Credit Card Surcharge 7 things to keep in mind to charge add a surcharge on a credit card surcharg
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- Опубліковано 25 сер 2021
- #merchantaccountsurcharge #merchantserchargefee #surchargeprogram
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Certain states simply don’t allow it. At the time of this video there are still about 2 states that do NOT allow surcharging programs. Massachusetts and Connecticut
You have to have proper signage and public notifications on invoices and in retail storefronts, if there is going to be a surcharge assessed. There needs to be at least 1 sign or method to make the customer aware of the surcharge, but it’s recommended to have 2 or 3 as well as a verbal confirmation at the point of sale.
You cannot surcharge a debit card purchase (and this also includes prepaid cards). Meaning it’s simply NOT allowed. So you can only surcharge a purchase if you’ve followed all the other rules and setup regulations AND the customer is paying you with a credit card.
There IS a difference between a surcharging program and a cash discount or convenience fee program. I have another video on my channel that’s linked up for you. Learn the details by clicking there.
You cannot profit from it - 4% max -- You can’t surcharge greater than the cost of your processing fees. For most credit card brands, surcharge fees cannot exceed 4 percent. YOU MUST Line item the surcharge on the receipt
Software AND hardware determines how you surcharge. So not every single company will have the ability to offer a surcharge program. Some CRMs for example may offer an invoicing solution, but NOT give you the ability to add a line item for surcharging.
Proper registration with the VISA/MC and card associations is REQUIRED, 30 days prior to the implementation of a surcharging program, so you need to plan ahead. The registration is posted right on Visa and Mastercards respective websites and the corresponding links are in the description.
Are you looking into a surcharge program at your business? YES or NO? Let me know in the comments if you are and what you think of surcharge programs! -Brian
I have a café in Massachusetts and a clover representative offered us a free Clover Pro and said we should implement the a 3% surcharge on credit card payments. I'm not sure it is legal in MA.
Such an underrated youtube channel. So rich, informative and to the point!
Thank you and thanks for watching!
Continue to tout equality and at the same time continue to punish those who are economically disadvantaged and at times forced to use their credit card. And let me tell you in New York state most businesses do not even notify you of the fee and they have point of sale systems with a punch the price in and they simply just add a price on. This is a recipe for disaster. Politicians and CEOs of these credit card companies need to wake up and put a stop to this. And mainly I'm relying on the CEOs because all the politicians are busy golfing sleeping stealing Etc
What are your thoughts on Micamp and wavit?
How does it work with Honeybook?
Can a business surcharge debit cards in Florida?
I see the answer. Thank you.
How do I file a complaint if a business insists on charging 3% on debit card?
Back when America was still a halfway decent country all my credit card contract said it was absolutely illegal for a merchant to do this. Apparently now they're allowed to. That's bad for the credit card companies because people like me will simply just start paying cash as much as I hate dealing with it. It kills the cash back incentive. It should be that if you choose to accept credit cards you charge the same fee and if you do not want to do that do not accept the credit cards. Of course the sleeping senators and politicians in Washington DC and the Federal Trade Commission are all asleep. The best way to fight this is by not using your credit cards. This is also unjust for people who are economically disadvantaged and need to pay by credit card. They getting slammed an extra fee besides their interest. When will America wake up? You want to end discrimination and inequality? Put a stop immediately to this practice
Obviously you have never owned a business. The customer should always pay the processing fee if they chose to use a credit card.
@@Americasnewsnetwork no you have a right to not accept the credit card. That's how the law used to be when it was a little more fair to the consumer. This way that discourage the credit cards from charging the fee. That was when they had checks and balances in place. Obviously you are not very well informed. You do not have to accept the credit card and that's how the law should still be not that you can charge a fee and accept it. It's the reason why now I have seen gas stations charge up to $1 more per gallon for use of a credit card. That's not just getting their fee back, that's Highway robbery. As I stated if you don't want to pay the fee do not accept the credit card that's how the law used to work in America when it was halfway a great country. Unlike now where they allow people to Rob each other
And as I stated I only use my credit cards for the advantage of the cash back. And any establishments to do that I usually will not give them my business this is because of them taking advantage of people that are forced to use their credit card because they do not have any cash. And they know what they're doing. And if they don't accept the card then the credit cards have incentive to remove the fees but the way it is now the only people that lose oare the underprivileged. Problem is none of the sheep know how to think outside of the box