This is the Beacon Payments blog. Learn about the credit card processing and the merchant services industry. Hear about the successes of our outside sales people whose job it is to sell merchant services and sell credit card processing programs.
Detailed answer to the question: How much can I surcharge a client for runnign a credit card sale in my business?
As of yesterday business owners in most states will be allowed to pass the cost of credit card processing on to Visa and Mastercard users through surcharges of up to 4%. This raises a big question: will merchants actually charge this fee? Customers may be put off when they realize that they are paying more to use their card and may prefer to shop somewhere else. It will be interesting to see how this plays out over the coming months and if the fact that this is now allowed will actually change they way the merchant services industry and retailers run credit card transactions.
In July Visa and Mastercard announced that they had reached an agreemnt to settle a longstanding multi-billion dollar lawsuit with U.S. Retailers. If both parties agree to this settlement the following will be the highlights of what you can expect to see changing in the payments processing industry: