“As a new entrepreneur, money is always an issue. Starting out with the right tools and the right advice makes the difference between success and struggle. The money conference is the best starting point, no matter where you are in the business cycle.”  – Dr. Bette Daoust, AuthorsSuccessGuild.com

Convenience Fees

Speaker:

Day_Robert
Robert Day, Partner VP of Client Services

Learning Objectives:

  • Finding the Convenience in Credit Card Surcharges: Current Perspectives and Directions
  • The ability of merchants to recoup the costs of processing credit cards has been a contentious issue. As a ten-year litigation battle nears its conclusion, new lines are being drawn and merchants are scrambling to figure out the new landscape to balance good financial practices, risk management and customer relations.
  • “This used to be just a contract issue between the merchant and processors. It was simple; you couldn’t charge convenience fees.” says Gerald Gardner, Partner and Chief Legal Officer at weAudit.com. “Now it is a reasoned decision requiring serious consideration of the legal landscape, financial planning, business operations, and customer relationships.”
  • Merchants taking cards need a calculated approach to optimize business processes and limit liabilities. And the question of whether you can or should impose these fees – and how to do so – are now a part of this process. Some of the issues to be addressed in this session will be:
  • What are convenience fees (or whatever you call them)? Given the flurry of discussion on the issue, the nuances of fees have been lost but the real impact on merchants remains.
  • Can merchants charge convenience fees? We will give a status update on the antitrust suit – where it’s gone and where it’s going – and look at some general rules, limits and options.
  • Should you charge convenience fees? There are many considerations beyond whether it’s allowed. Merchants must balance the benefits of recouping costs with increased work-loads, cost of implementation, and the impact upon customer relationships.
  • How to approach this? What first? What next?

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