Payments Merchant Surcharge Program 1The surcharge must not exceed your cost of acceptance for the credit card. Each business is solely responsible for ensuring that their surcharge program complies with all applicable card brand (i.e., Visa,® Mastercard,® etc.) rules and legal requirements. Terms and Conditions may apply.All credit, loans, lines of credit and merchant services are subject to credit approval, terms of service and any applicable collateral requirements. ©2024 KeyCorp. Page 2 of 2 For more information, contact: Frequently Asked Questions (FAQs) What are my responsibilities as a merchant, if I want to implement a surcharge fee? As a merchant, you’re required to clearly and prominently display the surcharge rate at the point of sale (POS) and point of entry, notifying all customers that this fee will be applied if they pay by credit card. You are responsible for creating your own signage that complies with surcharging requirements by the card brand rules and any relevant state laws. Some states may have additional requirements. The below is suggested language for the signage based on card brand rules: We add a surcharge of 3.00% on the transaction amount when paying with a credit card, which is not greater than our cost of acceptance. We do not surcharge debit cards. Are there other requirements? Yes. The card brands and your state may have other requirements. Surcharge is a VISA-regulated program – but each state also has their own business commerce laws. It is recommended that merchants review them to ensure they meet requirements of their state laws. By enrolling in the Merchant Surcharge Program, some of these requirements will be fulfilled on your behalf, including but not limited to notifying the card brands and registering your participation in the Merchant Surcharge Program with them; itemizing the surcharge on customer receipts; preventing surcharges on applicable debit and prepaid card transactions; and refunding surcharges on returns. More information on surcharging guidelines and requirements can be found at visa.com/merchantsurcharging. Is surcharging the same as a convenience fee? No. A surcharge is a percent fee applied uniformly for all credit card transactions. Conversely, a convenience fee is a fee applied to alternative payment methods that is not standard for the merchant. For example, paying online when in-person payment is the standard payment method. Can I surcharge and also apply a convenience fee or offer a cash discount? No. Once you are part of the surcharge program, you can no longer charge a convenience fee, service fee, or offer a cash discount. Can I apply a surcharge only on selected transactions? No. If you choose to assess a surcharge, a surcharge must be applied to all credit card transactions. Can I apply a different surcharge percentage for different transactions? No. The same 3.00% must be applied to all credit card transactions. Can I apply a surcharge only on selected sales items or services? No. If you surcharge, a surcharge must be applied to all items in the sale. Chris Yelverton Senior Vice President KeyBank Payments Chris_W_Yelverton@KeyBank.com Mobile: 907-301-9638 Todd Remy Relationship Manager Rocky Mountain Region KeyBank Dealer Finance Todd_remy@key.com Mobile: 720-785-3996
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