Orchid, the leader in FFL technology, payment processing, and firearm and explosives compliance services announces its August 10, 2023, webinar on credit card processing. The free online event is open to all FFLs seeking to avoid anti-firearm banking bias while optimizing profits with cash discounting, surcharging, and fee optimization principles.
“In an increasingly competitive landscape, understanding merchant fees is vital for firearm business owners,” says Jeremy Crick, Chief Revenue Officer of the Orchid Pay platform. “Every day we review financial statements from startups to the largest merchant FFLs in the industry only to find they’re being charged hidden or excessive fees. Many FFLs have yet to be introduced to cash optimization principles such as surcharging (in permitted states) and cash discounting which can have an immediate 2 – 3% impact in profitability.”
Firearm Credit Card Processing Webinar Announced by Orchid
This Orchid webinar will shed light on the complex web of players involved in the credit card processing industry, including credit card processing providers, networks (Visa, MasterCard, etc.), issuers, gateways, and payment facilitators. Mr. Crick will address the challenges faced by businesses in managing these fees and offer valuable strategies to control costs effectively.
In addition, Mr. Crick will explain the difference between cash discounting and surcharging as mechanisms to offset merchant fees. He will explore the benefits and potential impact of these practices on the customer experience. While both options can help businesses manage costs, adhering to card brand rules is crucial to avoid fines and potential account shutdowns.
Attendees will gain a comprehensive understanding of how to implement cash discounting and surcharging in a compliant manner, ensuring long-term success in their payment processing strategies.
FFLs seeking to attend the free webinar can register here or by using the following link: https://zoom.us/webinar/register/WN_yypXk7XwS7SbDhg50KZ09Q.
