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For businesses, a fast and seamless payment process means happy customersand the statistics show it. Digital wallets accounted for 50% of eCommerce purchases , while debitcards raked up 12% of total transactions last year. Checks can get lost without a trace, but electronictransfers leave behind a digital trail.
TL;DR A cash discount program is when a business offers its customers incentives to pay using cash for a product or service instead of a credit or debitcard. It’s meant to incentivize customers to pay using cash and reduce the costs associated with accepting electronic payment methods.
They are an additional type of payment you can take along with debitcard transactions and credit card payments from card networks like Mastercard, Visa, American Express, and Discover. Faster payment delivery As mentioned above, paper check payments take a longer period to process.
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