You don’t have to be a merchant to feel the buzz that surrounds the newest payment option. Whether Apple Pay, Samsung Pay, or whatever else, NFC, or Near-Field Communication payment technology is causing everybody to rethink their relationship to their wallets. I say newest, but Apple Pay launched as far back as 2014. Since then, a variety of options, most recently Samsung Pay, have thrown their hats into the ring, and even larger merchants like Target and Walmart are trying to put together their own systems. All this makes for a new, vibrant, and somewhat chaotic environment; still, merchants should have no qualms about adopting the payment system. Even if you’re still relatively new to credit card payments, it’s just as easy, if not easier, to get on board with NFC. If you’re looking for the best mobile POS system, make sure it’s one that is equipped to accept NFC payments of all types.
Mobile wallets are all about customer experience. After downloading the necessary app, at the register, the user simply unlocks their phone, holds it near the terminal, and the transaction is processed. Customers overwhelmingly approve of the quickness and ease with which they can complete their checkout.
In most instances, mobile wallets are very secure. Payment information is “tokenized” to eliminate the need to store credit card information, which means your customers’ information stay safe. Add to this additional security measures on the phone, such as touch ID, PIN numbers, or even retinal scans, and both merchants and customers enjoy a safer, more secure transaction, without sacrificing convenience.
Only 17% of individuals are using mobile wallets for their transactions. This slow pick-up rate is undeniably related to the relatively small batch of merchants who are accepting NFC payments: only 35% of U.S. merchants accept it. No doubt NFC Payments are still in their infancy. Thus, it’s hard to know what technology-related shake-ups are in store as more stake holders try to gain an upper hand in the market. Still, most experts agree, the presence of Apple pay, Samsung Pay, and the like are undeniable, and are only set to grow in the coming years as more merchants and users become comfortable with the tech.
With Moolah, there’s nothing holding you back from offering NFC payments to your customers. Still, you may want to get out the word with notices, or even in-store promotions, that show you accept the payment system. Letting them know that you’re on board with the latest payment options sends a message to them; you’re letting your customers know that you’re looking out for them, and that their convenience matters to you.
What’s more, all signs point to mobile wallet payments ballooning exponentially over the next five years. As such, there’s nothing to lose and all to gain in getting on board now. It’s secure, takes nothing on your part to implement, and if you sign up for a dedicated merchant account with Moolah, you’ll be able to get on board with the best mobile POS system, the Poynt Smart Terminal, which comes out of the box ready for NFC payments, as well as any other payment option you can think of. The future is bright, and with Moolah, you’ll be ready for it.
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A credit card surcharge is an additional fee added to a transaction when a patient chooses to pay with a credit card. The surcharge is intended to help offset the cost of credit card processing and applies only to eligible credit card transactions.
No. Debit card transactions may not be surcharged under any circumstances, even if the debit card is processed as a credit transaction or entered manually.
Yes. Credit card surcharges may not exceed the merchant’s actual cost of accepting credit cards and are capped at a maximum of 3% of the total transaction amount, in accordance with card-network rules and applicable law.
Yes. Card networks require clear and transparent disclosure of any credit card surcharge. Practices must notify patients through appropriate signage at the practice entrance, point of sale, and anywhere payments are accepted. If payments are accepted online, the surcharge must also be clearly disclosed on the practice’s website.
Yes. Some U.S. states and territories prohibit or restrict credit card surcharging. Practices are responsible for understanding and complying with their state’s specific requirements before implementing a surcharge.
No. While Moolah provides tools and general guidance to support credit card surcharging, compliance with all applicable laws and card-network rules is the responsibility of the merchant. Moolah does not provide legal advice and assumes no liability for a merchant’s compliance.
Most major credit card networks permit surcharging when done in accordance with their rules, but additional requirements or restrictions may apply. Practices should ensure they have completed all required network notifications and disclosures prior to enabling surcharging.
Failure to comply with surcharging rules may result in card-network fines, required refunds, or other enforcement actions. Practices should ensure they fully understand all applicable requirements before applying a surcharge.
Flex does not currently offer built-in support for credit card surcharging. If a practice chooses to enroll in a surcharge plan, payments would need to be processed through Moolah’s payment platform, which is designed to support surcharging and integrates directly with Open Dental.
If you are considering introducing a credit card surcharge for your patients, it is important to understand that there are specific rules and regulations that must be followed when enrolling in and operating under a surcharge plan.
This article provides a general overview of common surcharging requirements. This content is provided for informational purposes only and does not constitute legal advice. It is the responsibility of each merchant to review, understand, and comply with all applicable laws, card-network rules, and regulatory requirements, including notification timeframes, signage requirements, surcharge percentage limits, and jurisdictions where surcharging is prohibited.
If you are unsure about the laws or regulations applicable to your practice, you should consult with qualified legal counsel. Moolah assumes no liability for a merchant’s compliance or non-compliance with credit card surcharging rules or regulations.
Transparent Communication
Card networks, including Visa, Mastercard, Discover, and American Express, require merchants to clearly and transparently disclose when a credit card surcharge is applied.
Practices must clearly notify patients of a credit card surcharge through appropriate signage placed at the practice entrance, at the point of sale or terminal, and anywhere payments are accepted. If payments are accepted online, surcharge disclosures must also be clearly visible on the practice’s website. All disclosures must inform patients that the surcharge applies only to credit card transactions.
Surcharge Limits
Credit card surcharges must comply with both card-network rules and applicable law. The surcharge amount may not exceed the merchant’s actual cost of accepting credit cards and may not exceed 3% of the total transaction amount.
Card-network rules cap credit card surcharges at 3%, meaning that if a merchant’s processing costs exceed this amount, the excess portion cannot be passed on to the patient.
Network and State Restrictions
The major credit card networks, such as Visa and Mastercard, impose specific requirements related to surcharge limits, advance notification, and disclosure.
In addition, several U.S. states and territories regulate or prohibit credit card surcharging. At the time of writing, credit card surcharging is prohibited in Connecticut, Maine, Massachusetts, and Puerto Rico. Other states, including Colorado, Minnesota, Mississippi, New Jersey, and New York, impose restrictions on surcharge amounts or require specific disclosures.
If your practice operates in a state that restricts or prohibits credit card surcharging, you must fully understand and comply with those requirements before implementing a surcharge.
Debit card transactions may never be surcharged, even if the debit card is processed as a credit transaction.
Applicability
Credit card surcharges may be applied only to credit card transactions. Other payment types, including debit cards and alternative payment methods, are not eligible for surcharging.
Regulatory Compliance
Merchants are responsible for maintaining ongoing compliance with all applicable card-network and legal requirements. This includes meeting advance notification obligations, using compliant signage and disclosures, adhering to surcharge percentage limits, and respecting jurisdiction-specific restrictions.
By following these guidelines, dental practices can implement credit card surcharging in a way that aligns with card-network rules and promotes transparency with patients. Clear and upfront communication helps maintain patient trust and supports a positive payment experience.