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Is Credit Card Surcharging Legal? Yes and No

4.5 (562)

Jeremy Layton, BA (Business Finance)

Verisave

Wednesday, February 26, 2020 | 02:00 PM EDT

  • CPA

1 Credit

FREE

Subject Area

Business Management and Organization

Course Description

A surcharge, also known as a checkout fee, is an extra fee charged by a merchant when receiving a payment by credit card also known as the merchant service fee or credit card fees, etc. The New York law prohibits businesses from posting a cash price and adding a fee when customers choose credit (a “credit card surcharge”). However, the law permits businesses to post a credit card price and charge less when customers choose cash, check, or equivalent means (a “cash discount”). Similar “no-surcharge” laws exist in 9 other U.S. states. Credit card companies make money off cardholders in a wide range of ways and their income has been experiencing solid growth for years. They charge for

  • Interest Income
  • Interchange Fees
  • Cash Advance Fees
  • Annual Fees
  • Penalty Fees
  • Enhancement Income

Credit card company made 163 billion of these Incomes in 2016 from Businesses & Individuals. This money comes from the bank account of business who happens to be your client or whom you work for. In this Free CPE webinar session, we will detail the steps one must take to properly (and legally) implement to protect from credit card surcharging, as well as what are the other ways to mitigate credit card processing fees.

CPA or Accountants or Tax Professionals this webinar will give you insights on advising your clients on how to significantly reduce your credit processing fees and will help you in being a valued advisor. 

CFO, Staff Accountants, Director of Finance, Controller you are always expected to improve bottom-line of your company, this webinar will help you in understanding step by step how you can really reduce your company’s credit processing fees up to 50% and that too without switch processor.

Learning Objectives

  • Understand the history of the credit card industry and complexity of it with different players operating differently.
  • Credit Card Surcharging Rules
  • Understand the merchant account fee structure a little in detail.
  • Learn the dynamics of the fee amounts driving higher or lower.
  • Learn about the errors, inflated fees & hidden charges in credit card processing.

Who Should Attend?

  • Accounting Firm
  • Business Owner
  • CFO/Controller
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Others
  • QB Pro Advisor
  • Young CPA

Testimonial

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    [no_of_record] => 562
    [average] => 4.5302
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4.5

(562)
64%
27%
7%
1%
0%

GA

Jeremy is an excellent presenter. He is very knowledgeable and also has great communication skills. He made full use of the time available while still managing to field and answer all the queries.

LJA

It was a great webinar. Good Presentation. Never knew the fact that there are so many hidden credit card surcharges and how we can save them. It was an completely out of box topic and can save a lot of money.

AN

Content of the subject was very good. I liked the facts that questions were reviewed.

AW

I enjoyed the webinar. I would appreciate more detailed webinar on the subject specially about the taxation part on credit card surcharging.

AZ

The speaker did a very good job. It was a really interesting webinar. This was my first webinar with myCPE and i am happy with the overall experience.

SS

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