[CAFR-Contacts-News] New D10 - 0408 Merchant Card Convenience & Service Fees

[HAMILTON Robert W * DAS]

Good Afternoon CAFR Contacts,

SARS and SFMS have worked with Treasury to establish a new D10 comptroller object, 0408 - Merchant Card Convenience & Service Fees.

Treasury has provided the following description:

Charges for Merchant Card Acceptance - Revenues from fees assessed to individuals and businesses in order to support customer credit and debit card payments and cover the costs associated with card acceptance as authorized by law and payment card industry rules.  Questions about these fees should be referred to Treasury.

What are Merchant Card Service & Convenience Fees?

A convenience or service fee is a fee paid by a consumer in addition to the payment amount for goods and services provided by a merchant.  These fees allow merchants to transfer many or all of the costs associated with payment collection via credit and debit cards from the merchant to the payer, and are highly regulated by the card associations.  Agencies choosing to assess these fees must ensure they are complying with the card associations' rules and state legislation.  Questions about these fees should be referred to Treasury at tms at ost.state.or.us<mailto:tms at ost.state.or.us>.

Thank you,

Rob

Robert W. Hamilton, CPA
Statewide Accounting and Reporting Services Manager
Chief Financial Office
Department of Administrative Services
Phone:  (503) 373-0299
http://oregon.gov/DAS/CFO/SARS<http://oregon.gov/DAS/SCD/SARS>

Data Classification: Level 1 - Published

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