Visa and MasterCard will change their rules effective January 27, 2013 pertaining to the surcharging of credit transactions at the point of sale. Please review the detailed communications on surcharging in their entirety at www.mastercardmerchant.com and www.visa.com/merchantsurcharging.
In summary, and subject to any limitations identified on the above websites or in the upcoming rules changes, U.S. merchants may surcharge Visa and MasterCard credit card transactions (not debit or pre-paid card transactions) at the brand level or the product level, but not both, with the following conditions: (1) surcharges cannot exceed certain levels (generally the … more
Calling opponent’s concerns voiced so far "overstated", the U.S. District Court Judge did note the bar for preliminary approval is significantly lower than for final approval, a decision not expected until next year.
Under the settlement, millions of merchants would receive payments totaling $6.05 billion. Those merchants on direct Interchange pass through pricing will also see a temporarily reduced swipe fee by an amount equal to $1.2 billion. And merchants in states that don’t prohibit by law will be … more
Both local and non-local emergencies can make receiving pay on payday difficult if not impossible for workers who aren't on direct deposit. When natural disasters occur in a hub city from which paychecks are mailed or air traffic is grounded, employees can not receive paper pay checks in a timely manner.
Yet according to a recent NACHA study, small businesses account for nearly 50 percent paper checks written in the U.S., not including government checks. Research suggest that many of the paper checks written in the US are small B2B payments but 12 percent are for small business … more
In addition, Acquirers are also responsible for performing backup withholding on any merchants whose information (name and tax ID) does not match IRS records.
All merchants are encouraged to confirm that their merchant services provider has the most current, up to date and accurate TIN information on file. Merchants should consider submitting a copy of their W-9 form or a copy of the SS-4 form as part of the application process or upon any changes to their businesses legal structure that shows exactly how the merchant’s name is filed with the IRS therefore substantially reducing the … more
This year, American Express is giving small merchants that accept American Express® Cards free advertising and motivating consumers to make this the biggest day of the year for small business. Be one of the first to know when you can sign up for free ads and get your marketing materials for Small Business Saturday at www.americanexpress.com/ShopSmallMerchant.
Vantage is encouraging all merchants to sign up early and to promote Small Business Saturday. If you don't accept American Express currently, simply … more
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Mobile commerce options are plentiful which means there is plenty to consider when making a decision.
Virtual terminals and electronic invoicing solutions are delivered from the cloud providing feature rich solutions but deciding which one can be tricky.
There … more
In the meantime, opposition to the settlement has grown claiming the settlement doesn’t do enough for merchants. Some trade groups have announced plans to fight the settlement in court. Both Target and Wal-Mart … more
Both the National Grocers Association and the National Association of Convenience Stores say they will oppose the agreement on the basis that the agreement does not address how Interchange is set or the complexity of Interchange fee schedules. Target and Wal-Mart are not plaintiffs in this case, but have criticized the proposed settlement for similar reasons and … more
However, according to analysis of the proposed settlement, the ability to surcharge customers includes numerous restrictions and requirements:
The surcharge amount will be limited by a cap established by Visa and MasterCard and by card type (debit card surcharge allowances to differ from credit card surcharge allowances)
Merchants will be required to notify Visa and MasterCard before surcharging begins.
Merchants post signs notifying customers that they surcharge
Merchants must include the surcharge amount of any fee on receipts
Merchants are not allowing a surcharge on Visa and … more