New Jersey Curb Merchant Fees Cardholders 2023: New Jersey Enacts Law to Regulate Credit Card Surcharges and Enhance Consumer Transparency
In a significant development, regulators in New Jersey have recently approved a pivotal bill designed to place restrictions on merchant-imposed surcharges for card payments compared to cash.
Governor Phil Murphy of New Jersey has given his seal of approval to Assembly Bill 4284, enacting it into law. The legislation effectively bars merchants in New Jersey from imposing credit card surcharges that surpass the actual cost of payment processing. Furthermore, merchants are now mandated to provide clear and conspicuous disclosure regarding any surcharges being applied.
Senator Gordon Johnson, a key advocate for this bill, emphasized the overarching goal: “This law will ensure that sellers are only passing on the processing fees that they are charged rather than making a profit on someone using a card over cash.”
Notably, CardX, a subsidiary of Stax and a platform specializing in surcharge compliance, played an active role in advocating for this legislation. This initiative comes on the heels of CardX’s successful efforts in effecting similar regulatory advancements in states such as Colorado and Kansas.
By instituting these measures, New Jersey takes a commendable step forward in safeguarding consumer interests and promoting fairness in payment practices. This new regulation fosters a more transparent and equitable financial landscape for both businesses and consumers alike.
Promoting Equitable Surcharging: Insights from Jonathan Razi, CEO of CardX
In the dynamic landscape of modern commerce, Jonathan Razi, the CEO of CardX, shares his perspective on the significance of balanced surcharging laws. These laws play a pivotal role in enabling businesses to effectively counter the escalating expenses associated with credit card acceptance, all the while maintaining competitive pricing. Moreover, they contribute to empowering consumers to make well-informed choices. Building upon our consistent efforts, at CardX, we remain dedicated to upholding equitable and pragmatic surcharging regulations.
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Your article helped me a lot, is there any more related content? Thanks!