There is a cost associated with a business accepting payments via credit card. Depending on the type of credit card, bank and payment processor used by the business, that cost can vary for each transaction. However, most consumers expect and demand that businesses will accept credit cards as a payment method.
For the collection industry, whose members often accept a volume of payments, the fees associated with accepting credit card payments from consumers can be a substantial sum of money every month.
Recent litigation and changes to the law regarding the ability of collection agencies to assess credit card convenience fees raises numerous questions. In the latest episode of the Debt Collection Drill, attorneys John Rossman and Mike Poncin tackle the issue of credit card convenience fees and the rapidly evolving law that governs such fees.