How to use a cash app without a card? Merchants ask us this question very often. Luckily, with modern-day technologies, we can now help merchants collect payments from their customers without the need for a card or P2P money-transfer applications. The iCG Pay Mobile Payments App is specifically designed for merchants to help collect payments from their customers.
This blog will help ISOs identify merchants who may prefer using such an application.
All merchants do not need to adopt such applications to collect payments. So, we recommend ISOs not to propose this as an alternative solution in every conversation. However, this can be a game-changing application for specific merchants with super-particular requirements. Review a few use cases of merchants who would ideally benefit from using such an application to send and receive money.
Merchants that deal with a POS sale
Merchants that have a POS terminal easily accept card payments. However, they often come across customers who wish to purchase items without a card, called CardNot Present, or CNP. In these situations, the merchant has the following options:
Merchants who want to offer alternative payment methods
A cash application like the iCG Pay Mobile Payments App helps merchants collect payments in multiple ways. The merchant can collect payments for their services/products via online ACH and credit/debit cards. They possess the technology to use Remote Deposit Capture (RDC) as well with this kind of solution. The mobile application offers merchants the ability to take payment in the app on their internet-connected device when the customers come in the store or in service calls when in person.
The business owner merchant gives alternative options when the customer is not present to still pay with alternative payment methods by logging into the seamless integrated payment page from their phone, desktop, or other internet-connected devices.
Merchants who want to offer a Cash Discount Program (CDP)
Unfortunately, customers who choose to pay via credit cards often end up paying more due to the excessive processing costs charged by credit card companies. They miss out on a cash discount scheme if they are not carrying cash. However, merchants can now offer the cash discount to customers who wish to pay with online ACH via the application. So, now the end customers can still get a cash discount without actually using cash.
If you are an ISO onboarding a new merchant, look for merchants with one or more of these given requirements. If a merchant does mention any of these needs, they are likely a good fit for using a cash application utilizing mobile payment technology.
Want to learn about the most efficient ways of transferring money without giving hefty processing fees? Set up a consultation call with our team to schedule a call and adopt the most advanced payment processing gateway for your clients.