#merchantaccountsurcharge #merchantserchargefee #surchargeprogram
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Certain states simply don’t allow it. At the time of this video there are still about 2 states that do NOT allow surcharging programs. Massachusetts and Connecticut
You have to have proper signage and public notifications on invoices and in retail storefronts, if there is going to be a surcharge assessed. There needs to be at least 1 sign or method to make the customer aware of the surcharge, but it’s recommended to have 2 or 3 as well as a verbal confirmation at the point of sale.
You cannot surcharge a debit card purchase (and this also includes prepaid cards). Meaning it’s simply NOT allowed. So you can only surcharge a purchase if you’ve followed all the other rules and setup regulations AND the customer is paying you with a credit card.
There IS a difference between a surcharging program and a cash discount or convenience fee program. I have another video on my channel that’s linked up for you. Learn the details by clicking there.
You cannot profit from it - 4% max -- You can’t surcharge greater than the cost of your processing fees. For most credit card brands, surcharge fees cannot exceed 4 percent. YOU MUST Line item the surcharge on the receipt
Software AND hardware determines how you surcharge. So not every single company will have the ability to offer a surcharge program. Some CRMs for example may offer an invoicing solution, but NOT give you the ability to add a line item for surcharging.
Proper registration with the VISA/MC and card associations is REQUIRED, 30 days prior to the implementation of a surcharging program, so you need to plan ahead. The registration is posted right on Visa and Mastercards respective websites and the corresponding links are in the description.
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