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Credit card surcharging - who is going to do it and what are the stipulations for compliance?
This training on credit card surcharges compliance will discuss how the recent changes in law will affect end-user organizations. It will also provide attendees with the tools necessary to review and deal with any potential surcharge/checkout fee situations.
Why Should You Attend:
Surcharging had been historically prohibited in the U.S. per the networks' merchant rules, as well as prohibited by law in 10 states. Any state laws will continue to "trump" networks' merchant rules. The recent changes in surcharging law could not only affect your merchant processing transactions but also your credit card usage. The worst thing end-user organizations can do is to have an uninformed reaction to surcharging. It's important to first look at the big picture. End-users should also educate suppliers about the economics of card acceptance, pointing out the savings possible and other benefits. When suppliers are reaping the rewards, they should not be adding a surcharge. They might overlook the benefits of card acceptance, as well as the cost of other payment methods like checks and cash. This training on credit card interchange fees rules will clearly explain the changes in the rules, who will benefit from the changes and how it will affect the retailers and customers.
Areas Covered in this Seminar:
- What changed in the rules?
- Why did it change?
- Who may benefit?
- Will this change anything?
Who will Benefit:
- Financial Officers
- Risk Officers
- Internal Auditors
- Operational Risk Managers
- Credit Card Program Administrators
Brent Meyers, has been working for Commerce Bank since May 2008 and is responsible for business development and commercial card services within the Midwest Territory. Mr. Meyers specializes in Automated Accounts Payable and Electronic Invoice Presentment and Payment (EIPP) solutions. Prior to joining Commerce Bank, he spent more than 8 years working at Enterprise Rent-A-Car, located in St. Louis, MO. There he held positions in Accounts Payable; Claims; and Credit Cards, both on the merchant and issuing side.
He received his Finance degree from Indiana University in Bloomington, IN. He is an Accredited Payables Solutions Consultant (APSC) through The Accounts Payable Network (TAPN) organization as well as a Certified Purchasing Card Professional (CPCP) through the National Association of Purchasing Card Professionals (NAPCP) organization.
On July 13, 2012, Visa, MasterCard and nine banks settled a longstanding lawsuit related to credit card interchange fees. Besides the payout of billions to merchants, a notable settlement outcome is the ability of card-accepting suppliers in the U.S. to impose a surcharge (sometimes referred to as a "checkout fee"), beginning January 27, 2013.
A retailer has to notify customer in advance if they are intend to impose "checkout fee" or surcharge on any credit card purchase and the retailer also has to disclose surcharge fee on every receipt. This customer surcharging is applied only to credit card purchasing; surcharges cannot be imposed to purchases made by debit card or prepaid card.
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