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Old 01-25-2013, 10:33 PM   #1
cedestech
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Credit cards charging 4% extra starting next week?

Wtf? And where is it going?
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Old 01-25-2013, 10:39 PM   #2
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Never liked credit cards to begin with.
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Old 01-25-2013, 10:58 PM   #3
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Quote:
Originally Posted by cedestech View Post
Wtf? And where is it going?
4% on what and who? Merchant services?
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Old 01-25-2013, 11:20 PM   #4
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Quote:
Originally Posted by cedestech View Post
Wtf? And where is it going?
If you could be a bit more general that would be great.....???

If you're talking about a "surcharging" then that's illegal. You can pay less for using cash, but you can't ask a customer more for using a cc.

I'm guessing retailers will just increase the price of their goods.
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Old 01-25-2013, 11:47 PM   #5
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http://www.examiner.com/article/cred...s-january-2013
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Old 01-25-2013, 11:48 PM   #6
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Some states have protection laws for customers regarding credit card fees and surcharges including California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.
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Old 01-25-2013, 11:49 PM   #7
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Wonder if it applies to debit transactions
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Old 01-26-2013, 10:15 AM   #8
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Wonder if it applies to debit transactions
I don't think it would apply for debit transactions because the govt has put a cap on how much the banks could charge on debit cards transaction fee.
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Old 01-26-2013, 10:30 AM   #9
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Where is it going? I'm surprised that's even a question.
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Old 01-26-2013, 01:04 PM   #10
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its going to the merchant.
Every time a merchant does a credit card transaction they have to pay a fee to the processor and credit card company. How much depends on the merchant agreement, as far as a flat fee per transaction, a percent etc.
in the past the merchants had to suck it up, and they typically offered a CASH discount, which in many cases was 2% or even as high as 5%. If it is 5% that means they pay a lot for transaction fees.

So as a business you have been getting by credit card companies and their payment processors. They get charged a lot but cannot pass the cost on to you. They have to pay it out of their bottom line. now they are allowed to pass the actual cost on to you. will they be honest? who knows...
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Old 01-26-2013, 05:54 PM   #11
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Lady freind who owns a bidness had to talk to 4 differnt people at the proccessor she uses and still couldn't get a answer.

It's not same fee, it's a aditional fee and no one knows were it's going.

So instead of a transaction costing a retailer 2-3% it's going to cost them
6-7% but they are "allowed" to add it on the reciept and pass it through to the
end purchaser.

As stated, several states including Texas are exempt but what if you purchase out of state.... ?

And where is the money going?
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Old 01-26-2013, 06:55 PM   #12
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Missinformation, never mind....

It is the same CC proccessing fee, you can now charge it seperate as oppose to it just being in the mark up.
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Old 01-26-2013, 07:06 PM   #13
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yup, its going to the same place as always, just now you can see what it actually costs on your receipt.
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Old 01-26-2013, 07:12 PM   #14
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Quote:
Originally Posted by cedestech View Post
Missinformation, never mind....

It is the same CC proccessing fee, you can now charge it seperate as oppose to it just being in the mark up.
Yes...

And if you use a reliable source of information, you will find that there are a bunch of rules that the merchant has to follow in order to be legally allowed to charge the surcharge. It does not have any effect on the amount that merchants are being charged to process CCs.

It can't be over-simplified, it's not straight forward and the media would be the last source I would trust. The information we received was over 4 pages long just to describe the limits and regulations now in place.

www.visa.com/merchantsurcharge

www.mastermerchant.com

www.paymentcardsettlement.com

Last edited by Trish; 01-26-2013 at 07:15 PM.
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Old 01-26-2013, 07:13 PM   #15
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Quote:
Originally Posted by v4lu3s View Post
yup, its going to the same place as always, just now you can see what it actually costs on your receipt.
Yep, the surcharge must be a separate line item on receipts, at least under the Mastercard agreement. So everyone will get to see just how much is going into the banks pockets!
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Old 01-26-2013, 09:37 PM   #16
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Quote:
Originally Posted by Trish View Post
Yes...

And if you use a reliable source of information, you will find that there are a bunch of rules that the merchant has to follow in order to be legally allowed to charge the surcharge. It does not have any effect on the amount that merchants are being charged to process CCs.

It can't be over-simplified, it's not straight forward and the media would be the last source I would trust. The information we received was over 4 pages long just to describe the limits and regulations now in place.

www.visa.com/merchantsurcharge

www.mastermerchant.com

www.paymentcardsettlement.com


Including references, I like that.
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Old 01-27-2013, 01:52 PM   #17
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The banks are looking to make their lost money on debit card transaction fee using the credit cards. This is another thing to prove that government does not work for common people. Too much regulation is not always good :(
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Old 01-28-2013, 08:01 AM   #18
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Credit cards is definetly the business to be in. You make money on both ends: interest from the card holder, and fees from the merchant. That 5% cash back that discover gives you? Nothing more than a fart in the wind.
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Old 01-28-2013, 08:59 AM   #19
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Quote:
Originally Posted by JonEric0430 View Post
Some states have protection laws for customers regarding credit card fees and surcharges including California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.
Thank you TEXAS!

Quote:
Originally Posted by RACER X View Post
Wonder if it applies to debit transactions
Nope

http://abcnews.go.com/Business/credi...ry?id=18316310
Quote:
Ten states prohibit credit card surcharges, so if you're making a purchase in any of the following, you won't have to worry about being penalized: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.
You may not be protected from the surcharge if you purchase online, but the retailer must inform you if they charge it.
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Old 01-28-2013, 09:09 AM   #20
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i guess i will have to use Amex from now and on
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