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Credit card cash discount legal
Applying the Service Fee, without the proprietary technology programmed into your terminals, you would have to manually apply the service fee.
But most users trust their payment processing provider to do the work for them in actually implementing the program.
40 states in the US allow surcharge fees to customers who pay with credit card.
Cash Discount programs are legal in all 50 states per the Durbin Amendment (part of the 2010 Dodd-Frank promo code for hollister july 2015 Law which states that businesses are permitted to offer a discount to customers as an incentive for paying with cash.Under a cash discounting program, youre technically not raising the prices on your products but charging a fee for the service your cashier provides to all customers.A cash discount works by applying a small customer service fee on all customer transactions.In any event, theres no reason not to keep using a cash discount program for now.This means that even if a customer pays with cash, you still need to charge them the service fee and then apply a discount to remove.
Hidden Costs Some providers will require charge setup fees or hidden In most cases, you can demand these be waived.
This is why its important that its marked on the receipt.
Additionally, the reference to the program should be made verbally at point of sale.
After all, for the consumer the overall effect is the same customers who pay via credit card have a higher grand total on their receipt than customers who buy the exact same things but pay with cash.
Visa and Mastercard will not permit you to charge an additional fee for credit card purchases, but they have no such qualms about a cash discount.Its up to you what you want to apply the cash discount to, but generally the idea is to apply the service charge to debit and credit cards, and to waive it with a discount for any other form of payment.A lawsuit was brought against the credit card networks in 2013 and this resulted in credit card companies not being allowed to impose these restrictions against merchants, except for in Puerto Rico and ten states, being California, Colorado, Maryland, Connecticut, Massachusetts, Nevada, Washington, Oklahoma, Wyoming and.While many processors may offer a Cash Discount program, not all of them offer and utilize the compliant technology that is compatible with your terminals.It is important the correct language is used, such as Would you like to save (X amount) today by paying in cash, or use your card?Visa and MasterCard have made quite clear in the past that they are not fans of the cash discount program, so theres certainly reason to expect that they might try to do away with it at some point in the future.
The last thing a small business needs is to be labeled a high risk merchant and have to deal with higher fees for their processing service because of fraudulent chargebacks.