Myths, Mystery, History and Legality around Credit Card Surcharging - For Every Finance & Accounting Professional 1 Credit
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Have you ever paid some extra charges just because you insisted on paying through your credit card? Such charges are known by many names such as merchant service fees, credit card fees, surcharge, facility charges et. al. However, most of the customers paying such charges are not at all aware of the legality, myths, and mystery that has been woven around such charges. Accounting and financial professionals with such knowledge can help their clients with hard-earned cash.
A surcharge is a facility charge paid to the merchant for accepting credit cards as an accepted mode of payment. Historically prohibited in the US such charges are currently prohibited in the 9 states - Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.
The New York law prohibits businesses from posting a cash price and adding a fee when customers choose credit cards as a mode of payment. The fact of the matter is law permits businesses to post a credit card price and charge less when a customer chooses cash, check, or equivalent means (read cash discount). Credit card companies make money off cardholders in a wide range of ways and their income has been experiencing solid growth for years charging -
In this Business Management CPE webinar, the speaker Jeremy Layton will give you insights on advising your clients on -
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| License details | Credits | Status |
|---|---|---|
| Business Mgmnt and Org for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Business Mgmnt and Org for CPA in Canada | 1 CPD | Eligible |
| Business Mgmnt and Org for Certified Management Accountants (CMA) | 1 CPE | Eligible |
| Business Mgmnt and Org for Certified Fraud Examiner (CFE) | 1 CPE | Eligible |
| Association of Chartered Certified Accountants (ACCA) | 1 CPD | Eligible |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Chartered Accountant - ICAEW | 1 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Chartered Accountants - Ireland (CAI) | 1 CPD | Eligible |
| Chartered Accountants - Scotland | 1 CPD | Eligible |
| CPA - Ireland | 1 CPD | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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Jeremy Layton started Verisave back in 2001 with the service of identifying and collecting overpayments made by their customers to their suppliers. In 2010 Jeremy noticed that most of his customers were paying a lot of money to process credit card payments. After digging a little deeper, he found that most of his customers were actually paying much more than they needed to and Jeremy was determined to help them reduce these fees. Over the past 10 years Jeremy has become an expert in all things relating to the credit card processing industry. In fact, Verisave saved its customers over $30 million on credit card processing fees.
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KH
it started out very interesting and I was going to recommend to others (highlighting Verisave), but then it turned into an infomercial that I was forced to sit through to get CPE credit.
AL
Good info on credit card processing, its history, and the parts that determine the price you pay as a merchant.
Mar 26, 09:00 AM ET
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