As a liquor store owner, it's important to understand what is dual pricing, it can bring advantages to your business and your customers.
What is Dual Pricing?
Dual pricing offers two different prices for your products based on the payment method. You will have one price for cash transactions and a slightly higher price for credit card transactions.
How Does Dual Pricing Work?
For example, you're selling a bottle of wine at $20. If a customer chooses to pay with cash, they'll pay the cash price of $20. If another customer decides to use a credit card their total will be $20.70. This extra 70 cents is added to account for the credit card processing fees.
Dual Pricing - Rounding Properties
Dual Pricing recomputes the price of products when it prints the total amount on the receipt. It will NOT show the 3.5% as a special charge or as a discount. It will appear as regular Credit Card price.
The calculation always rounds down to the nearest penny on the TOTAL of the transaction (one rounding error).
Why Choose Dual Pricing for Your Liquor Store?
Flexibility: Dual pricing offers flexibility to your customers. Some customers prefer using cash for various reasons, while others use credit cards for convenience. By providing both options, you will have a wider range of customer preferences.
Cost Management: Credit card companies typically charge processing fees for each transaction. Dual pricing allows you to pass on some of these costs to customers who pay with cards, helping you manage your expenses more.
Transparency: Displaying both cash and credit card prices ensures transparency, enabling customers to make informed choices regardless of their preferred payment method.
Competitive Pricing: Dual pricing can enhance your competitiveness. Offering a lower cash price may attract customers who appreciate the lower prices, giving you an edge in the market.
Implementing Dual Pricing Securely
To implement dual pricing in your liquor store while avoiding any issues, establish specific cash and credit card prices for your products. Ensure that these prices are prominently displayed, so customers can easily see their options. Additionally, provide training for your staff to handle transactions efficiently under both pricing structures.
The attached PDF guide is two signs on one page, the top half is required to be displayed at the entrence to the store. The bottom half may be displayed at the register area. Having the signage in place helps you imprvoe the shipping experience in your stire while optimizing your buisness's financial performance!
References;
https://northamericanbancard.net/dual-pricing/
https://www.digitaltransactions.net/acquirers-seek-answers-from-a-visa-surcharging-executive/