours…not the merchant banker’s…and you get paid the next day!

How do we get started?

Great question! It is as easy as filling out a simple application which requires Business Information, Ownership Breakdown, Banking Information, Estimated Credit Card Volumes, Current Card Acceptance, Current Rates and Fees, Guaranty Information and a few other documents to round out the application process.

What costs come with implementing the Merchaneer platform?

There are no costs to you, we’ve got it all covered!

Is the cash discount platform compliant for our business?

This is one of the most frequently asked questions. 100%...YES. The Merchaneer Discount for Cash platform is fully compliant to meet all card brand rules and regulations. Notifying customers at point of sale is completely legal in all 50 states. Merchaneer is fully compatible and compliant with all major credit card brands and can be utilized across all payment types.

How do we tell our customers?

Merchaneer provides you with signage, stickers and guidance to include in your pricing (i.e.-menus, rate sheets, pricing sheets)

How easy is this to handle?

VERY EASY is the answer. FTH is the company behind the scenes. FTH implements their third party proprietary systems into your Property Management System and/or Point of Sale so that all credit card related transactions and revenue are received and processed the next day. FTH works with Merchant Bankers to insure that all credit card companies are paid on a timely basis and provide an easy to understand statement for your business. You will also have access to daily activity through a website using a UserID and Passcode.

How does Merchaneer service our business?

Merchaneer assigns a customer service agent to make sure all aspects are easy to understand for all parties in your business. Merchaneer has a 24/7 support network as well. Your business will always have access to the leadership of Merchaneer as well.

What is the term of the contract and what is the cancellation clause?

Merchaneer has as simple contract. Although we have a 1 year contract which renews automatically, it simply spells out who does what…what is expected of you and what we agree to do. Because we have yet to lose any clients because of the amazing value of our offering, we include a cancellation clause allowing you to cancel with a 30-(day) notice at any time.

How long does it take to implement the Merchaneer platform and will there be any downtime?

Our implementation team will assess your project on a needs basis. Typical install times range from 1-5 business days. During this time there will be no disruption to your ability to accept payment.

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