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States That Prohibit Credit Card Surcharges You might find this hard to believe but surcharging was illegal in most states till 2013. Non-compliance can result in a $1000 fine. Brick-and-mortar stores have to install signage at every point of sale (POS) and entrances that explain surcharge fees to customers.
It’s interesting to note that surcharging was illegal in most states until 2013. Non-compliance can lead to hefty penalties and even suspension of their merchant accounts. Merchants should be aware of Visa’s surcharging rules as non-compliance can lead to fines ranging from $50,000 to $1 million.
Before 2013 though, credit card brands like Visa and Mastercard didn’t allow surcharging because they didn’t want to discourage customers from using credit cards as a preferred mode of payment. However, after a 2013 lawsuit, card companies started allowing businesses to charge customers a fee for using credit cards. in most US states.
Before 2013 though, credit card brands like Visa and Mastercard didn’t allow surcharging because they didn’t want to discourage customers from using credit cards as a preferred mode of payment. However, after a 2013 lawsuit, card companies started allowing businesses to charge customers a fee for using credit cards. in most US states.
Buying and setting up hardware (POS systems, card readers, or payment terminals) and identifying the right merchant services provider that offers the cheapest credit card processing fees can be quite daunting. Moreover, you must watch out for hidden service fees and/or long-term contracts your provider may try to lock you into.
Back in 2013, the entrepreneur founded and single-handedly organized B2B Rocks , a SaaS conference that today gathers over 1500 founders, investors, and industry leaders. ” And so, I decided to launch this event in 2013 called B2B Rocks. Let’s say a SaaS company does a point-of-sale system.
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