“Another Boom Could Be Upon Us”: TSYS Interviews CardX CEO Jonathan Razi

“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.”

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CardX CEO Interviewed by Law360 on “Digital Payments Deal-Making” Following M&A Wave

“‘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.”

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Bloomberg Law Includes CardX Founder in Coverage of “Booming Legal Tech Market”

“Some new lawyers are bypassing law practice altogether. After he graduated from Harvard Law School, Jonathan Razi, for example, founded a fintech startup.”

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Digital Transactions Covers CardX Hiring News

“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.”

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CardX Announces Natalie MaLossi as Vice President, Operations

CardX, a provider of turnkey solutions for credit card surcharging, announced today that Natalie MaLossi has joined the leadership team as Vice President, Operations.

MaLossi joins CardX from Braintree, an eCommerce payments platform, where she drove cross-functional product and operations initiatives and optimized business processes for the company in a stage of rapid growth. As Vice President, Operations, MaLossi will…

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New York Post Quotes CardX CEO on the Right Way to Surcharge

“‘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 Features CardX Predictions for Surcharging in Canada

“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.”

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Digital Transactions: “Cash Discounts And Surcharging Remain the Hot Topic for ISOs”

“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.”

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CardX in The Paypers: “Credit card surcharging: a new model for payments in America”

“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 Interviews CardX CEO

“CardX CEO Jonathan Razi said that the New York events represent a ‘capstone on a major regulatory movement’ tied to lawsuits challenging state-level bans in California, Florida, Texas and now, most recently, in the Big Apple.”

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Digital Transactions Covers CardX Panel Appearance at NEAA

“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.’”

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CardX in Newsday: “Court settlement expected to clear way for credit card surcharges in NY”

“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.’”

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CardX in PYMNTS: “Credit Card Surcharges OK’ed In New York”

“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.’”

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CardX in PaymentsSource: “Merchants accept Supreme Court stipulation on New York surcharging”

“‘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.’”

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CardX in The Paypers: “Expressions Hair Design update: credit card surcharging case to be dismissed”

“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.’”

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CardX in Digital Transactions: “New York Credit Card Surcharges Get a Green Light as Merchants and the State Agree To Dismiss Lawsuit”

“Razi predicts surcharging will be available to merchants in all 50 states ‘in only a matter of months.’”

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CardX in Digital Transactions: “Cash Discounts: Surcharges by Any Other Name?”

“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.’”

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CardX in the Green Sheet: “What Visa’s bulletin on cash discount means to you”

“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.”

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Payments Business Canada: “Major settlements will reverse credit card fees”

“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.”

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CardX in the Green Sheet: “Making the Most of the Rules: Passing on the Credit Card Fee”

“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.”

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The Green Sheet Interviews CardX on Visa Bulletin Sending “Shockwave” Through Payments Industry

“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 Cites Jonathan Razi on Visa’s Cash Discount Bulletin

“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.”

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CardFellow Interviews Jonathan Razi on Cash Discount and Compliance

“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.”

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CardX in Digital Transactions: “How a New Ruling Sets the Stage for Surcharging in All 50 States”

“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.’”

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PaymentsSource: “More states allow surcharging, playing right into CardX’s hands”

“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.”

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CardFellow Quotes CardX on Texas Decision, Which Opens Second Largest State to Surcharging

“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.”

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CardX in the Green Sheet: New Opportunities for Both Merchants and ISOs

“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.”

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Built In Chicago: “Venson Kuchipudi is the newest addition to CardX’s team”

“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…

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CardX Announces Venson Kuchipudi as Senior Vice President, Technology

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…

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The Green Sheet Profiles CardX: “Experts in Compliance”

“‘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…

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CardX Offers “Global Perspective” for PaymentsSource Story on U.K. Surcharging

“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…

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CardX in Built In Chicago: “This fintech startup went to the Supreme Court to shake up the credit card industry”

“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…

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CardX Featured on Regulatory Approaches to Credit Card Fees in International Markets

“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…

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CardX Named to List of “Chicago Companies Changing the Payments Game”

“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 Features CardX on Opportunities for Businesses to Reduce Credit Card Fees

“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…

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On California Victory, CardFellow Quotes CardX CEO

“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 …

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PaymentsJournal Features CardX on the Future of Surcharging

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…

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Small Business Trends Covers Credit Card Surcharging with CardX Expert Comment

“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 Quotes CardX CEO in Coverage of Surcharge Victory

“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…

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CardX Appears As Featured Company in Nilson Report Fast Facts

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.

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Verifone Connection Features CardX As Partner Spotlight

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…

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PaymentsJournal Interviews CardX CEO Jonathan Razi

“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…

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Fortune’s Term Sheet Features CardX Investment

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…

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Built in Chicago Features CardX in Tech Roundup

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…

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Chicago Business Journal Profiles CardX

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…

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CardX Raises $2.1M in New Investment Round

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…

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On Supreme Court Ruling, Digital Transactions News Quotes CardX CEO

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…

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U.S. Supreme Court Rules in Favor of Merchants, Decides ‘No-Surcharge’ Law Regulates Protected Speech

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…

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CardX Files Amicus Brief in U.S. Supreme Court, Contributing Real-World Expertise to “No-Surcharge” Case

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…

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Making Card Payments for Education, Students and Families Can Now Choose the Fee They Pay

In TMS’s eWallet, students view the service fee associated with each of their saved cards. The fee is based on each card’s actual cost of acceptance. By selecting their payment method, students can choose the fee they pay.

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 …

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AccuFund Introduces New Web Payment Portal

AccuFund’s partnership with CardX ( 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…

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With CardX, Paychex Client Businesses Accept Credit Cards at 0% Cost

Paychex is now working with CardX to provide its clients the option to accept credit cards without paying any fees.

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…

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NXG International Partners with CardX to Bring Fully Compliant Service Fee Solutions to Canada

“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…

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CardX to Make Presentation to 30th National College & University Bursars SFS Conference

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…

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AMP Technologies Announces Their D.C. Release, The Best Commercial Real Estate Software Yet

“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…

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