SAN FRANCISCO--(BUSINESS WIRE)--InterPayments, the only independent surcharge technology service globally, today announced the launch of its Product Level Surcharging (PLS) service to its expanding portfolio of solutions. Available for US-based interchange plus customers, the addition of this service to InterPayments enables merchants to maximize fee recovery by surcharging credit card products at different rates for different card product types.
The PLS product launch comes on the heels of the historic $30 billion settlement with Visa and Mastercard, which with court approval provides merchants much more flexibility and control over how they surcharge different credit card product categories. With greater optionality around surcharging expected, InterPayments accelerated the nationwide launch of its PLS service to help merchants compliantly apply a different surcharge rate across competing credit card products.
“Our PLS solution delivers more certainty and choice to the marketplace,” said Nagendra Jayanty, CEO of InterPayments. “As a tailored surcharging program that only impacts payment cards that are the highest cost, PLS provides merchants with more surcharging control and greater flexibility to treat customers fairly. We’re deeply committed to helping merchants recover processing fees without compliance risks, and the launch of our PLS service will contribute significantly to this mission.”
With PLS, InterPayments calculates the real-time cost of the card being used – a unique card in a network of millions of card types. Additionally, PLS automatically calculates an accurate product-level surcharge that treats all card networks fairly and evaluates each transaction against all state, territory, province, and card network rules to maintain complete compliance. Before providing the compliant product-level surcharge amount, InterPayments empowers merchants to impose voluntary rules to waive surcharges or discount them as required. PLS, and all of InterPayments’ out of the box and customized surcharging solutions, are backed by a contractual compliance guarantee against card network, federal, state, provincial, and local regulation, with indemnification.
“Merchants have asked for PLS for years, but it until now, it’s been nearly impossible for them to do so compliantly,” said Bruce Hubbard, VP of Product Management at InterPayments. “We’re excited to deliver on their needs for more fair and accurate surcharging with the launch of the industry’s first and only compliant PLS service.”
Legal in the United States and several other countries, a surcharge is a fee added to a credit card transaction that a merchant accepts. Surcharges cover some or all of the costs that credit card companies charge merchants for accepting credit cards, which can amount to a 25% loss of their profits. With surcharging, the cardholder receives the benefits and flexibility of using a credit card and the merchant receives guaranteed funds and faster settlement without the costs. Surcharging solutions provide customers a choice when the surcharge is fair and clearly communicated, including offering alternative payment options to avoid it and other features to make fees even more fair for them.
To learn more about our Product Level Surcharging service, visit the InterPayments website.
About InterPayments
InterPayments is an independent payments technology innovator empowering merchants to reduce the burden of costly card processing fees and foster fee transparency. We contractually guarantee compliance with the 70+ U.S. and Canadian jurisdictions that govern surcharging, with full indemnification. Our agnostic, cloud-based technology works with any merchants’ existing payment providers and payment acceptance tools. Merchants, payment software vendors, and merchant acquirers trust InterPayments to recover processing fees without compliance risks. Learn more at www.interpayments.com
