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It seems like everyone is discussing consumer fees for electronic payments these days – at least when they’re not talking about Reg F implementation. It’s a compelling topic because a collection agency can add 2% to 3% back to their contingency fee margins by asking consumers to absorb the merchant costs associated with paying by credit or debit card.  However, there are cautions to be aware of when deciding whether to start or continue passing those fees on to your debtors.

In addition to the standard worries about FDCPA and CFPB compliance, there are the various state laws to contend with.  Plus, while frequently overlooked, the card brands have very specific rules in place about what types of fees can be charged and how they should be handled.  Failure to follow those rules can put your merchant account in jeopardy and restrict your ability to accept payments. Keep reading to see how an actual situation impacted a well-known collection agency earlier this year, and the positive outcome they achieved because of their attention to complete compliance with convenience fees.

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