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Monday, September 13, 2010
Setting minimum purchase amount
Did you know that retail merchants are now allowed to set a minimum purchase amount? According to the Visa, MasterCard merchant contracts; retailer are able to set a minimum purchase amount on credit card transactions at a maximum of$10.00. For retailers who are setting a minimum purchase amount over $10.00 are in violation of their merchant contract and it can result in termination of their merchant account.