Prohibits interchange fees on sales and use tax or excise tax when payment is made with a credit or debit card.

The Interchange Fee Restriction Act prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on sales and use tax or excise tax when payment is made with a credit or debit card. Merchants must inform the acquirer bank of the tax amount as part of the authorization or settlement process to avoid being charged these fees. If a merchant fails to do so, they can submit tax documentation within 180 days of the transaction.

Prohibits interchange fees on sales and use tax or excise tax when payment is made with a credit or debit card.

The Interchange Fee Restriction Act prohibits issuers, payment card networks, acquirer banks, and processors from charging interchange fees on sales and use tax or excise tax when payment is made with a credit or debit card. Merchants must inform the acquirer bank of the tax amount as part of the authorization or settlement process to avoid being charged these fees. If a merchant fails to do so, they can submit tax documentation within 180 days of the transaction.