Myths, Mystery, History and Legality around Credit Card Surcharging - For Every Finance & Accounting Professional

4.5 (318)

Jeremy Layton, BA (Business Finance)

Verisave

  • CPA Canada
  • CPA

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Before starting this self study program, please go through the instructional document.

Overview

  • History of Credit Card & Status of Credit card industry.
    7 mins
  • Different types of payment methods allowed for credit card dues.
    11 mins
  • Understanding the structure and also the fees structure of Credit Card industry.
    14 mins
  • Different types of approaches to reduce the fees without changing the credit card processor.
    19 mins
  • Do-It-Yourself (DIY) and simple methods that can help you to reduce your credit card fees.
    20 mins
  • Merchant account audits – the higher saving approach.
    28 mins
  • How Merchant account audit proves to be beneficial for different Industries?
    37 mins
  • Involvement of different entities in Merchant Account Audits.
    44 mins
  • Understanding the Ideal Audit Process.
    56 mins
  • The working process of Verisave to reduce credit card surcharges.
    59 mins

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

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

Who Should Attend?

  • Accounting Firm
  • Business Owner
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial CPA
  • QB Pro Advisor
  • Xero Advisor
  • Young CPA

Testimonial

4.5

(318)
64%
25%
9%
0%
2%

WM

Our organization is quite small, but I will definitely keep Verisave in mind as we grow. This information is for every business owner and anyone in financial management because of the significant savings one can make with the help of Verisave. I loved speaker's approach for the webinar.

AK

great

AL

Good info on credit card processing, its history, and the parts that determine the price you pay as a merchant.

AR

Interesting

RB

Was very helpful in understanding the credit card processing.

KG

Great