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SURCHARGING CHANGES
Important Announcement
On April 15, 2023, Visa's surcharging rules were updated in the United States (and U.S. Territories) to reduce the surcharge amount to 3.00%.
All payment devices, portals, and checkout pages will automatically display and calculate the surcharge amount based upon the updated pricing tables.
SOFTWARE OPTIONS
CONVERGE
CONVERGE
CONVERGE
CARDX
CONVERGE
CONVERGE
VIDEO : CONVERGE OVERVIEW
CONVERGE FEATURES
SEEING IS BELIEVING
In addition to eliminating the majority of your credit card processing expenses, you'll be able to:
1. View your sales dashboard
2. Access transaction details
3. Search payment history
4. Securely store and tokenize customer data, including payment details
COST OF ACCEPTANCE ON $100.00 (EFFECTIVE 04/15/2023)
VIDEO : CARDX OVERVIEW
CARDX FEATURES
SEEING IS BELIEVING
In addition to eliminating the majority of your credit card processing expenses, you'll be able to:
1. View your sales dashboard
2. Access transaction details
3. Search payment history
4. Securely store and tokenize customer data, including payment details
COST OF ACCEPTANCE ON $100.00 (EFFECTIVE 04/15/2023)
DEPOSIT FAQ
No. All batches, including the surcharge fee collected, will be deposited into your bank account.
All surcharge fees are electronically debited from your bank account on the first business day of the month for transactions processed during the previous month.
The software portals provide detailed transaction history, including surcharge fees collected per transaction.
No. Since it's easier for you to reconcile your account, we allow you to keep all revenue and surcharge fees collected during the entire month.
REPORTING : IDENTIFYING CREDIT VS. DEBIT
OVERVIEW (PRIVATE BUSINESS)
No upfront costs and no term contract. Simply process transactions and receive the full amount of the sale on credit card transactions.
No. For $35 per month and no contract, we'll provide you with a top-of-the-line chip-enabled terminal to process card present transactions. Most businesses will use our hosted payment page solution (a fully PCI compliant surcharging software) when payments are accepted over the phone or with a credit card on file.
For payments made over the phone or through your website, we'll provide you with cloud-based software or the API integration for e-commerce at no cost. Everything is safe and secure, keeping you 100% compliant.
When customers pay with a credit card, they also cover the 3% fee.
Customers paying with a debit card won't incur a fee - keeping you compliant. To comply with the rules, software algorithms detect when a debit card is entered and applies no fee. The cost of accepting debit cards is 2.91%.
SURCHARGING - FREQUENTLY ASKED QUESTIONS
Yes. The card brands have very specific rules about calculating the surcharge, the types of cards that can be surcharged, and the verbiage that must be displayed on the receipt / payment checkout page. Adding a fee to all cards is a violation of card association rules and is subject to fines and penalties.
No. The card brands do not allow selective surcharging by customer as it represents a form of discrimination.
Once the card number and dollar amount of the transaction are fully entered, our sophisticated software will connect into the issuing bank and determine the surcharge in real time. This amount will be displayed before the transaction is processed.
Yes. The card brands require a registration in order to be compliant with surcharging. Our team will complete the registration on your behalf.
No. The surcharge percentage is predetermined to cover the cost of acceptance.
Yes. Our software will allow you to run reports, drill down into individual batches, and see the base amount, the surcharge amount, and the total for each transaction processed. This provides for easy reporting and reconciliation.
Payments can be accepted by using our credit card machine, by clicking on a link that will direct them to a hosted payment page, or by making a payment on your website using an API. The easiest and most common solution is the hosted payment page which will sit as an overlay on your website.
Yes. You will have a dedicated link that can be sent to customers via email and text messaging. Once they click on the link, they will be directed to a hosted payment page where they can make a payment.
Yes. Our development team can easily add custom fields to your hosted payment page at no cost to you. For example, you may want to collect a Customer ID # or Invoice #.
Yes. The software portal allows you to manage multiple accounts through the same portal, even if the accounts correspond to different legal entities.
Using a mathematical formula, you can create a base transaction amount to generate a desired amount that will include the surcharge.
Desired Total Amount [DTA]
Factor [FAC] = .0291 (2.91%)
Reduction Amount [RDA]
Adjusted Amount Before Surcharge [ABS]
Surcharge Multiplier [SCM] = 1.03 (103%)
Let's use $1,000 as a sample transaction:
Step 1
Set DTA
DTA = $1,000 (this example is using $1,000)
Step 2
Set FAC = .0291 (this is constant; always .0291)
Step 3
Calculate the RDA
RDA = DTA * FAC
RDA = $1,000 * .0291
RDA = $29.10
Step 4
Calculate the ABS
ABS = DTA - RDA
ABS = $1,000 - $29.10
ABS = $970.90
Step 5
Verify the DTA
DTA = ABS * SCM
DTA = $970.90 * 1.03 = $1,000.027
Note
Due to rounding, the DTA may be off by $0.01 or $0.02. If a rounding error occurs, reduce the ABS by $0.01 and rerun Step 5.
DTA = $970.89 * 1.03 = $1,000.01 ❌
DTA = $970.88 * 1.03 = $1,000.00 ✅
By using a base transaction amount of $970.88, the total transaction, including the 3.00% surcharge, will be exactly $1,000.00.
DOWNLOAD THE ZERO COST CREDIT ADDENDUM (CARDX ONLY)
Zero Cost Credit Addendum (pdf)
DownloadCOMPLIANCE IN FLORIDA
Following the November 2015 decision in Dana's Railroad Supply v. Bondi, merchants can now use CardX in Florida.
On January 10, 2019, the Florida Bar issued their position on surcharging stating "Bar members may pass along banking fees and other related expenses when accepting credit card payments from clients."
Portions of this content and some images are used under license from CardX, LLC (C) AND TM CardX, LLC.
Velocity Processing is a registered Independent Sales Organization (ISO) / Member Service Provider (MSP) of Elavon, Inc. Georgia, a wholly owned subsidiary of U.S. Bancorp, Minneapolis, MN. Elavon has been processing electronic payments for 35 years and maintains an "A+" rating with the Better Business Bureau.
"Visa", "MasterCard", "American Express", "Discover", "OptBlue", "Apple Pay", "VeriFone", "ARB", "CIM", "PulsePoint", "Global Learning Lab", and "CardX" are trademarks and/or service marks of their respective owners.