New York’s new credit card surcharge law is in effect: Here’s what it means for customers and businesses | New York Post
In a bid for greater transparency and consumer empowerment, New York has rolled out a new law mandating businesses to disclose credit card surcharges upfront fully. Effective immediately, businesses across the Empire State must conspicuously display the total cost of items purchased via credit card, including any additional fees. Spearheaded by State Senator Jeremy Cooney and signed into law by Governor Kathy Hochul, the legislation aims to equip consumers with the information needed to make informed purchasing decisions.
The law mandates businesses to adopt one of two approaches: either include the credit card surcharges in the total price displayed or clearly indicate separate prices for cash and card transactions. This move is hailed to prevent surprise fees at the checkout counter, ensuring that consumers are fully aware of the costs associated with their preferred payment methods. Moreover, it seeks to curb excessive surcharging by prohibiting businesses from imposing fees exceeding what they are charged by processing companies.
Gone are the days of hidden credit card costs, as businesses are now required to transparently communicate any additional charges rather than merely indicating a percentage surcharge. Governor Hochul emphasized the significance of transparency in fostering trust between businesses and communities, asserting that patrons deserve clarity to budget accordingly. However, it’s important to note that this legislation does not extend to debit card transactions……….
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How might increased transparency in pricing impact consumer behavior and business strategies in the long term, particularly in industries reliant on credit card transactions?
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If there was more transparency in pricing, it could have a big impact on consumer behavior and business strategies. When consumers have access to clear and upfront pricing information, they can make more informed decisions about their purchases.