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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]
In March 2024, a settlement in the injunctive relief portion of the payment card interchange fee case was announced to reduce what are known as "swipe fees" for merchants in the U.S. This change, set to last five years, was expected to save retailers about $30 billion and mark the end of a long-standing legal battle over antitrust issues ...
Whenever a merchant accepts a credit card payment, the credit card network that processes the payment will charge a merchant fee. The merchant is expected to cover this fee. However, those fees ...
There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. [5] Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily.
Starting in the second half of 2004, PayPal Merchant Services unveiled several initiatives to enroll online merchants outside the eBay auction community, including: [136] Lowering its transaction fee for high-volume merchants from 2.2% to 1.9% (while increasing the monthly transaction volume required to qualify for the lowest fee to $100,000)
The annual fee can be charged by some providers to pay for the costs of maintaining the merchant's account. Sometimes these fees can be quarterly. The fee can be from $79–$399. These fees in cases include a Payment Card Industry (PCI) compliance fee, which may include a cyber/breach insurance policy.
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank").
The future of the payment processing industry is being driven by an increase in vertical-specific processors, [13] the accelerated adoption of contactless payment methods [14] (in response to COVID-19-related limitations on contact and in-person interactions), and the trend toward customer choice and autonomy, [15] particularly in western cultures.