Fast Facts: Checkout Fees

03/11/2013

Merchants now have the right to charge their customers a fee for using a credit or charge card to complete a transaction.

FACT: Credit card companies charge store merchants an "interchange fee" to accept their cards, usually 1.5% to 3% of the customer's total purchase.

  • In July 2012, a settlement between retailers and card companies required Visa, MasterCard and several banks to pay over $6 billion, reduced the processing fees for a period of eight months, and gave merchants the ability to charge checkout fees.

FACT: According to the Electronic Payments Coalition, as of Jan. 27, retailers can pass the processing fees they incur from credit card companies on to the customer, in the form of a "merchant surcharge" or "checkout fee."
  • The fee does not apply to debit or prepaid cards.
Visit Fast Facts: Checkout Fees for more information.

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