Starting today, stores and businesses are required to post clear policies on credit card surcharges before final collection.
This new measure was enacted by Governor Hochul in December of last year in order to provide transparency to buyers.
The law requires business owners to clearly post the prices of their items with the 4 percent credit card surcharge.
The objective is to increase transparency in credit card transactions. This legislation prevents businesses from imposing more credit card surcharges than processing companies charge, under this law the State is now requiring that those fees be displayed in one of three ways:
– The store lists the highest credit card price next to the lowest cash price.
– The store lists the credit card price for items and services, and then reports the cash discount.
– The business changes all prices to credit card prices.
Business owners or consumers who want to know more details about this new law can visit the website: dos.ny.gov/business-resources
