from the Chamber of Commerce

Fees on credit cards

Vito Herrera of Atlantic Bank attended our meeting and answered many questions concerning the additional fees that businesses added to purchases if they were being paid by credit or debit card. Vito reported that both VISA and MasterCard do NOT allow businesses that accept cards to tack on additional fees. Any business doing so should be reported to the bank, who in turn is obliged to demand that they stop doing so. If not, the bank itself is in jeopardy of losing its license to issue and accept cards. The fees that businesses pay to be able to accept cards covers the cost of the machines, supplies, and the processing, and that these fees are not to be passed on to their customers. It is acceptable for those businesses to offer a discount for paying in cash, but not acceptable to add a percentage cost to a purchase if paying by card.