87:
could indirectly lower the merchants' payment costs. As consumers' indirectly lower the cost to sellers or selling, the right to apply a surcharge on expensive payment methods means the business can offer lower prices on goods and services to all potential customers. This could generate an increase in demand and an overall increase in consumer welfare. In the absence of surcharging it is postulated that there are substantial negative social and economic welfare effects including inflation, a reduction in the purchasing power of consumers because of larger debt service, lower ravings rates and inequitable cross-subsidization between consumers paying with cards and those paying with cash.
63:
83:
Utilizing this practice, the merchants can capture more of the consumer surplus using price discrimination methods. These tactics have been stopped in many countries where regulatory requirements ban the practice from occurring. Additionally, many card companies have enforced requirements stopping merchants from surcharging card transactions, to maintain demand from consumers for their services.
226:
lower-cost cards. By creating the incentive for customers to choose lower-cost cards, surcharging reduces transaction costs overall. For example, industry experts have shown that, on a $ 1,000 transaction, motivating a customer to choose a debit card (to which no surcharge is applied) instead of a premium rewards credit card reduces the interchange cost of the transaction by up to $ 23.38.
59:, but the enforcement of the prohibition is not uniform. Some jurisdictions have laws which require, allow, regulate or prohibit a merchant imposing a surcharge. If no surcharge is permitted, the merchant's costs are borne by the merchant, who may incorporate the burden in its prices. In some jurisdictions, when a customer pays with cash, the merchant may offer a discount.
221:"Merchant fees and reward programs generate an implicit monetary transfer to credit card users from non-card (or “cash”) users because merchants generally do not set differential prices for card users to recoup the costs of fees and rewards. On average, each card-using household receives $ 1,133 from cash users every year."
48:) which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. Retailers generally incur higher costs when consumers choose to pay by credit card due to higher merchant service fees compared to traditional payment methods such as cash.
242:
Some merchants impose surcharges to make additional profit instead of to cover official credit card company charges, in violation of consumer protections. A prominent example of this phenomenon occurred in
Australia when surcharging was permitted. In December 2010, the average rates of surcharges for
229:
In the absence of surcharging, a retailer will attempt to recover the cost of using their payment platform a uniform increase in the price of goods and services. They will include a margin on top of their products in order to cover the average cost to the business of using a payment system, such as a
137:
In 2017, the
Australian Competition and Consumer Commission (ACCC) placed an excessive payment surcharge ban on all merchants in the country. Businesses in Australia were banned from charging customers excessive surcharges on transactions made using EFTPOS, Mastercard, Visa and American Express. The
120:
Similar “no-surcharge” laws existed in 10 other U.S. states. Namely. California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, Oklahoma, Texas, and Utah. The
Florida “no-surcharge” law was found unconstitutional in Dana’s Railroad Supply v. Bondi, and the California “no-surcharge” law
255:
Wright investigated the welfare effect of removing a no-surcharge mandate in a model where a not-for-profit credit card provider gave payment facilities to consumers and a homogeneous monopoly merchant. When the rule is removed, welfare was decreased for society as the monopoly merchants placed fees
133:
2003 requirement that the card brands remove the 'no-surcharge' rules that had previously been in effect, Australia has seen a significant increase in the number of businesses opting to pass on transaction costs, with approximately 42% of
Australian businesses assessing transaction fees in 2013. The
225:
Whereas businesses that pay for the cost of card acceptance have no mechanism of exerting price pressure on the card brands, businesses that require their customers to pay the fees associated with their card create price competition, as the customers choosing the form of payment will prefer to use
78:
Under "uniform pricing" (pricing that does not reflect the payment method chosen by the individual), consumers do not consider the effect of their choice of payment on the seller. Using credit cards, which utilize a payment platform, will incur fees to the seller. Additionally, the seller suffers
259:
Conversely, Schwartz and
Vincent found that the implementation of a no-surcharge rule increases the profits for credit card companies but decreases the welfare of consumers choosing to pay by cash and the merchants themselves. The credit card in their model is provided by a for-profit company to
86:
In the presence of surcharging, consumers are encouraged to make payments using a cheaper option. They will elect to use traditional methods, such as cash, to avoid the extra cost of acquiring a good or service. Consumers indirectly place competitive pressure on payment platform providers, which
234:
services. An MIT study found that students when bidding on sporting tickets were willing to place bids up to 64% higher when using credit compared to cash. This underestimation bias the consumer is prone to because of increased credit card usage results in a reduction in their personal welfare.
721:
263:
Schwartz and
Vincent also analyzed the no-surcharge rule in a competing platform setting with cashback rebates. Their article does not analyse the welfare implication of the no-surcharge rule. However, they provide a framework on the competition between two platforms and how to understand the
233:
Additionally, in the absence of surcharging, the prices of different payment methods are masked to the consumer, harming consumer welfare. Using credit cards to pay for goods or services can distort consumer's cost-benefit analysis decisions and increase their willingness to pay for goods or
116:
scrutiny. 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
82:
Thus, the cost of using payment systems like these are borne primarily by the merchant. For customers to internalize this negative externality, merchants can use pricing incentives, through surcharging, to direct their customers to paying in the most cost-effective manner for their business.
151:
In June 2017, Visa and MasterCard agreed to drop their contractual prohibitions on surcharging in Canada as part of a settlement of a long-standing class action lawsuit. Canadian merchants may begin to apply credit card surcharges 18 months after court approval of the settlement.
121:
was found unconstitutional by a federal district court in
Italian Colors Restaurant v. Harris. The Texas “no-surcharge” law faces a pending legal challenge. Currently, businesses in 46 states are permitted to surcharge consistent with the rules promulgated by Visa and Mastercard.
134:
competition amongst the card brands in the wake of the changes has significantly reduced the interchange fees assessed to merchants. Surcharges must not be more than the amount that it costs a merchant to accept a particular type of card for a given transaction.
142:“Our message to business is that you are not allowed to add on any of your own internal costs when calculating what surcharge you will charge customers. The only costs businesses can include are external costs charged to you by your financial provider".
184:
Since 2018, no payee (whether a business or not) may charge any payer surcharge for the use of a non-commercial card, nor may the payee charge a payer using a commercial card a fee which exceeds the cost borne by the payee for that transaction.
117:
discount”). Because these two pricing regimes are economically identical and different only as a matter of framing, the
Supreme Court determined that the New York law regulates not the prices themselves, but instead the communication of prices.
246:
Additionally, many merchants seeking to reduce transaction costs have implemented non-compliant solutions that fail to meet price transparency and consumer friendliness standards imposed by the card brands' contract requirements.
164:
to 0.3% for credit cards and to 0.2% for debit cards and subsequently issued, in
November 2015, the Payment Services Directive (PSD2) prohibiting businesses from charging extra when consumers use credit cards or debit cards.
230:
credit. This results in a cross-subsidization from consumers using different payment types. Those who pay with low-cost methods such as cash or direct debit pay the same amount as customer using credit cards.
929:
243:
MasterCard, Visa and Diners Club credit cards were 1.8, 1.9 and 4%, respectively. The merchant fees for MasterCard and Visa cards were around 0.6% and the fees for Diners Club cards were around 2.2%.
993:
205:
advocates have promoted for surcharging solutions as a mechanism to slow the rapidly increasing cost to businesses of card acceptance, including the 24% increase in interchange cost for
700:
201:
Countries including the United States, Australia, and Canada have sought to promote price competition among card brands to increase efficiency. In the United States,
334:
852:
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174:
109:
460:
113:
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The
Federal Competition Commission has recently allowed payment schemes to ban surcharging in Switzerland through their standard contract terms.
177:
limit payment surcharges with some exceptions. Payments for the supply of water, gas and electricity are regulated but payments for calls from
75:
Different payment methods such as cash, credit cards and debit cards have different costs and benefits to both the merchant and the consumer.
311:
264:
equilibrium in setting their fees. Their main finding is that there exists no pure Nash equilibrium in setting the fees under the NSR.
359:
283:
101:
488:
Levitin, Adam (2005). "The Antitrust Super Bowl: America's Payment System, No-Surcharge Rules, and the Hidden Costs of Credit".
1256:
822:
528:
1188:
Schwartz, Marius; Vincent, Daniel R. (29 July 2020). "Platform Competition With Cash-back Rebates Under No Surcharge Rules".
1446:
874:
Credit Cards: Rising Interchange Fees Have Increased Costs for Merchants, but Options for Reducing Fees Pose Challenges
788:
105:
771:"Commission welcomes European Parliament vote to cap interchange fees and improve competition for card-based payments"
618:
601:
1456:
877:
908:
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214:
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from indirect costs such as missing interest payments on the balance of goods or services sold using credit.
1729:
1613:
1411:
1354:
683:
1401:
666:
1786:
1249:
956:"Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay"
66:
Surcharges on payment systems are generally applied to credit card facilities provided by the merchant.
303:
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859:
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1944:
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on the use of credit cards which were higher than the merchant fees they were required to pay.
1862:
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747:"Merchants may soon ask customers to pay surcharge when using credit cards | Metro News"
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1213:
1205:
1101:
1088:
Wright, J (2004). "The determinants of optimal interchange fees in payment systems".
1035:
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1160:
1135:"The No Surcharge Rule and Card User Rebates: Vertical Control by a Payment Network"
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1071:"I see that some companies offer a "cash discount" program. Is this compliant?"
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1217:
971:
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held that New York’s “no-surcharge” law regulates speech, and remanded to the
1938:
1384:
1344:
1319:
1209:
578:"ROWELL v. PETTIJOHN | 865 F.3d 237 (2017) | By... | 20170525118| Leagle.com"
389:"Card Surcharges and Cash Discounts: Simple Economics and Regulatory Lessons"
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684:"The Personal Credit Card Market in Australia: Pricing over the Past Decade"
1918:
1703:
1675:
1618:
1426:
1151:
529:"Dana's Railroad Supply v. Attorney General, No. 14-14426 (11th Cir. 2015)"
421:
Murphy, M (1977). "Retail Credit, Credit Cards and Price Discrimination".
1770:
1517:
1269:
1265:
552:
37:
33:
1012:"he no-surcharge rule and surcharging behaviours in credit card markets"
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Regulation 6A, The Consumer Rights (Payment Surcharges) Regulations 2012
667:"Commonwealth Consumer Affairs Advisory Council: Credit Card Surcharges"
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553:"Calif. AG, Restaurant Debate High Court Ruling At 9th Circ. - Law360"
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heterogeneous consumers and monopolistic merchants in an open system.
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ACCC provided a statement on the matter directed at all businesses:
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994:"Review of Card Payments Regulation: Regulation Impact Statement"
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909:"Brief Amicus Curiae for CardX, LLC in Support of Petitioners"
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1451:
930:"Credit card surcharging: what is it and how is it changing?"
813:"The Consumer Rights (Payment Surcharges) Regulations 2012"
461:"Payment Surcharges: Economics, Regulation and Enforcement"
45:
853:"Kreditkarten Domestische Interchange Fees II (KKDMIF II)"
1867:
387:
Bourguignon, Hélène; Gomes, Renato; Tirole, Jean (2014).
24:, is an extra fee charged by a merchant when receiving a
508:"BetBarter Deposit and Withdrawal Methods - India Guide"
51:
A surcharge may be prohibited by card issuers, such as
386:
701:"Questions & Answers on Card Payments Regulation"
459:
Dark, Cameron; Fisher, Chay; McBey, Kim; Tellez, Ed.
250:
175:
Consumer Rights (Payment Surcharges) Regulations 2012
892:"Who Gains and Who Loses from Credit Card Payments?"
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In March 2015, the European Parliament voted to cap
360:"Cash Discounts, Credit Surcharges and Free Speech"
1264:
619:"Merchant Surcharge Rules & Fees | Mastercard"
1779:
1132:
458:
1936:
602:"Surcharging Credit Cards–Q&A for Merchants"
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643:"Online Services | Department of Public Safety"
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1173:: CS1 maint: multiple names: authors list (
1055:: CS1 maint: multiple names: authors list (
90:
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1133:Schwartz, Vincent, Marius, Daniel (2006).
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112:to determine whether the law can survive
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284:Expressions Hair Design v. Schneiderman
102:Expressions Hair Design v. Schneiderman
1937:
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918:
858:(in German). Competition Commission,
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314:from the original on October 16, 2016
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377:
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1190:The Journal of Industrial Economics
1090:The Journal of Industrial Economics
13:
1412:European Payments Initiative (EPI)
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304:"What is a Credit Card Surcharge?"
251:Existing literature on surcharging
14:
1956:
1402:Electronic Payment Services (EPS)
722:"Excessive payment surcharge ban"
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1102:10.1111/j.0022-1821.2004.00214.x
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825:, 18 December 2012, SI 2012/3110
396:Competition Policy International
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110:Second Circuit Court of Appeals
1893:Personal identification number
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213:rewards cards since 2004. The
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1:
490:Berkeley Business Law Journal
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1730:Card not present transaction
1614:Credit card balance transfer
335:"Payment Costs in Australia"
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7:
1139:Review of Network Economics
773:(Press release). Brussels:
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173:In the United Kingdom, the
131:Reserve Bank of Australia's
106:United States Supreme Court
10:
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1016:Australian Economic Papers
789:"L_2015337EN.01003501.xml"
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91:Regulation of surcharging
1873:Hardware security module
1853:Automated teller machine
1639:Current/checking account
1010:Deng, Tan, Z, H (2020).
71:Economics of surcharging
1028:10.1111/1467-8454.12189
972:10.1023/A:1008196717017
954:Prelec, Drazen (2001).
197:Reasons for surcharging
1898:Secure cryptoprocessor
1152:10.2202/1446-9022.1090
223:
215:Boston Federal Reserve
144:
67:
1863:Credit card imprinter
1837:Credit card hijacking
823:The National Archives
302:Christensen, Tricia.
238:Misuse of surcharging
219:
140:
65:
1883:Magnetic stripe card
880:. November 19, 2009.
1858:Contactless payment
1604:Payment card number
775:European Commission
203:consumer protection
181:are not regulated.
1822:Card security code
1780:Interbank networks
1417:Forbrugsforeningen
1202:10.1111/joie.12210
818:legislation.gov.uk
308:Smart Capital Mind
68:
1932:
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1878:Interbank network
1832:Credit card fraud
1810:
1809:
1714:Universal default
1709:Introductory rate
1629:Revolving account
960:Marketing Letters
793:eur-lex.europa.eu
647:www.dps.texas.gov
623:www.mastercard.us
179:public telephones
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1888:Payment terminal
1827:Chargeback fraud
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1609:Card association
1558:Rail Travel Card
1288:American Express
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1196:(2): 298–327.
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1145:(1): 72–102.
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862:. p. 44.
861:
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583:
579:
576:CURIAM, PER.
572:
558:
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496:(1): 265–336.
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491:
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364:Bloomberg.com
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333:Schwartz, C.
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96:United States
88:
84:
80:
76:
64:
60:
58:
54:
49:
47:
43:
39:
35:
31:
27:
23:
19:
1919:Issuing bank
1765:
1704:Grace period
1676:Cash advance
1619:Credit limit
1427:Hyundai Card
1336:Regional and
1193:
1189:
1183:
1169:cite journal
1142:
1138:
1128:
1093:
1089:
1083:
1074:
1065:
1051:cite journal
1039:. Retrieved
1019:
1015:
1005:
988:
963:
959:
949:
937:. Retrieved
933:
903:
886:
868:
847:
838:
827:, retrieved
816:
807:
796:. Retrieved
792:
783:
765:
754:. Retrieved
751:metronews.ca
750:
741:
729:. Retrieved
725:
704:
695:
661:
650:. Retrieved
646:
637:
626:. Retrieved
622:
613:
596:
585:. Retrieved
581:
571:
560:. Retrieved
556:
547:
536:. Retrieved
532:
523:
512:. Retrieved
510:. 2022-06-22
502:
493:
489:
483:
471:. Retrieved
467:
426:
422:
416:
404:. Retrieved
399:
395:
368:. Retrieved
366:. 2017-01-10
363:
354:
342:. Retrieved
328:
316:. Retrieved
307:
297:
262:
258:
254:
245:
241:
232:
228:
224:
220:
200:
192:
183:
172:
159:
150:
141:
136:
128:
119:
99:
85:
81:
77:
74:
50:
22:checkout fee
21:
17:
15:
1771:Card scheme
1754:Interchange
1518:Carte Bleue
1390:Diners Club
1281:Major cards
1274:debit cards
1096:(1): 1–26.
966:(1): 5–12.
829:19 December
318:November 7,
189:Switzerland
38:charge card
34:credit card
1903:Smart card
1846:Technology
1735:Chargeback
1681:Charge-off
1543:Everything
1293:Mastercard
1218:8638876738
1041:18 October
939:18 October
876:(Report).
798:2017-11-03
756:2017-11-03
731:28 October
652:2022-07-01
628:2017-11-03
587:2017-11-03
562:2017-11-03
538:2017-11-03
533:Justia Law
514:2022-07-01
473:18 October
406:18 October
370:2017-11-22
344:18 October
290:References
211:Mastercard
129:Since the
57:MasterCard
42:debit card
1766:Surcharge
1370:Cabcharge
1350:AzeriCard
1226:197879844
1210:0022-1821
1036:225425098
928:King, S.
274:Cabcharge
125:Australia
44:(but not
18:surcharge
1939:Category
1815:Security
1696:Interest
1686:Debt-lag
1651:ATM card
1597:Accounts
1538:Eurocard
1523:Chipknip
1508:Bankcard
1477:UnionPay
1432:Isracard
1422:Girocard
1385:Discover
1365:BCA Card
1355:Bancomat
1320:Electron
1161:18609289
1111:2292/176
980:18207187
312:Archived
268:See also
1912:Banking
1792:Interac
1745:Dispute
1723:Payment
1533:enRoute
1380:Dankort
1360:BC Card
1303:Maestro
1120:3935636
443:1057787
217:argues:
26:payment
1787:Cirrus
1583:Proton
1573:Switch
1553:Mondex
1528:Choice
1503:Access
1462:PayPak
1397:EFTPOS
1270:charge
1266:Credit
1224:
1216:
1208:
1159:
1118:
1034:
978:
582:Leagle
441:
147:Canada
104:, the
30:cheque
1797:Pulse
1588:V Pay
1548:Laser
1487:Verve
1467:RuPay
1452:Meeza
1315:Debit
1298:Debit
1222:S2CID
1157:S2CID
1116:S2CID
1075:CardX
1032:S2CID
997:(PDF)
976:S2CID
912:(PDF)
895:(PDF)
856:(PDF)
687:(PDF)
605:(PDF)
464:(PDF)
439:JSTOR
392:(PDF)
340:. RBA
338:(PDF)
1802:Plus
1668:Debt
1656:Fees
1568:Solo
1482:UATP
1472:Troy
1457:NETS
1447:MEPS
1345:ArCa
1325:Cash
1310:Visa
1272:and
1214:OCLC
1206:ISSN
1175:link
1057:link
1043:2020
941:2020
831:2022
733:2020
726:ACCC
475:2020
408:2020
346:2020
320:2016
209:and
207:Visa
55:and
53:Visa
46:cash
1868:EMV
1761:Fee
1578:PIN
1442:Mir
1437:JCB
1407:Elo
1198:doi
1147:doi
1106:hdl
1098:doi
1024:doi
968:doi
468:RBA
431:doi
402:(2)
100:In
40:or
28:by
1941::
1375:CB
1268:,
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