It is important for merchants to be aware that Visa will be performing in-person audits to ensure compliance with network rules regarding surcharge fees and minimum transaction amounts for credit card transactions.
According to the regulations set by the Dodd-Frank Wall Street Reform and Consumer Protection Act, merchants operating within the US region or in a US territory are allowed to set a minimum transaction amount for credit card purchases. However, this minimum transaction amount cannot exceed $10. It is important to note that this rule only applies to credit card transactions and does not include debit card transactions.
Not sure if you are in compliance? Contact us if you need help reviewing you settings for surcharging, Convenience Fees or how you are implementing your cash discounts.