Slice
Author: Kaitlyn Short
A registered ISO of Wells Fargo Bank, New York-based Slice Merchant Services aims to help merchants avoid processing fees through its cash discount and credit surcharge programs. However, it also offers conventional processing fees for merchants seeking traditional credit card processing.
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The Good
- No Processing Costs
- Lots of Equipment Options
- Additional Services
No Processing Costs
Slice offers a no-processing-cost option impacting two types of buyers in order to eliminate processing fees typically paid by merchants:
- Cash discount program —This program rewards cash payers, offsetting your merchant service fees without requiring an increased sale price.
- Credit surcharge — This is the second part of the cash discount program, which charges credit card payers a 3.99% surcharge fee.
Slice also offers competitive rates for conventional processing fees, starting from 1.29 percent.
Lots of Equipment Options
Slice provides a full suite of point of sale (POS) hardware to choose from, including the following:
- Standalone terminals (compact standalone countertop device)
- Clover POS family of equipment
- Paradise POS for iPad
- Aldelo restaurant POS
Terminals involve an EMV chip reader, a cloud-based receipt system, and easy integration with any POS software.
Slice accommodates all credit card types and mobile wallet systems including ApplePay®.
Additional Services
In addition to credit card processing services, Slice offers additional business services including merchant analytics, online restaurant ordering, and gift and loyalty programs.
The Bad
Credit Surcharge Limitations
While merchants benefit from Slice’s 3.99 percent credit surcharge, it may (understandably) not appeal to customers preferring to pay by credit card. However, the law requires that merchants clearly disclose the surcharge before the transaction is completed so customers can’t be blindsided.
Be aware that credit surcharges are not legal in all U.S. states, including the following as of April 2021:
- California
- Florida
- Maine
- New York
- Oklahoma
- Texas
- Utah
Merchants should also be aware that anyone who accepts credit card payments needs to comply with PCI-DSS rules. Slice provides free PCI compliance validation for all customers with a merchant account with the company.
The Bottom Line
Slice’s mission is to provide merchants a different way of doing business rather than “paying to get paid” and its cash discount/credit surcharge program accomplishes this to the benefit of the merchant.
And even if you don’t want to utilize the cash discount program, Slice promises competitive discount rates. In fact, if they can’t beat your current discount rate, Slice will give you a $100 gift card.
