Credit card surcharging What are The Stipulations for Compliance?
The subject of surcharging is one that has caused a great deal of confusion in our industry for quite some time. To help understand the rules, see the following summary of the rule changes.
The worst thing end-user organizations can do is to have an uninformed reaction to surcharging. It's important to first look at the big picture as end-users should also educate suppliers about the economics of card acceptance, pointing out the savings possible and other benefits.
When suppliers are reaping the rewards, they should not be adding a surcharge. They might overlook the benefits of card acceptance, as well as the cost of other payment methods like checks and cash.
This training on credit card interchange fees rules will clearly explain the changes in the rules, who benefits from the changes, and how it will affect the retailers and customers.
Why should you Attend:
Passing on interchange fees has always been against card network regulations and companies have found unique ways to get around the regulations or simply did not comply. An anti-trust lawsuit was filed in 2005 and in July 13, 2012 the suit was finally settled.
Credit card surcharging is prohibited in ten (10) states while another dozen states are considering legislationSurcharging had been historically prohibited in the U.S. per the networks' merchant rules, as well as prohibited by law in 10 states. Any state law will continue to "trump" networks' merchant rules. The recent changes in surcharging law could not only affect your merchant processing transactions but also your credit card usage.
Areas Covered in the Session:
- What changed in the rules?
- Why did it change?
- What rules apply to surcharge?
- Survey results
- Who may benefit?
- Will this change anything?
Who Will Benefit:
- Financial Officers
- Small Business Owners
- Corporate Risk Officers
- Internal Auditors
- Operational Risk Managers
- Credit Card Program Administrators
- Attorneys and legal staff