Bill > H4613

This bill aims to prevent credit card payment processors from charging transaction fees (known as "swipe fees") on the sales tax portion of retail transactions in South Carolina. Specifically, the bill mandates that point-of-sale systems must automatically exclude sales tax from fee calculations, ensuring that merchants are not charged additional fees on the tax amount they collect. The bill defines a "credit card payment processor" as a company that facilitates electronic transactions, and "swipe fees" as transaction fees paid by merchants to payment processors and card-issuing banks when a customer uses a credit or debit card. The Department of Consumer Affairs is authorized to create regulations to implement this requirement and can consult with the Department of Revenue as needed. The legislation will take effect upon receiving the Governor's approval, providing a straightforward mechanism to reduce transaction costs for merchants by preventing fees from being calculated on sales tax.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=4613&session=126&summary=B