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Surcharging had been historically prohibited in the U.S. per the networks’ merchant rules, as well as prohibited by law in 10 states. Any state laws will continue to “trump” networks’ merchant rules. The recent changes in surcharging law could not only affect your merchant processing transactions but also your customers’ credit card usage.
When suppliers are reaping the rewards, they should not be adding a surcharge. They might overlook the benefits of card acceptance, as well as the cost of other payment methods like checks and cash. This training on credit card interchange fees rules will clearly explain the changes in the rules, which will benefit from the changes and how it will affect the retailers and customers.
The worst thing end-user organizations can do is to have an uninformed reaction to surcharging. It’s important to first look at the big picture. End-users should also educate suppliers about the economics of card acceptance, pointing out the savings possible and other benefits.
Ray Graber has a deep and thorough understanding of banking, technology, and finance. His business experience includes banking technology research at TowerGroup; best practices internet policies at FleetBoston Financial; wire transfer operations and product launches at Citibank and BankBoston; and treasury operations for a $325 million public company.
Ray was an adjunct professor at the Carroll Graduate School of Management at Boston College where he taught E-Banking, MBA Leadership, Corporate Finance, and the Financial Management of Commercial Banks. He also taught Working Capital and Cash Management at the Bentley College Graduate Business Program.
Ray holds a Bachelor of Arts degree in Mathematics and an MBA in Finance and Computer Science from Boston College.