Can Zero Cost Processing Really Save Me $90k per year?
Updated: Feb 5, 2021
Zero Cost Processing is a revolution in the way businesses accept payments. In this article, we’re going to go over the old way credit card processing companies charge you to process credit cards and the new way, our way, where you don’t pay a single cent to process credit cards.
Credit card processing companies charge a fee for you to accept credit cards, debit cards or any other type of non-cash payment. This fee is usually somewhere between 2.5% and 3.5% depending on the company and your type of business. This means that for every $100 you sell of your products or services, $2.50 to $3.50 is going to the processing company.
Between your margins, overhead, salary, and other business expenses, this 3% ends up being a significant cost. For example, if you sell a product and your profit margin is 15%, you are losing out on 3%-4% just for making the sale. Now the margin can be as high as 18% for that same product or service.
For many businesses Zero Cost Processing can create a 20% increase in margins.
With our Zero Cost Processing Program, you can now eliminate that processing cost from your expenses. The profit margin in the example above would be somewhere between 18% and 19% rather than 15%. That difference can be huge, especially for companies that process a lot of payments.
Let’s take one of our clients that does especially well with Zero Cost Processing as an example. Home inspectors that we’ve worked with save up to $90,000 per year just by switching to us. That’s really a lot of money to be able to invest back into a business. Whether it’s buying a new truck, new tools, hiring a marketing team or more, you are now freeing up a major expense.
So, how does Zero Cost Processing work exactly? That’s a question we get a lot, because hey, it’s right to be skeptical of something that sounds so great. Let’s break it down.
A fee is added to your customers receipt, and they pay it. It’s that simple. Instead of your business paying the fee, your customer does, and is offered a discount when paying by cash. That means the fee is added to the receipt, and then taken off if they pay by cash.
The cash discount is important because this is what makes it legal and compliant in every state in the US.
Other processing companies that offer a similar Zero Cost program often do so by adding a surcharge to the receipt, which is actually not legal in many states. Also, you'll have the ability to process Zero Cost transactions in a card present and card not present environment.
Benchmark offers your business a new way to save money, that takes about 10 minutes to set-up, so your business has no downtime in accepting payments and making money. Our processing technology is secure and able to detect any fraudulent payments, and our customer service team is always there 24/7/365 if you need them.
We stand behind our product, and can guarantee your business savings.
So why wait, were just on the other end of the phone.
Sign up for a call to chat with a team member about switching your business to Zero Cost Processing today!