Stax

FEBRUARY 28, 2024

If you’re not sure where to start, keep reading to find out the benefits of implementing surcharging, how to ensure legal compliance, and how you can use technology for smooth sailing in the surcharging landscape. Customers who want to use their credit card have to pay an additional fee covering the processing costs.

Credit Cards 88

Credit Cards Debit Card Legal Laws 88

Stax

JANUARY 15, 2024

Are you struggling with resource constraints caused by soaring credit card processing costs? Failure to comply with its policy frameworks can have severe consequences— legally and financially. Learn how to achieve payment processing compliance when surcharging to improve your company’s financial stability and reputation.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

Stax

SEPTEMBER 24, 2024

It’s meant to incentivize customers to pay using cash and reduce the costs associated with accepting electronic payment methods. On the other hand, surcharging passes the processing cost to the customer. Cash discount programs are legal in all states in the U.S. They’re also subject to different rules and regulations.

Credit Cards 88

Credit Cards Electronic Fund Transfer Act (EFTA) Push-to-Card Debit Card 88

Stax

SEPTEMBER 26, 2024

This is good news because it means you won’t have to inflate your base prices to cover payment processing fees. It requires stringent adherence to regulatory guidelines and card network rules, from surcharge caps to disclosure requirements. The overarching rule is that it must not exceed the fees charged by credit card companies.

Credit Cards 88

Credit Cards Caps Best Practices Laws 88

Stax

DECEMBER 13, 2023

TL;DR Credit card processing fees can add up quickly and eat into a business’s bottom line. Fortunately, in states where surcharging is legal, you can recoup these processing costs by transferring them to the cardholder. All of these credit card processing fees can add up quickly and eat into a business’s bottom line.

Credit Cards 88

Credit Cards Debit Card Laws Rules 88

Stax

JUNE 11, 2024

Cash discounting and surcharging can be offered together but merchants need to understand their legality and ensure compliance with card brand or card network (e.g. Also, clear communication with customers about price changes is crucial for building trust and ensuring legal compliance. Visa, Mastercard, etc.)

Debit Card 68

Debit Card Credit Cards Legal Compliance 68

Stax

DECEMBER 6, 2023

Businesses must be aware of and adhere to these rules to avoid legal complications and maintain their reputation. Credit card surcharging is legal in most of the US, with the exception of Connecticut, Massachusetts and Puerto Rico. By adding a surcharge, merchants can recoup these costs. As for the disadvantages?

Consumer 88

Consumer Credit Cards Alternative Payment Methods Debit Card 88

Stax

JULY 5, 2024

This fee falls under the category of of non cash adjustment—a term that a term that describes any additional charges applied to non cash payments to cover processing costs. Here, the noncash adjustment fee indicates that the customer paid with a debit or credit card and that the fee was added to cover the payment processing cost.

Adjustments 88

Adjustments Credit Cards Debit Card Best Practices 88

EBizCharge

AUGUST 30, 2024

Similarly, the size of your business and the volume of credit card transactions you process can influence merchant service providers to offer volume discounts or more favorable terms, lowering overall processing costs. However, there are ways they can avoid some of those costs.

Credit Cards 52

Credit Cards Processors Process Card Issuer 52

EBizCharge

MAY 2, 2024

Methods such as passing the cost to customers as a credit card surcharge or implementing a cash discount system are standard. While free credit card processing for businesses may sound appealing, it’s imperative to ensure compliance with payment network rules and local laws and to evaluate how it may affect customer experience.

Credit Cards 52

Credit Cards Process Processors Legal 52

Segpay

FEBRUARY 28, 2024

Key Takeaways √ Hidden charges in payment processing can dig into and erode your bottom line. Merchants can implement several best practices to avoid surprise processing costs. 5 minute read Hidden charges in payment processing can seriously impact any merchant’s bottom-line revenues.

Processors 52

Processors IRS Push-to-Card Non-Bank 52

Stax

NOVEMBER 8, 2023

Your business still has to incur all processing costs when a customer pays by debit card. The latter is simply another solution that some merchants use to lower their card processing costs. In this method, a certain discount (equivalent to the cost of card processing) is applied at checkout if a customer pays by cash.

Process 88

Process Credit Cards Debit Card Processors 88

Stax

NOVEMBER 11, 2024

When you’re selling products or services that cost thousands of dollars, you end up paying hundreds of dollars in credit card fees. Using ACH payments reduces your processing costs to a fraction of what you’d typically pay when a client uses a credit card. Another significant NACHA rule is the requirement for authorization.

ACH 88

ACH Checks Identity Theft Payments 88

Seon

MAY 16, 2024

Operators may even face legal complications if found negligent in identifying and addressing fraudulent activities. Regulatory & Legal Implications As a highly regulated industry, operators must adhere to strict standards to maintain their licenses. From the perspective of players, the ramifications are equally critical.

Fraud Prevention 52

Fraud Prevention Accounts Verification Legal 52

Stax

NOVEMBER 15, 2023

They significantly impact the cost of accepting card payments. Understanding interchange fees enables merchants to effectively manage processing costs, negotiate better rates, make informed decisions about card acceptance, and ensure compliance with payment industry standards.

Credit Cards 88

Credit Cards Processors Assessments Non-Bank 88

Nanonets

JUNE 19, 2024

You can set predefined rules and conditional checks to maintains consistency across all procurement activities, minimizing errors and preventing unauthorized spending. A PO system provides a thorough documentation trail, making it easier to comply with legal and financial regulations.

Small Business 52

Small Business Automation Audit P2P 52

Stax

APRIL 4, 2024

In this article, we’ll learn about the benefits of credit card surcharging and also delve into the legalities and guidelines for levying a surcharge. The surcharge fee is paid by the customer and helps offset the processing cost for that particular transaction. Credit card surcharging is legal in most U.S.

Credit Cards 88

Credit Cards Legal Laws Best Practices 88

Nanonets

MARCH 30, 2023

IDP solutions are at least 95% accurate, and can eliminate costly and serious errors associated with manual document processing. Cost Savings By automating repetitive and time-consuming tasks, IDP can significantly reduce labor costs. The user can also customize the model by adjusting the extraction rules.

Process 52

Process Automation Compliance Volume 52

PYMNTS

DECEMBER 8, 2016

These mandates mean eInvoicing is no longer a two-party process between buyer and supplier. Regulators, like tax authorities and auditors, are now involved, and corporations must comply with their rules, whether they are about digital signatures, timestamps, archiving processes or otherwise. In the U.S.,

Compliance 64

Compliance Regulations Government Governance 64

Nanonets

MARCH 14, 2024

Recap of the Procurement Process Before understanding 2-way matching, let’s quickly recap how procurement works in a business setting. Purchase order (PO) is a legally binding agreement issued by the purchaser to the vendor, informing of the type of product/service ordered and the quantity and prices agreed upon.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

FEBRUARY 21, 2024

Dramatic Cost Reductions in Processing Let's start with the financial health of your department.    AP Automation has been shown to slash processing costs by a staggering 70%.  This Rules are applied in this Format: If <condition> is True, Then <field> will be flagged.

Automation 52

Automation Process Rules Accounts 52

Nanonets

JUNE 14, 2024

This makes it a legally binding contract. Multiple levels of approval, unclear approval hierarchies, and delayed responses can slow down the procurement process, affecting overall productivity and operational efficiency. Purchase Order Approval : The PO undergoes an automated approval process within Nanonets. 

P2P 52

P2P Process Automation Checks 52

Basis Theory

OCTOBER 1, 2024

Return to Top Risk of Non-Compliance Each PCI requirement acts as a proactive measure to protect cardholder data, and as a legal framework to isolate and financially penalize non-compliance. This can significantly increase the cost of your compliance for years to come. Typically, these fines range from around $5,000 to $100,000.

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

EBizCharge

MAY 14, 2024

Improved accuracy Automated billing software is programmed to follow predefined rules and procedures consistently, minimizing the risk of human error inherent in manual billing processes. You can also use automation rules to trigger invoice creation upon fulfilling certain criteria, like the conclusion of a billing cycle.

Automation 52

Automation Payment APIs and Integration Best Practices Online and Mobile Banking 52

Nanonets

APRIL 17, 2023

One of the most significant advantages is the reduction of processing costs by minimizing the need for manual effort. As businesses grow, this automation can also aid in scaling AP processes without requiring additional hires. Looking to automate your manual AP Processes?

Automation 52

Automation Payment APIs and Integration Accounts Audit 52

Stax

MAY 7, 2024

Payment Processing Pricing Structures Payment processing companies often structure their pricing plans under four models: Interchange plus pricing Interchange-plus pricing is one of the most transparent models since it allows merchants to see how much exactly they’re paying for the interchange and fixed service fees.

Credit Cards 88

Credit Cards Process Processors Online and Mobile Banking 88

Nanonets

NOVEMBER 15, 2023

Let's say you process 10,000 invoices monthly at $10 each. Now consider this: roughly a third of businesses surveyed were able to reduce invoice processing costs even more: a whopping 50%. This process is time-consuming, prone to errors, and delays vendor payments. That's roughly $300,000 saved annually.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

Stax

JANUARY 24, 2024

However, the idea of applying a credit card surcharge to offset the processing cost of credit cards has always been a hotly debated topic. Simply put, a surcharge amount is an extra fee that some merchants choose to levy on customers to cover the costs of processing credit card payments.

Credit Cards 88

Credit Cards Laws Legal Caps 88

Stax

JANUARY 24, 2024

However, the idea of applying a credit card surcharge to offset the processing cost of credit cards has always been a hotly debated topic. Simply put, a surcharge amount is an extra fee that some merchants choose to levy on customers to cover the costs of processing credit card payments.

Credit Cards 88

Credit Cards Laws Legal Caps 88

Nanonets

JULY 12, 2024

Legal Documents : Law firms can identify key clauses, dates, and parties involved in contracts or agreements, saving valuable time in document review. Cost Savings : Cut data processing costs significantly. Rule-based From Data Extraction : This technique automatically extracts data from particular template forms.

Process 52

Process Best Practices Automation AI 52