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Merchant Surcharge Fee - Can You Charge A Convenience Fee on Credit Card Purchases

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Merchant Surcharge Fee - Can you charge a convenience (merchant surcharge fee) fee for a credit card purchase at your business? The short answer to this questions comes at 38 seconds. Visa and Mastercard Reports https://usa.visa.com/dam/VCOM/download/merchants/surcharging-faq-by-merchants.pdf https://usa.visa.com/support/small-business/regulations-fees.html https://usa.visa.com/dam/VCOM/download/merchants/sample-surcharge-disclosure-signage.pdf https://www.mastercard.us/en-us/merchants/get-support/merchant-surcharge-rules.html https://www.mastercard.us/en-us/about-mastercard/what-we-do/rules.html Share this video with your friends: https://youtu.be/wCzMHTQvw2A Follow Me (my Businesses & Websites): Invoicing & Payment Link Software: https://www.simplypay.me Merchant Account & Payments Processing Blog: http://www.bancardsales.com Marketing Services: http://www.BrianManning.CO Sign Up For a Merchant Account: https://www.getcardpointe.com Social: FaceBook: https://www.facebook.com/Brian.A.Manning LinkedIN: http://www.linkedin.com/Brian.a.Manning Twitter: https://twitter.com/manningbrian
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Text Comments (8)
masterplumbermark (4 months ago)
We use it for our plumbing business and most folks do not care,, or they simply give us a check.. our business is much cheaper than many other places in town and most dont seem to mind the fee... it has saved us a good chunk of change
BancardSales (4 months ago)
That's great if your clients don't mind! It's a good situation for you! Thanks for watching.
Karina Villegas (5 months ago)
this is good for business but customers will not like, they already hate the minimum purchase, many places offer discounts on cash sales.
Steve Morris (1 year ago)
I am in the business and I thought that this was a very thought provocative piece on a portion of the business that seems to be going towards the way of the "convenience fee" - 40 states now allow for surcharging so as time progresses and ISOs sell it more consumers will see it more and more. I remember the days when ATMs used to be FREE and now look at what happens when you use a foreign ATM machine ( $2.00 or $3.00 surcharge) so this will not be an issue in the next 4 years. Consumers will be eventually presented with this as the norm
kuan teo (6 months ago)
I believe it is the right to charge the connivence fee. Even if it is above the rate of processing fee. There is also the time needed for the payment to come in from the credit card companies. There is a big case here between the taxi companies and visa. The taxis took off visa and used mastercard because they didn’t agree to surcharging the customers. I think it is just hypocritical credit companies charge a processing fee and tell merchants to suck it up to absorb it. A connivence fee is like what it is. It is for ur connivence it is here. It is cost to the merchant. To process. To wait for the payment. If you do not want to pay for the surcharge pay in cash. Merchants do not need to make everyone else using cash pay for ur credit card fees. If the buyer doesn’t wish to shop there anymore it is fine. It is his right. It is also the right of the merchant to charge for his operating cost.
Steve Morris (1 year ago)
I agree with you whole heartedly
BancardSales (1 year ago)
Yea, you could be correct on the movement to the convenience fee. If the agenda is pushed from most processing companies, eventually it could become common practice. Time will tell. I personally believe that business owners should use discretion on implementing the practice regardless of whether it's commonplace or not. Certain industries it's understandable in, others, can afford to pay the fee! Thanks for commenting. Lmk if there's any topics you'd like to see videos on and I'll try to add it to the list. P.S. what company/ISO do you work with?
BancardSales (1 year ago)
Are you considering surcharging at your business? AND as a customer how do you feel about surcharging? Are you upset with it or indifferent?

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