Considering Credit Card Surcharging? Here’s What You Need to Know.
In the past decade, the digital revolution has been driving businesses to change the way they accept payments. The number of American credit card users is growing—and merchants are paying for it. Last year, merchants in the U.S. processed $7.58 trillion in card transaction volume and paid over $116 billion in fees. For many merchants, the cost of offering credit cards is...Read More →
Visa Is Planning the Biggest Changes to Swipe Fees in a Decade
Visa Inc. is planning the biggest changes in a decade to the rates U.S. merchants pay to accept its cards, hoping to persuade more people to abandon checks and adjusting its fees for new businesses such as ride-hailing services. The company’s interchange rates — fees charged every time a consumer uses a card — will go...Read More →
Visa is changing its rate structure for merchant fee structure
Visa is set to adjust the fees it charges merchants whenever consumers use one of its cards, Bloomberg reports. The new structure will raise rates for some categories – most notably, on card-not-present (CNP) transactions, which includes e-commerce, the fee for a $100 purchase will rise from $1.90 to $1.99 with a traditional Visa card...Read More →
Texas Federal Court Strikes Credit Card Surcharge Prohibition: Legal or Not Legal?
Since the 1980’s, Texas and several other states prohibited merchants from imposing a surcharge for customers who paid with a credit card by passing an Anti-Surcharge law. That law said that “a seller may not impose a surcharge on a buyer who uses a credit card for an extension of credit instead of cash, a...Read More →
Texas law banning surcharges for credit card payments was overturned. Now you’ll pay more
When you buy something with a credit card, don’t be surprised if you now have to pay a convenience fee. The Texas law was overturned. For this Black Friday, I have terrible news for anyone who pays for anything with a credit card. Until now, if a Texas merchant tried to charge you a surcharge...Read More →