Merrco has launched a new product option that especially benefits our retailers: the Interac Debit Card Surcharge. This new feature allows Merrco retailers to charge a convenience fee when a customer uses a debit card for payment – allowing business owners to benefit from extra revenue from every debit transaction and helping them offset operational costs.
The cost of doing business is rising at an unprecedented rate. In an effort to stay competitive in this economy, businesses need to look for new and innovative ways to increase revenue streams. This is where debit surcharge can make a difference to retailers' bottom line.
The Rise of Debit and Interac
Many Canadian consumers turn to their debit card as their preferred payment method. With its convenience and speed, debit payment options are a popular choice for many consumers. For business owners though, their top focus is to remain profitable.
One solution is to introduce a debit surcharge. This allows businesses to charge a small fee on every debit transaction, recouping costs to run the business so they may optimize inventory, tech stack and win new customers.
This post will look at debit surcharge and how merchants can benefit from it.
What Is a Debit Surcharge?
A debit card surcharge is an optional convenience fee that a business adds to a customer's bill when a customer uses an Interac debit card to pay for goods or services. This surcharge is intended to assist merchants in offsetting the cost of providing a debit checkout option to their customers and to assist in reducing the costs of running business operations.
How Debit Surcharge is Changing the Game for Cannabis Merchants
Debit surcharge can be helpful for businesses with thin margins. In today’s tight economy, it can be crucial for businesses to find ways to increase revenue and keep costs low.
Setting up debit surcharge is as easy as adding a predetermined fee to a debittransaction. Debit Surcharging helps cannabis merchants save on debit card transaction fees. In turn, this allows them to redirect resources towards growing and improving their business, potentially impacting long-term sales.
Disclosing Details of Debit Surcharge – Responsible Retailers
As a merchant, you have the option to apply a surcharge on debit card transactions. However, if you choose to do so, you must notify your customers in advance of the surcharge. This allows them to cancel their transaction, if they wish, without paying any additional fees.
Whether or not you choose to apply this surcharge is entirely up to you and your business needs, but it is crucial that you inform your customers of your decision before they are prompted to enter their PIN. After all, giving people control over their spending habits is key when it comes to maintaining a positive relationship with your customers.
When your customers use their debit card to make a transaction at a terminal, they will receive a notification of any applicable surcharges before they complete the purchase. This allows them to cancel the transaction without any added cost if they do not want to pay the additional fee.
Final Thoughts
Interac debit surcharge is an excellent tool for large and small businesses. First and foremost, it can help to reduce your business's operational costs. Additionally, debit surcharging is easy to enable, not requiring any additional technology development.
Finally, debit surcharging is entirely transparent, so your customers always know exactly what they are paying and how much. Whether you're just starting or looking for ways to grow your business, debit surcharge is an excellent solution that can help boost your sales.
How Can Merrco Help?
Merrco is a payment processing company for cannabis, CBD and regulated businesses in Canada and the US. Merrco offers several products that can help you streamline your payment processing. If you have any questions on how we can help you, contact us at info@merrco.com or call our toll-free number at 1-800-957-0534.