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07/05/2010 -
Vermont legislature agreed unanimously on Tuesday night to a bill that will allow merchants to install a minimum amount for credit card purchases, Bloomberg Businessweek reports. In order to install this minimum and avoid fines from credit card companies, merchants must display a prominent sign letting their customers know about the minimum for card payment processing.
In addition, the bill states that credit card companies can no longer fine stores that give customers discounts for using a payment card that would provide less interchange fees for the merchant. Card companies also can no longer fine retailers that do not accept their card at all store locations. Companies that disobey these rules can face penalties up to $10,000.
"Almost every Vermont family or store owner has a story to tell about one of the major credit card companies charging them exorbitant and unfair fees or leveraging unjust fines," Vermont Senate president Peter Shumlin said Wednesday, Bloomberg relays. "This legislation will help the Vermont consumer and store owner by prohibiting these abusive practices."
Parts of the bill will go into effect in July.
Recently, the Canadian government also handed down rules for the payment processing industry through the Credit and Debit Card Industry Code of Conduct that does not let merchants place a nominal fee for lower-cost purchases, NACS Online reports.
