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Slice Payments

Overview

Slice (Slice Business Marketing Inc.) came into being at the beginning of 2019 and has dedicated itself primarily to merchants looking to reduce their fees.  Understand, however, that though Slice is a newer entity, the management team has 25 years of combined experience serving merchants in the payments industry.  Slice is accredited with the BBB and has a rating of A- with two 5-star reviews and no customer complaint – so they’re off to a great start.

The first thing we want to point out about Slice Business Marketing Inc. is that they are first and foremost a cash discount-oriented company.  Their main focus is to work with merchants that share their same vision in cutting back fees to as little as possible.  Their goal, as shown on their site, is to provide a merchant with zero processing fees.  Now, that may not always or ever be the case, but that’s what they are committed to doing and it’s only through a qualified cash discount program that merchants can accomplish it.

When you partner with Slice, you benefit from their proprietary software that gets you started immediately offering cash discount, as well as ensures you’re compliant to legislative and card brand requirements.

Credibility

They are saddled with Wells Fargo which goes to show there is plenty of business credibility for you to share in.  When you look at what all they offer, it’s clear to see that they have thought a lot of things through to make sure the merchant is confident in the solutions, as well as has access the options they may need without having to piece a solution together from multiple resources.

Full-service

Another piece they offer is working capital.  Some agents represent a one-product ISO which limits your options as your business evolves and grows.  You’ll want to consider where your business is going and what options you’ll need and whether your current processor can manage those transitions for you?  Having this option at your fingertips can help obtain capital from someone who knows your business and knows how to get it to you quickly.

As an added benefit, they’re very familiar with traditional processing and surcharging so they can counsel with you on what is the best method for you to transact business to keep fees down and stay within regulations.  Our experience in communicating with them has been excellent!  They are a hungry firm, not for your money, but to share what they’ve learned in this exciting time where cash discount programs are taking flight.

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Hardware

• Slice offers the following options:
• Standalone terminals – Pax and Dejavoo
• CloverTM POS Family
• Slice POS
• Aldelo POS
• Paradise POS
• More…

 

Services

All of their services are focused on reducing or eliminating your processing fees where possible:

• Surcharge-ready
• Hardware
• EMV
• Virtual Terminal
• Debit Services
• Credit Services
• No Contract
• E-Commerce Processing
• Business Capital up to $500,000
• Credit & Debit Card Processing

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Customer Support

Responsiveness is the word that comes to our mind.  They are anxious to help their clients get started, of course, and keep running!  From what we have experienced with the management team and their past reputation, they employ hard working associates that will chase down a solution and make sure their merchant is protected.  No processor will ever be perfect, but it’s apparent they are aimed for perfection and have the merchant’s loyalty in mind.

To back that up, you can reach them by email or form on their site, as well as they have a phone number that will ring to an available agent to ensure your needs are met as quickly as possible.

 

Summary

We love what Slice is doing!  We love how versatile they are and that they’re not held back by traditional bureaucracy.  The landscape is changing in the payments industry and merchants need someone who can adapt, Slice is that option.  They are a great option for any size business whether you’re looking for cash discount processing, add-on features, or business capital.

They are focused on getting a merchant on a zero-fee program which is great news for the segment this really applies to.  However, if you discover that a cash discount program isn’t a good fit, then you still have all of the options at your fingertips.  We like their approach, feel they have the infrastructure to support merchants completely, and are really excited to see how they progress.

 

Cash Discount Team
E: [email protected]
W: www.cashdiscount.com

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A major contributor to the compliance of a cash discount is the receipt.  Why?  Because it’s a binding paper document that represents the agreement you entered into when you decided to exchange consideration, payment, money, etc., for goods offered by a merchant.

That’s a mouthful!   We typically don’t consider that we’re entering into an agreement when we buy something.  We just think – here’s my money, thanks for the (fill in the blank)!

And when you really think about it, that piece of paper (or email) lets you walk out of that establishment and not be tackled by a security guard for shoplifting.  The merchant has witnessed to you that you can take that ‘good’ and leave – no strings attached.

 

IF YOU’RE A MERCHANT

• Are you representing the agreement?
• Are you representing it correctly?
• Are you being a competent merchant and looking out for not only yourself, but for your customer who has placed their trust in you?

If you are, then you’re tendering a receipt with the purchase that contains a written description of the fees, services and discounts you’ve provided to the customer.

Here are a few examples that display these written communications:

 

1.

2.

3.

 

WHY ARE THERE SO MANY VARIATIONS?

This is one of the most hot-button debates and topics of discussion being batted around today.  Cash discount offers are relatively ‘new’ and have gained a significant amount of popularity over the last few years. The processing industry as a whole, this is the very start of a new tool that ISO’s and merchants can deploy to ultimately increase the bottom line of the merchant.

Because of the newness of this program, some things are still being standardized to ensure fairness and clarity for all parties involved.

Multiple variations for receipt formats are currently used, currently accepted and currently questioned as to their compliance.  What is known for sure at this time is that proper signage and receipt are must haves!  If a merchant opts to forego these two critical pieces, and they’re called into question because of a charge that doesn’t look right, there could be severe ramifications to that merchant.

 

WHICH IS CORRECT?

The type of receipt will vary from Poynt to Clover to Dejavoo.  Which is correct?

Well, that’s the point of this discussion, isn’t it?  The short answer – It’s still a work in progress.

First, go to your agent, if you’re a merchant.  ISO’s / Processors are becoming more educated and compliant in their efforts to support your business in its growth with additional revenue from a good cash discount program.  At Cash Discount, we have listed some of the top processors for you if you are still trying to get a grasp on whether this program is right for your business.  Feel free to check them out!

If you’re an ISO, it’s best to check with your bank, card brand and perhaps your legal counsel to ensure you’re covering all angles. Truth be told, according to the Durban Amendment of the Dodd-Frank Act of 2010, a merchant is not to be restricted from participating in a cash discount activity.  However, card brands like Visa are imposing their own rules in an effort to establish some consistency and protection for both the ISO and the merchant.

 

COVER YOUR ASSETS

At the end of the day, you’ll want to check with your agent as to whether the solution you are using is sufficient for compliance.  If they don’t know, they should be very happy to find out for you.  And if they won’t, don’t leave it to chance!

You don’t want to find yourself on the wrong side of an audit or secret shop.  Instead, go find a processor that has a solid understanding of the program.  Again, we’ve done the work for you – they can be found here.

 

Damon Luke, CEO
Cash Discount