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Consumer convenience comes at a cost to business in the form of credit/debit processing fees assessed by card issuers: anywhere between 2.3 and 3.5 percent per transaction.
Collection agencies have a high-risk relationship with these fees, and consumer payments in general. All collection agencies must offer a no-cost means for consumers to submit payment, and most opt to offer the choice of mailing a paper check. If an agency wants to accept credit or debit payments -- putting aside Reg E issues -- it has a decision to make:
1) Absorb the fee assessed by the card issuer as a cost of doing business? Or,
2) Pass processing fees along to the consumer
in the form of a "convenience fee"?
To see how industry respondants answered this question, download our Industry Benchmark.
This information is culled from Compliance Professional Forum members. It is not legal advice, and is not intended to be legal advice.