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The flat rate Take Charge program has evolved from The Durbin Amendment.
The Durbin Amendment is Section 920 in the Dodd-Frank Wall Street Reform and Consumer Act, which is part of the broader Financial Regulation Reform and Consumer Act passed by the Senate in May 2010.
July 21, 2011, merchants can impose a $10 minimum on credit card transactions. This was previously banned in VISA® and Mastercard® merchant agreements.
This is probably the most common question asked. The answer is very simple and not hard to understand.
This is not a FEE for paying with a credit card, but rather an incentive to pay with CASH. The Non-Cash Adjustment Rate simply covers the increasingly high cost of credit cards, which is waived when you pay with CASH.
Visa/Mastercard requires that a visible disclosure be present in the business. These rules were established by the card brands in 2013. If you do not properly disclose your participation in the program, you are in violation of Visa/Mastercard guidelines and could be subject to penalties up to and including having your merchant account privileges revoked.
As big brand stores partner with banks to issue Rewards Cards we continue to see an increase in competition to provide better Reward options. The bottom line is merchants pay for these programs through processing fees. The people use these types of card the more rates will rise.
We are in no way trying to discourage any consumer from using such a card but merchants must at least understand that the more often these are used, the more processing fees they will pay.
The basis of our program strives to create balance and no penalized card paying customers but only make them responsible to share in the increase of cost as they use more of these types of cards.
No problem whatsoever!
If at any time you wish to go back to paying all of the fees yourself we will be happy to put you on our standard processing platform. We can’t guarantee what the rate will be at that time as there will be another Visa/Mastercard increase taking place in April of 2018.
In order to provide this service, we must provide qualified equipment to process payments for the discount. The terminal we provide features unique software that permits the Cash Adjustment to take place. Every customer receipt will show a line item for the Cash Adjustment.
You can lease, buy, or rent your credit card processing equipment from us.
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Our team is ready to assist you in finding the right solution for your business while saving you money on every transaction!