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“Oklahoma’s law prohibiting merchants from adding a surcharge when customers pay by credit card can be considered unconstitutional, according to an opinion issued Dec. 17 by Oklahoma Attorney General Mike Hunter. The opinion was requested by state Sen. Michael Brooks, D-Oklahoma City.
Brooks worked with CardX, a credit card processing company based in Chicago, to identify how Oklahoma’s law is out of step with where the industry is heading.”
Read More“Proponents of credit card surcharging have received a Christmas present in the form of an Oklahoma attorney general’s official opinion declaring the state’s no-surcharging law unconstitutionally restricts free speech. The development means surcharge bans remain in only four states.”
Read MoreCardX recently announced that Eliana Sanchez joined the team as Talent Lead.
Eliana is a Northwestern alum and previously worked at Jobspring Partners as a full-desk recruiter.
“CardX as an organization has already proven what it means to build a business based on strong, positive values,” said Eliana. “I’m very enthusiastic about this next phase of growth, and I’m looking forward to continuing to build this great, collaborative team.”
Read More“Michael Tomko, who spearheaded the financing as CardX COO, noted, ‘This funding will allow us to continue the remarkable success CardX has seen in 2019 and deliver on our exciting pipeline for new product and marketing. We have the perfect capital partner in Pace and look forward to working with them for years to come.’”
Read More“Now that surcharging solutions are being successfully used at scale, the question of whether surcharging is here to stay has been settled and the conversation has shifted—what will differentiate providers in terms of competitive excellence?”
Read More“Until 2013, it was against merchants’ terms of service with the card networks to pass along processing fees to the customer.
That is no longer the case, and ‘the economic value is huge,’ says Jonathan Razi, chief executive officer of CardX, which sells surcharge-compliance software to acquirers.”
Read More“‘People like to talk about the significance of deals in dollar value. But I haven’t seen a lot of people talking about the skill of merger integration. I think we’re really going to see a lot of difference in the quality of the merger integration that happens down the road,’ Razi said.”
Read More“Some new lawyers are bypassing law practice altogether. After he graduated from Harvard Law School, Jonathan Razi, for example, founded a fintech startup.”
Read More“CardX LLC named Natalie MaLossi vice president of operations. MaLossi had worked at Braintree, an e-commerce payments firm owned by PayPal Holdings Inc. At surcharging specialist CardX, MaLossi will manage its client support team among other duties.”
Read More“‘In concrete terms, the way this works [in New York] is that the customer sees the highest possible price, inclusive of the credit card fee, typically 3.5 percent,’ said Jonathan Razi, CEO of CardX, a Chicago-based credit card processing company.”
Read More“Now Canadian businesses are poised to capitalize on the same opportunity, with settlements to allow credit card surcharging receiving approval in the courts. These settlements would resolve class-action litigation filed by merchants against Visa and Mastercard in 2011.”
Read More“Surcharging could be in for even more growth. Surcharge bans in California, Texas, and Florida have fallen recently, and New York’s ban, while still on the books, has been greatly circumscribed as a result of a Supreme Court ruling. Those four big states account for 40% of the U.S. population, and only six states still have bans, said panelist Jonathan Razi, chief executive of CardX LLC, a Chicago-based technology provider that offers a surcharge program to ISOs.”
Read More“America’s payments marketplace is home to many ‘firsts’—including the first card networks established and the largest card volume processed. But there is one superlative American merchants would prefer to change: the US has the single most expensive interchange pricing in the world.”
Read More“CardX CEO Jonathan Razi said that the New York events represent a ‘capstone on a major regulatory movement’ tied to lawsuits challenging state-level bans in California, Florida, Texas and now, most recently, in the Big Apple.”
Read More“The bulletin signals that Visa is serious about enforcing its surcharging rules, says David Leppek, a payment consultant. When Visa is alerted to an infraction it tells the bank sponsor, which then follows up with the merchant, he says.
‘As this becomes bigger and bigger in the market,’ says Razi, ‘there will be more enforcement if people cross the line.’”
Read More“Jonathan Razi, CEO of Chicago-based CardX LLC, which automates compliance of credit-card surcharging rules, said that once all 50 states permitted retailers to pass on swipe fees, it would ‘trigger a seismic shift.’”
Read More“In a statement emailed to PYMNTS, CEO Jonathan Razi of CardX, a payments technology company that automates compliance with rules for credit card surcharging, said that ‘with today’s resolution, we expect the New York law will survive, but in a far narrower form — and “no surcharge” will simply mean “no surprise.” Now, New York merchants are allowed to pass on their credit card fees, so long as they make the required consumer disclosure.’”
Read More“‘We’re hearing from a number of enterprise merchants that they’re seeking to address the rising costs of rewards cards while also maintaining a uniform pricing strategy nationwide,’ Razi said. ‘Once this pricing model reaches all 50 states, it will trigger a seismic shift.’”
Read More“The New York case was the final remaining legal challenge to a state-level surcharge ban, following recent landmark decisions in California, Florida, and Texas that struck down surcharge bans in those states as unconstitutional. Commenting on this update, Jonathan Razi, CEO of CardX, said that ‘New York merchants are allowed to pass on their credit card fees so long as they make the required consumer disclosure. And, with this additional clarity, we anticipate it will be only a matter of months before surcharging is available to businesses in all 50 states.’”
Read More“Razi predicts surcharging will be available to merchants in all 50 states ‘in only a matter of months.’”
Read More“While there is interest in both pricing strategies, surcharges apparently still are more popular than cash discounts.
Since ISOs often hire tech firms to implement cash-discount or surcharge programs, ‘it’s important to have a partner that has done the legwork,’ Miller says. ‘Also, they have to be on top of state laws.’”
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