Credit Card Processing  Promote Your Business
Credit Card Processing
ProMatch
Directory
Cost Report
  More Services

New Credit Card Surcharge Rules






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.

At this time, Harbortouch has initiated a task force to address these new rules regarding surcharges and how to best serve our customers. We will continue to update you in the upcoming months.

For a summary of the rules changes, visit the websites of Visa Inc. and MasterCard Worldwide. For a full overview of these rule changes are set forth in full in the Settlement Agreement, which appears on the settlement website.



Be the first to find this article helpful.

About the Author

Marguerite Fischer, Pride Merchant Services
11B Appleton St
Boston, MA 02116
(866) 275-7317

Contact Author: request info

If you would like to re-print this article, please contact the author.
Need to find a credit card processor? Free quotes from credit card processing services.
Find Credit Card Processors

Related Topics

Credit Card Processing
Learn About the Different Methods of Card Processing
From outsized credit card terminals to portable mobile devices, payment through credit...

Tips on Preventing "Card Not Present"" Payment Frauds
This article throws light on useful tips to prevent fraud when neither the card nor the...

Vantiv Named by Forbes as One of the Fastest Growing Tech Companies
New release announcing Vantiv, Inc. being named one of America's Fastest Growing Tech...

What to Expect when Applying for a Merchant Account
Many processors operate with the expectation that you know the process and don't take...

Future Proof Credit Card Machine
The Vx520 (dual comm) is a future ready terminal (EMV and NFC READY) with many new...

Need to find a credit card processor? Free quotes from credit card processing services.

Other Related Topics

Merchant Accounts for Small Businesses
Merchant accounts for small businesses come in a variety of types, depending on your...

Top 10 Reasons to accept Credit Cards
Dont cut your self out of the pie. Impulse Spending! Customers spend more impulsively...

Are credit card processing fees too high?
One cost factor that retailers of all types deal with are credit card processing fees,...

Accept Credit Cards? How to Avoid Refund Fraud
Refund fraud is one of the most common kinds of credit card fraud. Fortunately, it can...

I'm Not One Of Those Guys
I am always hearing (your one of those guys) when I talk with a merchant. It's sad that...

Editorial Disclaimer: The views expressed in articles published on this website are those of the authors alone. They do not represent the views or opinions of this website or its staff. The articles on this site do not constitute a recommendation or endorsement with respect to any views, company, or product. Authors affirm that article submissions are their original content or that they have permission to reproduce.

Free Cost Estimates   |   Credit Card Processing Companies Directory   |   Credit Card Processing Cost Report   |   Free Business Listing



Home   |   Articles & Videos   |   Affiliates   |   Networking Groups   |   Search by Category   |   Professionals

Terms of Use   |   Privacy   |   About Us   |   Contact Us   |   Member Login

©2003-2018 - VentureStreet, LLC

Join Our Business Network