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A payment surcharge, also known as checkout fee, is an extra fee charged by a merchant when receiving a payment by cheque, credit card, charge card, debit card or an e-money account, [1] but not cash, which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. [2]
When a business charges a fee for a form of payment, whether in person, online or by phone, it’s called a surcharge. Credit card surcharges are applied when you use your credit card to make a ...
Credit card surcharges are becoming more common, but they’re not legal in every state.
A part of the settlement that allows merchants to charge fees to customers paying via credit card in order to recoup swipe fees took effect on January 27, 2013. Debit cards and transactions in the ten states that prohibit credit-card surcharges will not be affected.
I used to put those tuition payments on a credit card to get the points. But this year, my kids' camp announced that credit card transactions would incur a 3% surcharge.
These fees are set by the credit card networks, [1] and are the largest component of the various fees that most merchants pay for the privilege of accepting credit cards, representing 70% to 90% of these fees by some estimates, although larger merchants typically pay less as a percentage.
AOL pays extra expenses whenever we process a payment from a checking account, so the fee allows us to continue offering you the option to pay your monthly bill without using a credit card. If you want to avoid paying this fee, you can learn how to change your payment method or go directly to My Account and choose a different payment option ...
Banks, card processors and processing networks like Visa and Mastercard each charge a fee to process credit card transactions. The sum of those fees is called the “swipe fee,” which usually ...