June 22, 2024

MediaBizNet

Complete Australian News World

New York has a new credit card transparency bill.  Here's what businesses need to know – NBC New York

New York has a new credit card transparency bill. Here's what businesses need to know – NBC New York

A new law goes into effect in New York this weekend, requiring businesses to inform customers of credit card surcharges that will cost them more money at the register.

Starting Sunday, businesses must post the total cost of goods or services using a credit card, including surcharges, before customers check out. Owners can either display the total price including credit card surcharges, or list separate rates for credit card versus cash.

The new law also requires customers who use credit cards to be charged the same amount charged by credit card companies.

“New Yorkers should never have to deal with hidden credit card costs, and this bill will ensure that individuals can trust that their purchases will not result in surprise additional charges,” says New York Governor Kathy Hochul, who signed the bill into law in December. the first. He said in a statement last week.

“Transparency is critical in building trust between businesses and communities, and now beneficiaries will be empowered to budget accordingly.”

On the website of the Ministry of Foreign Affairs, Describes the video What signs businesses are allowed to display will soon become illegal. For example, owners can no longer show the percentage that will be credited for using credit cards and only ask customers to do the math. Instead, the tag should show the all-in price.

The new rule does not apply to debit cards.

READ  Powerball numbers for Monday, April 1, 2024