Get the introductory basics here as I lay the foundation for a brand new training course entitled “Cash Discounting and Surcharging.” To find the...
Shocking Trends About Cash Discounting
Shocking trends that bode well for the future of cash discounting. 3 hurdles successfully crossed have been a shock! What seemed controversial at first has generated hardly a ripple. What IS the future for passing costs of processing to consumers? I have been shocked by some trends concerning cash discounting and surcharging. Surcharging […]
Shocking trends that bode well for the future of cash discounting.
3 hurdles successfully crossed have been a shock! What seemed controversial at first has generated hardly a ripple. What IS the future for passing costs of processing to consumers?
When this concept was brand new to our industry…
The first hurdle to be crossed was consumer reaction. I (along with many others) expected a significant, negative consumer reaction to the change in prices. This concept didn’t even seem legitimate!
The REAL shock to me…
There has been minimal kick-back from card brands and consumer advocacy groups. I expected to see and hear much more negative responses from them! I thought especially consumer advocacy groups would petition and seek laws passed in Congress.
To my surprise, there have been no national debates. And the media has been quiet on this subject. I did some extensive research and found only a few articles here and there.
I discovered that consumer advocacy groups are viewing this concept from a totally different angle. They are not just neutral but generally in favor of these programs.
https://www.aclu.org/blog/privacy-technology/consumer-privacy/say-no-cashless-future-and-cashless-storesTheir perspective is protection for consumers who are not “fully banked.” This is a term with which you should be familiar.
America is not 100% fully banked. Certain minority and lower income groups, in particular, are not banked at all. There is a huge segment of U.S. population not fully banked. Although that is sad from a socio-economic perspective, it is an economic reality.
· Consumer advocacy reactions