NJ Law: stores can’t profit from credit card surcharges, must tell customers

[YitzyS]

Governor Phil Murphy signed a law on Friday cracking down on vender surcharges on credit cards in New Jersey. The law, which is effective immediately, makes it illigal for venders to charge credit card customers a surcharge that is larger than the actual processing fee, and it mandates that they inform the customer of any processing fee before the transaction.

This is the actual bill: https://www.njleg.state.nj.us/bill-search/2022/A4284

[S209]

Governor Phil Murphy signed a law on Friday cracking down on vender surcharges on credit cards in New Jersey. The law, which is effective immediately, makes it illigal for venders to charge credit card customers a surcharge that is larger than the actual processing fee, and it mandates that they inform the customer of any processing fee before the transaction.

This is the actual bill: https://www.njleg.state.nj.us/bill-search/2022/A4284

Does it also cap it at 2.5%?

[YitzyS]

Does it also cap it at 2.5%?

That language was in an earlier version of the bill, but it was removed and replaced with the words " the actual cost to the seller to process the credit card payment"

ETA: (the words in brackets are removed from the bill)

[lcm]

Does it also cap it at 2.5%?

Makes sense that it wouldn't, stripe and PayPal's plug and play rate is 2.9% +.10 last I checked