“CardX built a solution that meets all compliance requirements of the 48 states that permit surcharging, Razi noted. ‘We cover about 97 percent of the population,’ he said, adding that the front end built by CardX can sit in front of most processors. ‘Virtually any ISO will find one of their partners is supported by CardX,’ he said.”Read More
“The coronavirus accelerated the shift, sending businesses in search of revenue to make up for sales lost in the pandemic’s early months. CardX LLC said more than 6,400 merchants—most of them online businesses—use its surcharge-calculating software, up from 4,030 a year ago and 2,380 in 2019.
Westenbroek Mower Inc., which sells lawn mowers, snowblowers and other outdoor power equipment, began surcharging about two years ago.
Ms. Timmer said the company is saving tens of thousands of dollars a year as a result. ‘It was single-handedly one of the best decisions that our company has ever made,’ she said.”Read More
“CardX CEO Jonathan Razi and Chief Operating Officer Michael Tomko ‘worked closely’ with the Colorado house representatives and merchant groups, Tomko said by email.
‘The strong bipartisan support for the bill, the final version of which passed the House 61-4 and Senate 30-4, was informed by recognition that surcharging, when implemented properly, benefits not only businesses, but also consumers,’ Tomko said by email. He argued that merchant price hikes on goods and services to cover the credit card interchange fees was essentially a tax on the poor, while more affluent cardholders that receive rewards, such as cash-back, benefited.”Read More
“‘Colorado legislators looked at surcharging laws throughout the country and decided they did not want a Wild West environment if the state’s surcharge prohibition was dropped,’ says Michael Tomko, chief operating officer for CardX LLC, which lobbied and testified in support of the bill.
The signing of the bill in to law, which Colorado state’s legislature passed in June, closely follows defeat of a surcharging ban in Kansas earlier this year. Chicago-based CardX, which is a surcharging-services provider, filed suit against that ban.”Read More
“‘CardX has hit the trifecta: an AG opinion in Oklahoma that its no-surcharge statute is unconstitutional; a federal judicial decision in Kansas declaring that the Kansas no-surcharge statute is unconstitutional; and the Colorado legislature repealing its no-surcharge ban and allowing surcharges with robust consumer protections,’ Nash said.”Read More
“Razi added, ‘We serve businesses that are seeking to offset the rising cost of credit card acceptance and keep their prices low, and I believe that SB21-091, which harmonizes with industry rules and includes the most robust consumer protections in the country, will be an influential template for other states considering this issue.’”Read More
“CardX’s founder and CEO, Jonathan Razi, testifying before Colorado lawmakers in support of the new law, suggested Colorado could face a similar legal challenge, as the state’s anti-surcharging law closely mirrored the Kansas law.”Read More
“‘As surcharging becomes available in more jurisdictions, we’re seeing a shift to more prescriptive surcharging law—lawmakers want to permit surcharging, but define affirmative requirements for surcharging “the right way,”’ Razi says.”Read More
“More than 200 payment processors, including the giant payroll software firm, Paychex Inc., use software from technology company CardX LLC to provide surcharging capability to professional firms and online business-to-business companies, which incur higher transaction fees.”Read More
“A Chicago-based fintech called CardX LLC won a federal lawsuit in Kansas that declared unconstitutional a law prohibiting retailers from passing along credit card surcharges to customers and advertising lower prices for cash purchases.”Read More
“The complaint alleged that the no-surcharge law violated CardX’s rights under the First Amendment by prohibiting CardX from communicating a credit card surcharge to consumers via its patent-pending software while allowing merchants to offer ‘cash discounts,’ thereby controlling the manner in which prices are communicated to consumers, among other things.”Read More
“The upcoming interchange rate increases are the most significant in a decade and business owners should understand their options for managing costs.”Read More
“‘Businesses operating with tight profit margins often really benefit from surcharging because their alternative for taking cards when rates go up, as they have in the past, is to raise prices on their products,’ CardX’s Razi said. ‘The judge pointed out in our case that such a scenario results in cash and debit payers paying more because someone else is using credit cards.’”Read More
“Allowing credit card surcharges would benefit businesses and consumers, Broomes wrote. Kansas’ no-surcharge law results in merchants spread the cost of using credit cards around to all purchasers, he said.”Read More
“Nash said it was clear that Kansas violated the First Amendment in preventing merchants from explaining the surcharge.
‘We’re obviously very pleased, but we’re not surprised,’ he said of Thursday’s opinion.
Nash noted that after a presentation they made last year in Oklahoma, the state attorney general wrote an opinion that their statute was unconstitutional, so CardX didn’t have to file suit. He said he’s not sure which remaining state surcharge ban CardX will try to undo next.”Read More
“CardX COO Michael Tomko, also a Harvard Law graduate, was also pleased with the decision and noted the court ruling pertained specifically to CardX; he urged service providers to review state guidelines. The court held that prohibiting credit card surcharging was unconstitutional ‘as applied’ to CardX and CardX’s software, leaving open the possibility that the court could challenge the constitutionality of other surcharge solutions, he stated.”Read More
“‘The result in Kansas comes at a key moment for the payments industry,’ said CardX CEO and Harvard Law graduate Jonathan Razi. ‘Surcharging is becoming even more prominent as payments continue to move online, and, with upcoming interchange increases in April, this is timely relief for the many companies that will be looking to reduce their costs of payment acceptance.’”Read More
“With this ruling, only Colorado, Massachusetts, and Connecticut block surcharging on credit cards. Razi says CardX is evaluating its options to enter these states, though he adds, ‘We intend to be a 50-state provider.’ Network rules prohibit surcharging on debit card transactions.”Read More
CardX is proud to be named to Built In’s 2021 list of the top 100 workplaces in Chicago.Read More
“Many merchants who are eager to get started with surcharging assume that it simply entails ‘adding a fee.’ However, through implementation, they quickly realize that this assumption overlooks numerous requirements or best practices in operations and IT…”Read More
“When the credit card surcharging rules were introduced in 2013, allowing credit card fees to be passed onto consumers in most of the country, Razi had two theses: ‘I knew interchange fees were going to continue to be very costly, and I knew that businesses were not going to be able to navigate these rules on their own.’
That’s where CardX, a compliance technology company, comes in.”Read More
“With the backdrop of COVID-19, surcharging has essentially become ‘an important tool in uncertain times,’ said Jonathan Razi, CEO of CardX, a company that provides the compliance technology for adding surcharging to a merchant network.”Read More
“Through surcharging, businesses can offer the credit card option without the cost, placing themselves in a strong position to succeed during this crisis and beyond.”Read More
“Matt Ivaliotes, a security and IT lead at fintech company CardX, regularly schedules training on new technologies for his engineering team. He also encourages knowledge-sharing through dedicated Slack channels, attending security conferences, and reading industry newsletters to help keep teams on the cutting-edge.
‘Security requires vigilance in all contexts,’ Ivaliotes said.”Read More
“Forty-six states across the U.S. allow surcharging on credit card payments, which especially helps merchants with high average sales and tight margins. For a distributor, with EBIT margins hovering around 6%, a customer using a credit card can eliminate half or more of a sale’s profitability.”Read More
“In this crisis, businesses are seeing their customers rely on credit more heavily than ever before, which enables customers to finance their purchases, but also drives up processing costs when businesses can least afford it.”Read More
“Ultimately, Chicago-based CardX, a payments technology company that helps merchants add surcharging at the point of sale and comply with federal regulations, is prepared to provide the needed education for merchants who may see interchange go up for card-not-present and rewards cards next month, in addition to a jolt to revenue from coronavirus shutdowns.
‘A lot of merchants will be looking at the potential savings of surcharging, and it should actually accelerate the move for surcharging becoming part of the market norm,’ CardX CEO Jonathan Razi said.”Read More
“… the majority of merchants you talk to still don’t know that surcharging is an option. So we’re actually out there raising awareness. For that reason, with as much traction as we’ve already seen, we are just now breaking into the space. I’d say if you imagine a twelve-round boxing match, we’re in round two.”Read More
“Surcharges on credit card transactions could pick up momentum now that only four states effectively ban the practice, a panel of experts indicated Wednesday at a merchant-acquiring trade show. That momentum may benefit not only merchants wary of card-acceptance costs but also merchant-service providers that focus on surcharging as a business opportunity, the panel indicated.”Read More
“The solution that CardX brings to the market is disrupting the industry and forever changing the way merchants do business,” said Jenn. “Now that 94% of the United States is open to credit card surcharging, it’s a thrilling time to join the team in a year where process optimization will be key to meet the demands of our growing book of business.”Read More
“‘Now business operators are themselves seeing this proven out,’ said Jonathan Razi, the CEO of CardX, which offers a service that enables merchants to impose surcharges on credit card purchases.
Merchants that signed up with CardX last year will save a total of $24.5 million annually by passing along card fees to customers, Razi said.”Read More
“‘Probably the biggest thing out of the Oklahoma result, and exciting for 2020, is that it predicts an inevitable makeover coming to payments,’ Razi added, noting that with Oklahoma in the mix, 94% of the country, by population, is open to surcharging.”Read More
“Brooks had consulted with Jonathan Razi, CEO of CardX and a Harvard Law School graduate. Both were gratified by the positive response from Oklahoma’s Department of Justice. A Dec. 17, 2019, letter to Sen. Brooks, signed by Attorney General Mike Hunter and Assistant Solicitor General Bryan Cleveland, affirmed the state surcharge ban restricted commercial free speech.”Read More
“Oklahoma’s law prohibiting merchants from adding a surcharge when customers pay by credit card can be considered unconstitutional, according to an opinion issued Dec. 17 by Oklahoma Attorney General Mike Hunter. The opinion was requested by state Sen. Michael Brooks, D-Oklahoma City.
Brooks worked with CardX, a credit card processing company based in Chicago, to identify how Oklahoma’s law is out of step with where the industry is heading.”Read More
“Proponents of credit card surcharging have received a Christmas present in the form of an Oklahoma attorney general’s official opinion declaring the state’s no-surcharging law unconstitutionally restricts free speech. The development means surcharge bans remain in only four states.”Read More
CardX recently announced that Eliana Sanchez joined the team as Talent Lead.
Eliana is a Northwestern alum and previously worked at Jobspring Partners as a full-desk recruiter.
“CardX as an organization has already proven what it means to build a business based on strong, positive values,” said Eliana. “I’m very enthusiastic about this next phase of growth, and I’m looking forward to continuing to build this great, collaborative team.”Read More
“Michael Tomko, who spearheaded the financing as CardX COO, noted, ‘This funding will allow us to continue the remarkable success CardX has seen in 2019 and deliver on our exciting pipeline for new product and marketing. We have the perfect capital partner in Pace and look forward to working with them for years to come.’”Read More
“Now that surcharging solutions are being successfully used at scale, the question of whether surcharging is here to stay has been settled and the conversation has shifted—what will differentiate providers in terms of competitive excellence?”Read More
“Until 2013, it was against merchants’ terms of service with the card networks to pass along processing fees to the customer.
That is no longer the case, and ‘the economic value is huge,’ says Jonathan Razi, chief executive officer of CardX, which sells surcharge-compliance software to acquirers.”Read More
“‘People like to talk about the significance of deals in dollar value. But I haven’t seen a lot of people talking about the skill of merger integration. I think we’re really going to see a lot of difference in the quality of the merger integration that happens down the road,’ Razi said.”Read More
“Some new lawyers are bypassing law practice altogether. After he graduated from Harvard Law School, Jonathan Razi, for example, founded a fintech startup.”Read More
“CardX LLC named Natalie MaLossi vice president of operations. MaLossi had worked at Braintree, an e-commerce payments firm owned by PayPal Holdings Inc. At surcharging specialist CardX, MaLossi will manage its client support team among other duties.”Read More
“‘In concrete terms, the way this works [in New York] is that the customer sees the highest possible price, inclusive of the credit card fee, typically 3.5 percent,’ said Jonathan Razi, CEO of CardX, a Chicago-based credit card processing company.”Read More
“Now Canadian businesses are poised to capitalize on the same opportunity, with settlements to allow credit card surcharging receiving approval in the courts. These settlements would resolve class-action litigation filed by merchants against Visa and Mastercard in 2011.”Read More
“Surcharging could be in for even more growth. Surcharge bans in California, Texas, and Florida have fallen recently, and New York’s ban, while still on the books, has been greatly circumscribed as a result of a Supreme Court ruling. Those four big states account for 40% of the U.S. population, and only six states still have bans, said panelist Jonathan Razi, chief executive of CardX LLC, a Chicago-based technology provider that offers a surcharge program to ISOs.”Read More
“America’s payments marketplace is home to many ‘firsts’—including the first card networks established and the largest card volume processed. But there is one superlative American merchants would prefer to change: the US has the single most expensive interchange pricing in the world.”Read More
“The bulletin signals that Visa is serious about enforcing its surcharging rules, says David Leppek, a payment consultant. When Visa is alerted to an infraction it tells the bank sponsor, which then follows up with the merchant, he says.
‘As this becomes bigger and bigger in the market,’ says Razi, ‘there will be more enforcement if people cross the line.’”Read More
“Jonathan Razi, CEO of Chicago-based CardX LLC, which automates compliance of credit-card surcharging rules, said that once all 50 states permitted retailers to pass on swipe fees, it would ‘trigger a seismic shift.’”Read More
“In a statement emailed to PYMNTS, CEO Jonathan Razi of CardX, a payments technology company that automates compliance with rules for credit card surcharging, said that ‘with today’s resolution, we expect the New York law will survive, but in a far narrower form — and “no surcharge” will simply mean “no surprise.” Now, New York merchants are allowed to pass on their credit card fees, so long as they make the required consumer disclosure.’”Read More
“‘We’re hearing from a number of enterprise merchants that they’re seeking to address the rising costs of rewards cards while also maintaining a uniform pricing strategy nationwide,’ Razi said. ‘Once this pricing model reaches all 50 states, it will trigger a seismic shift.’”Read More
“The New York case was the final remaining legal challenge to a state-level surcharge ban, following recent landmark decisions in California, Florida, and Texas that struck down surcharge bans in those states as unconstitutional. Commenting on this update, Jonathan Razi, CEO of CardX, said that ‘New York merchants are allowed to pass on their credit card fees so long as they make the required consumer disclosure. And, with this additional clarity, we anticipate it will be only a matter of months before surcharging is available to businesses in all 50 states.’”Read More
“Razi predicts surcharging will be available to merchants in all 50 states ‘in only a matter of months.’”Read More
“While there is interest in both pricing strategies, surcharges apparently still are more popular than cash discounts.
Since ISOs often hire tech firms to implement cash-discount or surcharge programs, ‘it’s important to have a partner that has done the legwork,’ Miller says. ‘Also, they have to be on top of state laws.’”Read More
“Although some in the industry use the terms ‘surcharging’ and ‘cash discounting’ as if they were interchangeable, they are, in fact, two distinct pricing models. The most important difference between the two, which the Visa bulletin addresses emphatically, is that cash discount programs cannot add a fee at the register.”Read More
“A century ago engineers in Chicago reversed the flow of the city’s main river to redirect billions of gallons of water away from nearby Lake Michigan. Today in Chicago, my company is working to reverse a similarly powerful trend: the rising cost of credit card acceptance for businesses.”Read More
“With tremendous momentum for passing on the credit card fee—whether in the form of a ‘surcharge’ or ‘cash discount’—it’s no surprise that ISOs and merchants are asking what these rules mean to them.
Last year, American merchants paid $77 billion in fees for accepting credit cards. These costs, however, are shifting more and more to the consumers who choose credit for convenience or rewards, as the buzz at every industry convention attests. And this trend will disrupt the traditional-processing incumbents and create a new paradigm—with new winners and losers.”Read More
“Razi believes Visa’s clarification will ‘not only help customers avoid unfair fees charged to debit cards, but also help merchants and sales professionals know what to look for in a compliant solution’ […] adding, ‘This is why we’ve invested in developing products that put compliance first and meet these requirements automatically.’”Read More
“Visa has released a bulletin revealing that many programs marketed as ‘cash discount’ are non-compliant with the payment company’s rules.
‘Visa’s bulletin gives our industry much-needed clarity: “cash discount” is not a loophole within the rules, and merchants that add a fee at the point of sale must comply with the requirements for surcharging, regardless of what they call the fee,’ Jonathan Razi, CardX CEO, said in an emailed statement.”Read More
“We also reached out to CardX, a company that offers surcharge programs. […] Like Visa, Razi is unequivocal in his explanation. ‘The bottom-line is that most purported “cash discount” programs are non-compliant, because they list the cash price on the shelf and then add a fee at the point of sale. This brings them under the card brand rules for surcharging.’
For the sake of your merchant account and your wallet, be sure you’re on the right side of laws and card brand regulations before surcharging or signing up for a cash discount program.”Read More
“Now, businesses in these states have the option to pass on the fee when their customers choose credit cards for convenience or rewards, so long as they comply with the card network rules introduced in 2013.
As the market for surcharging has expanded, so too has the emphasis on compliance. The card brands and processors have increasingly sought to shut down non-compliant programs, especially when surcharges masquerade as ‘cash discounts.’”Read More
“More states are allowing surcharging, with a Fifth Circuit Court in Texas last week ruling in favor of merchants and taking the state’s no-surcharging law off the books.
This is good news for Chicago-based CardX, a payments technology company specializing in providing merchants with payment terminals loaded with the software and specifications to apply the industry norm of a 3.5 percent surcharge on credit card transactions and also be compliant with any federal, card network or state rules governing its use.”Read More
“As of 2018, Texas businesses can surcharge. In Rowell v. Paxton, the court determined that surcharging is considered protected speech under the First Amendment. Thus, the Court ruled Texas’ ‘no surcharge’ law unconstitutional.”Read More
“To compete with super ISOs, smaller ISOs and MLSs need an alternative to interchange-plus. There is one number you can be confident won’t be undercut: zero. Passing on the credit card fee in the form of a surcharge allows businesses to maintain listed prices while processing cards at a true 0 percent cost.”Read More
“CardX, which provides zero-cost credit card acceptance to institutions and organizations, recently hired Venson Kuchipudi as senior vice president for technology. Kuchipudi is going to use his technology experience to lead the product team, overlooking…Read More
CardX, a leading provider of zero-cost credit card acceptance solutions, has named Venson Kuchipudi as Senior Vice President, Technology.
Kuchipudi will lead the CardX product team, responsible for new web applications and software for data analysis…Read More
“‘When I saw that regulatory change, I knew it was an opportunity for someone to come in and be the first to market with a turnkey solution,’ said Jonathan Razi, CEO at CardX. He founded the company in 2013 while in graduate school at Harvard Law School…Read More
“Jonathan Razi, chief executive and founder of CardX, an outspoken proponent of giving merchants the option to pass on credit card fees to customers, says it’s inequitable to force everyone to pay more in fees to cover the cost of those who opt to use credit cards…Read More
“Razi founded CardX in 2013 while studying law at Harvard. At the time he was looking for an industry to disrupt, and that year, laws changed to allow credit card fees to be passed onto consumers in 40 states. Ten states had laws on the books forbidding passing on the fee…Read More
“Just days before the U.K. banned businesses from passing on credit card transaction fees to shoppers, food delivery company Just Eat introduced a blanket “service charge” for all orders—whether shoppers pay by credit, debit or cash…Read More
“Although the rules for doing so are strict, most states allow merchants to pass the cost of accepting credit cards on to the consumer. CardX handles the logistics and compliance end of that process, allowing businesses to accept cards without digging into their margins. The company’s online platform notifies users of the fee up front, allowing them to opt for a no-fee alternative like a debit card if they prefer.”Read More
“For entrepreneurs, every dollar matters. Why, then, do so many business owners willingly absorb a cost – often as high as 4 percent – to accept credit card payments? If you’re among them, know there is a cost-free, frictionless way to pass on the fee to customers. Thanks to new ru…Read More
“Jonathan Razi, Founder and CEO of payment processing company CardX and graduate of Harvard Law School, explains, ‘The Ninth Circuit decision means that the California surcharge ban is unconstitutional as applied to these plaintiffs and the specific pricing practice they’re …Read More
Credit card surcharging is a step closer to universal adoption in the United States. Businesses are getting much-needed relief from costly card fees, with the U.S. Ninth Circuit Court of Appeals in San Francisco striking down a California law that banned the practice of passing along charge…Read More
“CardX CEO Jonathan Razi said in an email to Small Business Trends, ‘With this legal victory, businesses now have the option to pass on the fee to customers that choose credit cards for convenience or rewards. Under the new rules, businesses can accept credit cards at 0 percent cost. Based o…Read More
“The decisions ‘make it much more likely we’re going to see surcharging in all 50 states,’ said Jonathan Razi, CEO of CardX, a transaction processor that facilitates surcharge transactions. Some large retailers have held off on surcharging in states where it is permitted because it wou…Read More
The Nilson Report is a leading source of news and analysis for the global card and mobile payment industry, providing an overview of emerging trends and innovative companies.Read More
In 2013, new rules enabled businesses in America to do what universities and government had long been permitted to do: pass on the fee when customers choose credit cards for convenience or rewards. CardX has focused on this market. The CardX solution is powered by a patent-pending technology…Read More
“I founded CardX in 2013 to respond to a new opportunity in the payments industry. New rules allowed businesses in America, for the first time, to pass on the costs created when customers choose credit cards for convenience or rewards. CardX is a turnkey solution for ‘credit card surc…Read More
CardX was featured in the most recent Venture Deals section of Fortune’s Term Sheet, an online publication in which Fortune features high-profile startup funding events. Author Polina Marinova noted that NXGEN International led the recent round of funding that brought $2.1 million in a…Read More
Fintech startup CardX raises $2.1 million: Chicago-based CardX has raised $2.1 million in fresh funding in a round led by payment solutions provider NXGEN International. CardX sells virtual and physical payment portals that automatically pass on credit card surcharges, typically paid by…Read More
The Chicago Business Journal published a profile of CardX today under the headline, “Chicago startup raises $2.1M to help businesses avoid credit card fees.” The profile details the founding of CardX, the markets the company serves, and the recent round of fundraising completed i…Read More
CardX, a Chicago-based startup, today announced that it raised $2.1M in a recent round of outside investment. The investment was led by industry leader NXGEN International, with two other investors participating. With this additional funding, CardX will launch a direct sales channel for the…Read More
Merchants won a skirmish on Wednesday in their long-simmering battle with the card networks over acceptance costs with a decision by the U.S. Supreme Court to void a lower-court ruling that upheld a state law banning credit card surcharging. “With this result, we’re confident pr…Read More
In a unanimous decision, the U.S. Supreme Court today overturned a lower court’s ruling against the merchants challenging New York’s “no-surcharge” law. The Supreme Court held in “Expressions Hair Design v. Schneiderman” that the New York law restricts co…Read More
Today, CardX filed an amicus brief in the U.S. Supreme Court to support the merchants in Expressions Hair Design v. Schneiderman, a case with the potential to expand credit card surcharging to all 50 states. New York’s “no-surcharge” law permits merchants to charge a highe…Read More
Tuition Management Systems (“TMS”), a leading provider of education payment services for Higher Education and private K–12 schools, and CardX, a technology provider of world-first card acceptance solutions, today launched an integrated solution that raises the standard for tuition and …Read More
AccuFund’s partnership with CardX (www.CardX.com) gives organizations the convenience of credit card acceptance without the high costs: organizations can pass along the cost of the transaction, while also providing clients or constituents the ability to choose the payment option with the low…Read More
CardX, a technology provider of card acceptance solutions, today announced a strategic partnership with Paychex, Inc., a leading provider of integrated human capital management solutions for small- to medium-sized businesses. This partnership will allow Paychex to offer its client base a ful…Read More
“I am proud of the NXG International and CardX team, for being able to bring to Canada, as part of their World Access roll-out, a unique and innovative system that allows eligible businesses to have their credit card processing costs financed by their customers accurately and legally—i…Read More
Jonathan Razi, CardX President, will present Intelligent Rate to over 200 colleges, universities, trade, and technical schools at 2016 Bursars. Jonathan will address the attendees alongside co-presenters Joe Meuse of Tuition Management Systems and Joe Helmy of MasterCard. Their session, whic…Read More
“At present, only 3% of payments in property management are made by card, because the merchant fees charged to managers and owners are often prohibitive. Partnering with AMP Technologies, we’re launching an integrated solution that gives property managers the convenience and collectability o…Read More