Amid the ever-changing landscape of business costs and revenue streams, Merrco has made a bold move in the world of cannabis commerce in Canada. They have launched debit surcharge for cannabis retailers.
It’s no surprise that today’s consumers prefer the convenience and security that debit cards deliver over cash. Plus, in this economy, every penny counts. For cannabis retailers and shop owners, it means the cost of doing business is increasing while profits stay the same or even decreasing.
In an effort to help cannabis retailers stay competitive, Merrco, the leading payment processing company in the cannabis space, has introduced a new product that allows retailers to charge a small surcharge for Interac® debit transactions. By giving business owners new revenue opportunities, they can better manage their costs and improve their bottom line.
What Is a Debit Surcharge?
Simply put, a debit surcharge is a small fee retailers can charge for customers who pay with an Interac debit card. This fee can range anywhere from a few cents to a dollar or more, depending on the retailer’s decision.
Retailers can use debit surcharge to offset the cost of operational expenses such as tech stack subscriptions and other fixed costs. This practice is becoming more common as cannabis retailers attempt to navigate through a competitive landscape.
5 Benefits of Using Debit Surcharge
Here are the top reasons why cannabis retailers are choosing debit surcharge for their business:
1. Fast and Effortless
Debit surcharge is a fast and effortless way of recouping business costs. Implementing this solution is fast and requires minimal effort to set up. Businesses can be up and running in as little as 48 hours with no technology development required. Cannabis retailers can start using Interac debit surcharge almost immediately without investing in costly new point-of-sale systems or hiring additional staff.
2. Increase Your Margins
As a business owner, you're always looking for ways to generate additional revenue. And while you may want to keep your business model the same, there is a way to tap into your existing debit card transactions to bring in additional income. By using Merrco’s debit surcharge solution, you can get a percentage of the transactional fees charged each time your customers use their debit card.
It's a win-win. Customers get to pay with their preferred payment method, and you get to boost your bottom line without changing anything about how you do business.
3. Flexibility and No Long-term Commitment
For many businesses, the ability to accept debit card payments is essential. Merrco offers a debit surcharge solution that provides businesses with the flexibility they need without the burden of long-term commitment. Furthermore, businesses can easily reverse their decision to start charging for debit card transactions if they feel the consumer response is not ideal. This can be achieved without any penalties or long-term commitments. As a result, debit surcharge gives businesses the flexibility they need to make the best decisions for their business.
4. Transparency
When it comes to debit transactions, transparency is essential. Customers have a right to know precisely what they're being charged. With this solution, cardholders are notified upfront about the surcharge, giving them the information they need to make an informed decision.
By breaking down their charges clearly and providing an easy opt-out option, Merrco ensures that your customers can use the service without worrying about hidden fees or unexpected costs. Ultimately, this makes the entire platform more transparent and trustworthy.
5. Track and Monitor Any New Payment Trends
As a cannabis retailer, being ahead of the curve is essential. Not only does this mean staying on top of new products and trends in your industry, but it also means being proactive about payment methods. With our easy-to-use reporting portal, you can track and monitor new payment trends to ensure your business is always ahead of the curve.
This way, you can be sure that you're always accepting the most popular payment methods and that a new trend never catches you off guard. In today's ever-changing landscape, it's essential to be prepared for anything. With our reporting portal, you can rest assured that you're always ahead of the game.
Final Thoughts
At the end of the day, there are many compelling reasons why cannabis retailers should take advantage of debit surcharge. It is fast and effortless, helps reduce business costs, flexible, transparent, and allows businesses to track and monitor new trends. Don’t miss out!
How Can Merrco Help?
At Merrco, we understand the unique needs of businesses operating in highly-regulated industries. That's why we offer payment processing services tailored to your specific needs. We make it easy for you to accept payments from customers both in-store and online. If you want to partner with us, contact us at info@merrco.com or call us on our toll-free number at 1-800-957-0534.