Just last week, the Garden State took a monumental step forward in safeguarding its residents and visitors, as New Jersey Governor Phil Murphy signed into law a groundbreaking measure that puts the power back into the hands of the consumers. The law limits merchants in the state to a surcharge no greater than the cost they must bear to process credit card payments, thereby prohibiting them from imposing unbearably high fees on customers. Moreover, sellers must display all pertinent information regarding such charges, thus granting everyone absolute clarity with regard to their transactions.
Governor Murphy’s decision gives a much-needed reprieve to those of us who are struggling financially–particularly our low- and moderate-income families. This legislation marks an important stride in relieving financial pressure and injecting money back into the pockets of hardworking New Jerseyans. It is, indeed, a cause for celebration!
As the Acting Director of New Jersey’s Division of Consumer Affairs, Cari Fais, declared in her official release, the freshly-passed legislation grants the state unprecedented power to crackdown on merchants daring to leverage surcharges for personal gain. Their audacity is particularly troubling, given that Visa and Mastercard’s 2021 interchange fees reportedly averaged an already hefty 2.22%. In a recent interview, Democratic State Senator Gordon Johnson championed the bill as a commonsense measure designed to shield consumers from prohibitively expensive credit card fees; while Assemblyman Paul Moriarty succinctly concurred, “No one likes to be hit with a surprise credit card fee.”
To afford citizens this invaluable right, our legislature has officially authorized the disclosure of applicable charges before transaction completion—a decision that will empower individuals to make informed decisions about their purchase. As more and more establishments seek out methods of defraying costly interchange fees imposed by leading networks like Visa and Mastercard, it appears that New Jersey has arrived, swiftly and resolutely, to safeguard its citizens from exorbitant fees and overzealous vendors.
Contact Volt Merchant Solutions today to find out how we can help you stay ahead of the game when it comes to efficiently and effectively handling your payment processing needs.
