Prohibits credit and debit card interchange fees from being applied to sales tax and gratuity.

New Jersey S4360 prohibits payment card networks from charging interchange fees on sales tax and gratuity amounts in electronic payment transactions. This applies if the merchant transmits the tax or gratuity amount as part of the authorization or settlement process. Merchants can also submit gratuity data within 180 days of the transaction, and the payment card network must credit the interchange fees charged on the tax or gratuity amount within 30 days. Payment card networks found in violation face a $1,000 fine per transaction.

Prohibits credit and debit card interchange fees from being applied to sales tax and gratuity.

New Jersey S4360 prohibits payment card networks from charging interchange fees on sales tax and gratuity amounts in electronic payment transactions. This applies if the merchant transmits the tax or gratuity amount as part of the authorization or settlement process. Merchants can also submit gratuity data within 180 days of the transaction, and the payment card network must credit the interchange fees charged on the tax or gratuity amount within 30 days. Payment card networks found in violation face a $1,000 fine per transaction.