A payment card surcharge, also known as a checkout fee, is an additional fee that U.S. merchants can add to a consumer's bill when he or she uses a credit card for payment, which matches the merchant's interchange fees. It is prohibited in 5 states (Colorado, Connecticut, Kansas, Maine, Massachusetts, and Oklahoma) and has a 4% cap. Merchants must notify their credit card companies at least 30 days prior to implementing the surcharge and must disclose the fee to consumers at the at the point of entry (through signage) and at the point of sale (on the receipt).
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Cash discounts are legal in all states and allow you to provide customers with an incentive to pay with cash, debit, or check by offering a discount off the regular sales price at the time of the sale, when those purchase types are made. This allows you as the business owner to offset the fees associated with accepting credit card payments. All customers who do not pay with cash, debit, or check do not receive this discount at the time of the sale. To be compliant with the program, customers must be disclosed about cash discounts at the at the point of entry (through signage) and at the point of sale (on the receipt), and the regular sales price for inventory must be listed at the credit card price.
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Info on surcharges will be displayed in the Merchant Fee Programs Report and Z Report.
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