COVID-19 Restrictions & How Cash Discounting Can Offset These
Across the U.S., businesses small and large are still being curtailed by Covid-related restrictions. Unable to operate at full capacity, businesses are struggling with raising revenue, which means they’ve had to turn elsewhere to offset financial losses.
Eliminating credit card fees is one option, and now many businesses are viewing eliminating card fees as a Covid-19 restrictions solution. One way to eliminate credit card fees is through cash discounting. Businesses small and large can take advantage of cash discounting when they choose to partner with Swipe4Free.
What Are Common COVID-19 Restrictions?
Many Covid-19 restrictions have been introduced since the pandemic began, and most of the original restrictions have remained effective throughout the pandemic. Masking, social distancing, contact tracing, and mandated testing are all still utilized, and now requiring proof of vaccine is another common restriction.
- Masking: It’s been established that masking reduces the spread of COVID-19, and it’s for this reason that mask mandates have been implemented across the globe.
- Social Distancing: It’s harder for Covid-19 to spread when individuals are far apart, and such is the basis for the six-feet social distancing rule.
- Contact Tracing: This is used to inform individuals of when and where they may have been exposed to COVID-19. An exposed individual is expected to self-quarantine.
- Mandated Testing: Mandated testing is utilized by businesses to ensure all employees are Covid-free when entering the workplace. Airlines also require testing.
- Proof of Vaccine: Individuals must show proof of vaccination in order to enter a business or utilize a service.
How COVID-19 Restrictions Affect Businesses
- Masking: While masking encourages many individuals to shop at a business, it also discourages others. Masking is mandated by local order in some places, and in such places, a business can’t choose to require masks or not.
- Social Distancing: A social distancing requirement will reduce building capacity, meaning fewer customers can be served at once. Social distancing rules have affected virtually all industries, with the restaurant and hospitality industries being most affected.
- Contact Tracing: Implementing an effective contact tracing system may cost a lot of money, especially if your business is a large one. In some places, contact tracing is mandated, meaning businesses must establish an approved means of conducting this.
- Mandated Testing: Mandated testing costs a lot of money as well, and while a lot of businesses are putting the cost of testing on employees—specifically those who are not vaccinated—mandated testing is a big additional expense for most businesses.
- Proof of Vaccine: Like with requiring masks, requiring proof of vaccine will bring many to your business and dissuade others. And in some cases, an effective system will need to be implemented so vaccine cards can be authenticated.
How Cash Discounting Can Help
With cash discounting, a merchant is able to eliminate credit card processing fees by passing them on to their customers. When a customer chooses a non-cash payment method, they are assessed a fee which covers interchange costs, authorization costs, credit transaction costs, and merchant support. If a customer chooses to pay with cash, they avoid this fee.
Swipe4Free is the nation’s best cash discounting platform. Since 2015, Swipe4Free has been helping merchants pass credit card processing fees onto their customers so they’re able to enjoy more of their overall profit from sales. In the time of Covid-19, Swipe4Free has helped cash-strapped businesses weather the pandemic, providing much-needed relief from burdensome card processing fees.
About Swipe4Free Swipe4Free is the nation’s number one cash discount and surcharging platform. Founded by Leo Vartanov and Chris Benabu in 2015, Swipe4Free allows merchants to pass their credit card processing fees along to the customer by implementing a 4% non-cash charge to all customers who pay with credit cards. The non-cash charge is legal within all 50 states and is automatically waived when customers pay with cash or a gift card. The customers are made aware of the non-cash charge with signage and stickers that we provide for your place of business. You can place the signage on the door of the business as well as on/near the register where customers pay. We also provide language for online businesses to make customers aware of the non-cash charge. This 4% non-cash charge eliminates all your credit card processing fees, allowing you to keep 100% of the profits per transaction made with credit cards. Swipe4Free uses the 4% non-cash charge to cover interchange costs, authorization costs, transaction costs, and support for our merchants.