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Aug 01 2017 To Surcharge or Not to Surcharge |
One of the best sessions I attended at Credit Congress this year was on
a subject of much confusion - credit card surcharges. I am so glad I was able to
get some clarification on this sometimes vague and confusing subject. First of all, let's talk about the difference between a convenience fee and a surcharge
fee. A surcharge fee is an additional amount a merchant adds onto a transaction when a
customer uses a credit card for payment. A convenience fee is a flat or
fixed amount that is applicable on all forms of card payment. Because this subject can be very involved and I could take 3
pages to go into everything, here is the cliff notes version of credit card
surcharges. Surcharge Fees:
At my company, the majority of our card processing is on COD
orders and at our two wholesale storefronts, but we do have a few of our
regular customers that choose to pay with a credit card. As we move into a more
automated way of life, it is a fine line that we walk as to whether to charge a
surcharge on transactions or not. |