Financially Legal

Oklahoma is Latest State Looking to Allow Credit Card Surcharges

Posted by Emery Wager on February 13, 2020
Emery Wager

Oklahoma Attorney General, Mike Hunter, in a recent opinion said a state ban on surcharging is most-likely unconstitutional. Surcharging is the practice of charging an additional fee when clients pay by credit card.

Clients should know what it costs law firms to accept credit cards, and those clients should have the option to save money by paying with less expensive methods. Since card brand surcharging rules prevent firms from charging more for the surcharge than the amount of the transaction, it ends up not being a money-making scheme but a clear way to communicate how much those airline miles really cost.

It's also interesting that this is being argued as a free speech issue, since providing a discount for not paying with a credit card IS allowed in all states. Same economics, just different presentation. 

If your firm is exploring offsetting credit card fees, let's review your options. 

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Topics: Firm Financials, Credit Card Fees

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Financially Legal is a twice-monthly podcast on the finance and economics of entrepreneurial law firms and lawyering. Host, Dan Lear, talks with law firm leaders, academics, business professionals (both in and outside of law) and thought leaders to provide compelling and provocative content at the intersection of finance, economics, and law.

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