How Dual Pricing Can Offset Operating Costs with SpotOn POS
Operating a business today comes with increasing costs—whether it’s credit card processing fees, inventory, wages, or rent. Many business owners are looking for smart strategies to maintain profit margins while keeping prices competitive for customers. At Boston North Company, we have found one effective solution known as dual pricing.
What is Dual Pricing?
Dual pricing, sometimes referred to as cash discounting, is a pricing strategy where businesses offer customers two price options: one for cash payments and another for credit or debit card payments. This transparent pricing model helps businesses cover processing fees while giving customers the choice of how they want to pay.
With dual pricing, customers paying with cash receive a lower price, while those using cards pay a slightly higher price to account for transaction costs. This approach not only offsets operating expenses but also encourages more cash transactions, reducing the reliance on costly card processing fees.
How Dual Pricing Helps Businesses Stay Profitable
Integrating dual pricing into a business strategy comes with several advantages:
- Lower Operating Costs: Credit card processing fees can add up quickly. Dual pricing helps offset these fees by shifting the cost to the customer who chooses to pay with a card.
- Increased Cash Flow: Encouraging cash transactions means more immediate access to funds without waiting for credit card payments to clear.
- Transparent Pricing: Processing costs are included in prices, ensuring that card-paying customers contribute to the processing costs, while those paying with cash are rewarded with a lower price.
- Compliance and Customer Trust: Unlike hidden fees or surcharges, dual pricing presents clear options to customers, fostering trust and compliance with card processing regulations.
How SpotOn POS Makes Dual Pricing Easy
Boston North Company is proud to offer SpotOn POS, an advanced point-of-sale system that simplifies the implementation of dual pricing. Here’s how SpotOn POS supports this strategy:
- Automated Dual Pricing: The system automatically applies the correct price based on the customer’s chosen payment method, ensuring accuracy and compliance.
- Seamless Customer Experience: With clear signage and on-screen prompts, customers can easily understand their payment options without confusion.
- Transparent Receipts: SpotOn POS provides itemized receipts showing the cash and card prices, reinforcing transparency and trust.
- Built-in Compliance Features: SpotOn ensures that dual pricing meets industry regulations, helping businesses avoid non-compliance risks.
- Customizable Settings: Business owners can adjust pricing structures, add promotional discounts, and tailor the system to their specific needs.
Is Dual Pricing Right for Your Business?
If you’re dealing with rising processing fees and looking for a way to maintain profitability, dual pricing is worth considering. Whether you run a restaurant, retail store, or service-based business, this pricing model can help keep costs under control without raising prices across the board.
Boston North Company understands the challenges of running a business in today’s economy. That’s why we partner with industry-leading solutions like SpotOn POS to help businesses implement dual pricing effortlessly.
Get Started with SpotOn POS with Boston North Company
Interested in integrating dual pricing into your business? We can help you get set up with SpotOn POS to make the transition smooth and hassle-free. Contact us today to learn more about how dual pricing can help you offset operating costs and keep your business running smoothly.
Tracking and managing inventory has never been easier with this fully integrated application. Set alerts for when inventory is low, reminding you to replenish items. LexgiaPOS Inventory also allows you to define minimum stock levels for any and all products, prompting the system to create automated shopping lists with every item that must be replenished. Check for the most popular items and plan restocking accordingly.
Delivery service is a valuable asset for any business, as it conveniences customers and creates another avenue for profit. LexgiaPOS Driver is a fully integrated application developed for restaurants as well as their drivers to foster a seamless delivery process.
Quickly and easily assign drivers to certain deliveries or delivery routes within the system, speeding up the process. They can be informed anywhere at any time with SMS alerts, allowing for route changes and quick turnaround time. The system provides real-time driver status and allows you to collect data to measure driver performance.
LexgiaPOS's S customer loyalty application allows businesses to create customized loyalty programs based on the best interests of both their consumers and the business itself. Loyalty rewards can be based on a variety of factors, including enrollment, customer visits, a fixed spent amount, specific menu items, and menu category.
LexgiaPOS CDS is a customer facing display that they are able to interact with during checkout. The easy and fast technology provides high levels of service and convenience for customers, allowing for less delay at checkout and increased consumer satisfaction. Equipped with a tip processing feature and required digital signature, the system provides quick service that is both enjoyable and more secure. The application can also prompt customers to opt-in to your loyalty program if you choose, driving more signups.
Self-order kiosk checkouts allow for customers to fully engage with the order and checkout processes independently, creating a more convenient customer experience while simultaneously lifting pressure from the front-of-house staff. LexgiaPOS Kiosk quickens the process of making and dispatching orders by communicating directly to a second display system located in the kitchen. The application eliminates extra steps by enabling direct communication from your consumers’ fingertips to the eyes of the kitchen staff.
LexgiaPOS KDS is a system specifically designed for catering to needs inside the kitchen. Always in direct communication with the front-of-house display, both systems can stay connected even without internet, allowing for no interruptions to the flow of your workday.
If your restaurant serves pizza, LexgiaPOS KDS allows your customers to customize a pie down to the slice and make their topping choices as elaborate as desired. Customers can also receive SMS text alerts directly from the kitchen so that they are notified as soon as their order has been completed. The kitchen display system allows for optimal efficiency and a significant reduction of error and waiting time.
Excessive wait times can lead to customer dissatisfaction, lack of repeat business, and loss of sales. LexgiaPOS Waitlist is a fully integrated application within the operating system that tracks and manages your business’s bookings and guests to ensure minimal wait time and maximal communication with your customers. Equipped with a wait time calculator and synced with the statuses of your tables, the application remains constantly updated and can keep your customers in the loop as well by sending SMS text alerts regarding the status of their wait.