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Allow CreditCard surcharging for payments made via CreditCards.

Brandon S. shared this idea 6 years ago
Under Consideration

In November 2012, the United States District Court for

the Eastern District of New York preliminarily approved a proposed settlement

agreement in the In re Payment Card Interchange Fee and Merchant Discount

Antitrust Litigation. As part of this settlement, Visa and MasterCard rules

prohibiting surcharging for merchants in the U.S. for credit card transactions will change

beginning January 27, 2013.

Surcharge requirements issued by Visa and MasterCard

include:

- Limit

surcharging to credit cards only (no surcharging debit and prepaid cards) and

limit the amount of the surcharge to the applicable merchant discount rate for

the credit card transaction surcharged.

- Disclose

the actual dollar amount of the surcharge on every receipt and disclose the

fact that the merchant assesses a surcharge at the point of store entry and at

the point of sale.

- Cap on the

level of the surcharge. The level of the fee that a merchant may charge a

cardholder is capped in relation to the merchant's cost for Visa and MasterCard

credit acceptance.

Merchants that choose to surcharge credit card transactions

must provide 30 days advance written notice to Visa Inc., MasterCard Worldwide,

and your acquirer prior to surcharging, and must identify whether the merchant

intends to impose surcharges at the brand or product level.

For a summary of the rules changes, visit the following

sites:

Visa Inc. http://usa.visa.com/download/merchants/acquirer-communication-to-merchants.pdf

MasterCard Worldwide http://www.mastercard.us/merchants/_assets/docs/Acquirer_Notice.pdf

For a full overview of these rule changes are set forth

in full in the Settlement Agreement, which appears on the website: http://www.paymentcardsettlement.com.

To re-iterate, the above ruling does not change any

aspect of your account or your payment processing. It only reflects a change in

the regulation whereby merchants who were previously prohibited from

surcharging for a customer to use a credit card will now be able to do so under

the above requirements.

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