Today, Visa announced an update regarding their surcharge programs. These changes are set to go live on April 15, 2023. To ensure you’re fully prepared for these modifications, we’ve included some handy reminders about surcharges in this post.
Get ready for these upcoming alterations, starting April 15, 2023:
- Merchants looking to establish a surcharge program can now bypass the direct notification process to Visa. Instead, the requirement shifts towards notifying their acquirer and Mastercard, allowing a comfortable 30-day window before initiating any surcharge assessments. It’s worth highlighting that, within this context, we play the role of your designated “acquirer,” relieving you of the need for any supplementary notifications.
- The max limit for surcharges in the United States and its territories is set to decrease from 4% to 3%.
What do you need to do?
Relax, your point of sale devices are designed to automatically adjust the surcharge rate to the new 3% cap well before April 15th. To be extra cautious, we recommend verifying your equipment to ensure it’s aligned with the revised rate before the deadline hits. Don’t forget to update your customer disclosures and signage to reflect the updated 3% surcharge rate. Pro tips for maintaining a compliant surcharge program:
- Your point of sale devices are programmed to seamlessly adjust the surcharge rate to 3% before April 15, 2023. To be doubly sure, it’s recommended to verify that your equipment is adhering to the new rate before that date.
- Ensure that all customer disclosures and signage are promptly updated to reflect the revised 3% surcharge rate.
Guidelines for Ensuring a Compliant Surcharge Program
Keep in mind that surcharges can only be applied to credit cards and solely in locations within the U.S. or its territories where local regulations permit. Whenever you impose a surcharge, make sure to indicate the precise surcharge amount in the specified fields. This now serves as the official notification of the surcharge, as recognized by Visa. Rest easy knowing that Visa will be closely monitoring surcharge assessments and will take appropriate actions if any violations of their rules are identified. We genuinely appreciate your partnership and trust in our payments platform. If you need any clarifications or want more insights about Visa’s updated surcharge rules, please feel free to contact the customer service number provided on your statement.
Stay ahead of the curve, compliant, and prepared for these exciting changes – we’re here to support you every step of the way!