Over 37 million people in the U.S. participate in the Supplemental Nutrition Assistance Program (SNAP). SNAP benefits help people purchase groceries using an electronic benefits transfer (EBT) card, which functions like a debit card. To accept SNAP payments, you need to have the right equipment where a customer can swipe their EBT card, and you need a merchant services provider (MSP) that can process the EBT payment.
With National Retail Solutions (NRS), you can take part in our EBT Unlimited program, which can help you make the most of your ability to accept EBT payments.
What Is EBT Unlimited?
SNAP allows low-income families to purchase staple grocery items at no cost to them. The EBT card allows them to tap into their SNAP benefits and pay merchants for the groceries they purchase. To accept these payments, you need EBT merchant services. EBT Unlimited is a type of payment processing that allows you to accept unlimited EBT payments from customers. Rather than paying individual transaction fees each time a customer uses an EBT card, you pay one flat monthly rate. This simplifies your payment processing and can save you money if your customers frequently use SNAP benefits to pay for their groceries.
EBT Unlimited vs. Traditional EBT Acceptance
Here’s how an EBT card works: The customer swipes the card in your card reader and enters a four-digit PIN. The cashier then uses the POS system to enter the amount the customer spent on SNAP-eligible food items, and this amount is deducted from the customer’s SNAP account. Your business will receive that money within two banking days. To facilitate the payment transfer into your bank, you’ll need a merchant services provider.
Many merchant services providers can process EBT payments along with debit and credit card transactions. From the merchant’s perspective, processing EBT payments will look much like processing a credit or debit card payment. One key difference from your MSP’s perspective is that, whereas credit card processing involves interchange fees, card association fees and more, the cost of EBT processing is more straightforward. Traditionally, your MSP will set a certain rate for processing EBT payments.
This means that each time a person uses an EBT card to pay, you’ll be charged a fee, which will come out of the payment you receive from the customer. If your customers frequently use EBT cards to pay for groceries, these fees can quickly add up and eat into your profits. If you want to accept EBT payments and not worry about fees accumulating, you should consider opting for a monthly flat rate to cover EBT processing. You might think this model would involve a transaction limit, but not with NRS. Our EBT Unlimited program allows you to process a limitless number of EBT transactions. You’ll just pay once a month, and you’ll never experience any hidden fees or limits.
How Does EBT Unlimited Boost Your Profits?
Why should you use EBT Unlimited to process EBT payments? When you accept an unlimited number of EBT payments, you can boost your business’s profits. The consistency and low cost of EBT Unlimited make it advantageous for your business, and when you accept EBT, you can pull in more customers.
Here are some ways EBT Unlimited can boost your profits:
1. Benefit From Consistent Budgeting
One great benefit of a consistent monthly rate rather than per transaction fees is that it makes your costs more predictable. This allows you to budget more accurately, knowing ahead of time what your costs will be for future months. Any time you can simplify your budgeting, it’s a win. It can allow you to make more informed decisions for your business, so you can increase profits.
2. Keep Processing Costs Low
As long as you frequently have shoppers paying with an EBT card, you’ll see that a monthly fee rather than a fee for each transaction can save you a lot of money. Of course, this may not be the case if you’re paying a high monthly rate, which you may find with some MSPs. Luckily, EBT Unlimited has a low monthly rate and doesn’t involve any hidden fees, so you can maximize your profits.
3. Attract Shoppers With SNAP Benefits
If you don’t currently have a way to accept EBT payments, then you’re missing out on potential profits you could be getting from the millions of people carrying around EBT cards in their purses and wallets. With a program worth over $60 billion, you can sell more when you become more inclusive and invite shoppers to pay with an EBT card. When customers know they can use their EBT card at your store, they may become loyal returning customers.
Payment Processing Through NRS Pay
NRS Pay is National Retail Solution’s payment processing service. In addition to providing small businesses with top-of-the-line POS equipment, we are also a merchant services provider. When you use NRS Pay, you can benefit from some of the cheapest credit card processing you’ll find for small businesses. Our rates are always straightforward, with no hidden requirements or fees. In addition to credit card and debit card processing, we can also process mobile wallet payments and — of course — EBT payments.
When you partner with NRS for payment processing, we’ll gift you with a free credit card reader, so you’ll be ready to start accepting EBT, mobile, credit and debit cards in no time. With NRS Pay, you won’t have to turn away customers because you don’t have the means to accept their form of payment, and you’ll see your store’s profits grow.
Get EBT Unlimited With NRS Pay
If you want to start accepting EBT payments, make sure you complete an application with the USDA to become a SNAP authorized retailer. Once you’re authorized to accept EBT payments, all you need is the right partner to process those transactions. Make NRS your merchant services provider for all your payment processing needs, including EBT payments. With EBT Unlimited, your customers can get the groceries they need, and you can increase your store’s revenue, all with one simple monthly fee.Learn more about EBT Unlimited and get started today!