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Friday, 09 October 2020 20:58

Using Limits, Surcharges to Curtail Credit Card Processing Costs

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Many of the shops charging fees do so only under certain conditions, such as when the dollar amount exceeds $500 or $1,000, or when payment is made by phone rather than in person.

 

“We charge 3% only if the customer received a check from the insurance company but deposited it and is then using a credit card to pay us,” a shop owner in Arizona said, a policy echoed by about one in six of the shops with credit card surcharges.

 

The survey found there clearly is some confusion within the industry about which states prohibit surcharges; a shop owner in Missouri, for example, thought it was illegal in his state---it isn’t, and shops in California, Florida, New York, Oklahoma and Texas said they have credit card surcharges, which may not comply with those states’ regulations.

 

An article on Bankrate.com offers a good summary of state regulations on credit card surcharges.

 


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