What will this mean for employers? For one, employees may opt to close their traditional bank accounts. And if your employees move from banked to unbanked status, this will impact their participation in direct deposit. Fortunately, the Dodd-Frank act offered an exemption for reloadable prepaid and government-administered debit card programs. This compromise is an attempt to protect the … more
Using discounts to incentivize preferred payment types
Setting thresholds for the acceptance of credit cards for payment.
These items do not have explicit “in force” dates, so should be effective now that the bill was signed into law on July 21, 2010.
Under the law, payment card networks are restricted from limiting merchants’ ability to offer discounts to incentivize customers to use payment types preferred by the merchants. Merchants would have legal protection under the law to offer customers discounts to pay with cash, check, or debit instead of a credit card. Merchants would not be able to offer a discount for payment with one … more