Very important info for all of us that accept
credit or debit cards for our business and even
for those that use these cards to purchase items.
As of Sunday, we can now charge our clients(if
you want) a surcharge for using a credit card (NOT DEBIT!!).
I copied some quick notes for all of you to
glance at. PLEASE read the whole article, the
link is below. And notify your CC provider or
read your new credit card rules.
Diana Bonn (diana from indiana)
"As of this Sunday, Jan. 27, merchants who accept
credit cards issued by Visa and MasterCard will
be allowed to add a service charge to the purchase price."
"Merchants still cannot add a surcharge to debit card transactions."
"Credit card surcharges are banned by law in 10
states: California, Colorado, Connecticut,
Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas."
"Dworsky points out that stores factor in the
cost of processing credit cards when they price
their merchandise. Charging for that again, he
said, would be double-dipping, unless stores
rolled back their prices – which no one expects them to do."
"The new rules from Visa and MasterCard require
retailers who apply a credit card surcharge to
<http://usa.visa.com/download/merchants/sample-surcharge-disclosure-signage.pdf>post
a notice at the store’s entrance. The exact
percentage of the surcharge does not need to be
disclosed until the point of sale. The customer
receipt must list the amount of the surcharge."
"Online stores with a surcharge will not be
required to have a notice on the home page. They
only need to alert shoppers about this when they
reach the page where credit cards are first
mentioned. In most cases, that means the final
step of checkout when the purchase is being completed."
"a merchant who adds a surcharge to purchases on
a Visa or MasterCard would have to do the same
with American Express cards. But AMEX prohibits
surcharge fees. So a merchant who accepts
American Express as well as Visa/MasterCard would
not be able to surcharge any of those cards."
"The surcharge is supposed to equal the actual
cost of processing the credit card transaction,
which is typically 1.5 to 3 percent. Under the
agreement, the fee is capped at 4 percent. The
surcharge can vary based on the type of card. For
example, it could be higher for a rewards card or premier card."
http://www.nbcnews.com/business/attention-shoppers-another-credit-card-fee-here-1C8086499
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