Understanding Dual Pricing for Liquor Stores- For Non Dual Pricing Customers

As a liquor store owner, it's important to understand what Dual Pricing is since it can bring advantages to your business and your customers. This article will cover how to apply for Dual Pricing as well as explain the benefits of Dual Pricing and how it works.

TABLE OF CONTENTS

• How To Apply For Dual Pricing
• What is Dual Pricing?
• How Does Dual Pricing Work?
• Why Dual Pricing is Better
• Why Choose Dual Pricing for Your Liquor Store?

How To Apply For Dual Pricing

1. Have the following information handy:
   1. Business Name, address, and contact information.
   2. TIN/EIN number.
   3. SIC/MCC code (normally 5921 (package stores))
   4. Business banking information
   5. Name and contact information for all business owners and officers
   6. Average monthly credit card processing volume
   7. Average transaction amount
2. Fill out our application
   • The online version of the application can be accessed here: https://apply.paymentshub.com/?source=54717.1 
   • Paper Application (download via attachment below and then email to sales@rite.us or fax to 320-230-1796)
   • Need assistance? Contact us at sales@rite.us or 888-267-7483

What is Dual Pricing?

See the attached Dual Pricing POS Package Flyer for more information.

Dual Pricing is a widely adopted method of offering both a Cash Price and a Card Price for the products in your store. Dual pricing offers two different prices for your products based on the payment method. You have one price for cash transactions and another price for credit card transactions. Dual Pricing recomputes the price of products when it prints the total amount on the receipt. It will NOT show the card price as a surcharge or the cash price as a discount.

Besides the obvious financial benefits (take a look at your most recent merchant services/credit card processing statement and see what you could save by not paying those monthly fees), there are several additional benefits to using Dual Pricing with the Cloud Retailer Liquor Store Profit System:

1. Legal in all states except Oklahoma

2. Only option that truly gives your customers a choice on how they want to pay

3. No noticeable change in customer buying habits (you won’t lose customers)

4. Reduced Cloud Retailer hardware costs

5. Reduced monthly Cloud Retailer subscription fees (as low as $0/month to qualified retailers)

6. Enhanced Cloud Retailer hardware warranty options

7. One less vendor to deal with 

8. Enhanced Cloud Retailer Bronze Support

9. Free signage provided by Cloud Retailer to keep your store compliant

Thinking of building in the credit card processing fees into your prices? Building credit card fees into your pricing is a Bad marketing practice. Did you know that raising your prices also raises your fees as well?  Your price ALWAYS looks higher than a store that can advertise their Cash price.  

With Dual Pricing, customers get an additional way to save EVERY day, not just on "Senior Tuesday", "Wine Wednesday", etc... With Dual Pricing, your customers can "Save with Cash 7 days a week".

Dual Pricing has helped fellow retailers like yourself increase profits and decrease expenses. Don’t get left behind (and stop paying those fees)! Contact our team at info@cloudretailer.com or 888-267-7483 for free no pressure information on using Dual Pricing in your store.

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.

Why Dual Pricing is Better

• When you advertise your prices you can advertise with the lower cash price in your advertisements as compared to requiring to advertise the higher price when it comes to cash discounts.
  
  
• With dual pricing, there is no surcharge. The price the customer pays is the price listed on the receipt, which reduces complexity and confusion for both the customer and the cashier.
  
  
• With dual pricing, there is no rule or regulation stating how much of your credit card fees you can pass on to the customer. With surcharging there is a limit to what percentage you can charge.
  
  
• Dual Pricing is legal in 49 states. (Dual Pricing is not available in Oklahoma)

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.

References;

Dual Pricing - Frequently Asked Questions for Cashiers

https://northamericanbancard.net/dual-pricing/ 

https://www.digitaltransactions.net/acquirers-seek-answers-from-a-visa-surcharging-executive/