Credit card surcharging is when a business charges the customer a percentage-based fee for using a credit card to pay for goods or services.
Even five years ago, surcharging was a risky proposition.
Numerous rules, regulations, local laws, and non-compliance fees made surcharging difficult for many businesses to implement. Not to mention, many customers have been opposed to paying the surcharge.
But things have changed.
Regulations still exist, but public favor has improved, and new technologies exist to make compliance easier than ever.
These technologies can even allow for customer-friendly customizations within the surcharging program, such as fee caps and the ability to exempt certain clients or transactions.
It’s still critical to consult with the experts before implementing a surcharging program. But, now more than ever, surcharging is worth considering.
An evolved surcharging landscape is just one of many recent industry shifts.
The payments industry is constantly evolving, and it can be difficult to stay on top of new developments and updates.
Find more breaking news from the experts at Verisave here:
Verisave is a third-party cost-reduction firm specializing in merchant accounts and credit card processing fees.
Verisave is not a payment processor, and is not affiliated with any processors, card brands, or banks.
Verisave has more than 20 years of experience optimizing and monitoring the credit card processing industry.