Stax

JULY 30, 2024

TL;DR A credit card surcharge program can be particularly beneficial for small businesses to offset the cost of accepting credit card payments. However, before implementing it, you must know all the state, federal, and card network rules surrounding it. The law became effective on July 1, 2024.

Credit Cards 166

Credit Cards Laws Rules Debit Card 166

Stax

JANUARY 15, 2024

Surcharging involves understanding federal laws, state-specific restrictions, and international regulations. PCI DSS compliance, a global framework, mandates specific requirements and best practices for maintaining credit card data security. Utilizing global payment networks (Visa, Mastercard, etc.) Enter the PCI DSS compliance.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

Stax

SEPTEMBER 26, 2024

That said, you can’t just decide and impose credit card surcharges overnight. It requires stringent adherence to regulatory guidelines and card network rules, from surcharge caps to disclosure requirements. Learn how your business can capitalize on these transaction fees while staying on the right side of the law.

Credit Cards 88

Credit Cards Caps Best Practices Laws 88

Payment Savvy

JULY 12, 2024

Complexity of Implementation: Ensuring compliance with various card network rules and state laws can be complicated. Legal Considerations for Convenience Fees Before implementing convenience fees , it’s crucial to understand the legal landscape and card network rules that govern these charges.

Card Network Rules 52

Card Network Rules Non-Bank Alternative Payment Methods Credit Cards 52

Stax

NOVEMBER 15, 2023

This strategy offers transparency and allows businesses to maintain their profit margins while offsetting the cost of processing card payments. It’s important to note that the legality of surcharging varies by location and is subject to regulations and card network rules.

Credit Cards 88

Credit Cards Processors Assessments Non-Bank 88

EBizCharge

JUNE 28, 2024

For example, Colorado, Connecticut, Massachusetts, and others have laws prohibiting surcharges. Determining the legality of charging credit card fees requires understanding various individual state laws , card network regulations, and the type of fee being charged. That said, not all states allow this practice.

Credit Cards 52

Credit Cards Legal Debit Card Disputes 52

Clearly Payments

FEBRUARY 8, 2024

It oversees compliance with federal banking laws, including those governing payments. Federal Trade Commission (FTC): The FTC is responsible for enforcing antitrust laws and protecting consumers from deceptive or unfair business practices, including those related to payments.

Regulations 105

Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105