Prohibits interchange fees on taxes and gratuities for electronic payment transactions if merchants inform acquirers of these amounts.

The bill, known as the "interchange fee prohibition act," prohibits issuers, payment card networks, acquirer banks, and processors from charging merchants interchange fees on taxes or gratuities for electronic payment transactions. Merchants must inform acquirers of the tax or gratuity amount during the authorization or settlement process to avoid these fees. If merchants fail to do so, they can submit tax documentation within 180 days to receive a refund of the fees charged.

Prohibits interchange fees on taxes and gratuities for electronic payment transactions if merchants inform acquirers of these amounts.

The bill, known as the "interchange fee prohibition act," prohibits issuers, payment card networks, acquirer banks, and processors from charging merchants interchange fees on taxes or gratuities for electronic payment transactions. Merchants must inform acquirers of the tax or gratuity amount during the authorization or settlement process to avoid these fees. If merchants fail to do so, they can submit tax documentation within 180 days to receive a refund of the fees charged.