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For one, the business has to notify the appropriate credit card associations and clearly disclose that it charges a fee for the use of a credit card. Credit card surcharges can’t exceed the cost ...
A payment surcharge, also known as checkout fee, is an extra fee charged by a merchant when receiving a payment by cheque, credit card, charge card, debit card or an e-money account, [1] but not cash, which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. [2]
Credit card issuers and networks perform two distinct roles, though both can be considered credit card companies. Credit card issuers are responsible for card details, rates, fees and perks.
An MCC reflects the primary category in which a merchant does business and may be used: to determine the interchange fee paid by the merchant, with riskier lines of business paying higher fees; by credit card companies to offer cash back rewards or reward points for spending in specific categories [4] [5]
In the United States in 2008 credit card companies collected a total of $48 billion in interchange fees, or an average of $427 per family, with an average fee rate of about 2% per transaction. [70] Credit card rewards result in a total transfer of $1,282 from the average cash payer to the average card payer per year. [72]
Credit card surcharges can’t exceed the cost of accepting the card or 4 percent, whichever is the lower amount, even if it costs the business more than that amount to process your credit card ...
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