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ARKANSAS LOTTERY DIRECTOR GIVES BAD ADVICE TO RETAILERS

 
LOTTERY DIRECTOR BISHOP WOOSLEY SPEWS SOME BAD ADVICE

Arkansas Lottery Director Bishop Woosley gave some bad advice to Arkansas retailers that might result in their losing their ability to process credit and debit card transaction.

While discussing SB617, in which a retailer may choose whether to accept cash and "noncash, noncredit methods of payment, including ... debit cards or other electronic transfer of funds of the consumer to the retailer", Woosley told reporters that retailers could set a minimum purchase amount.

Woosley should have kept his mouth shut. 

Retailers that attempt to require a minimum purchase for customers that want to use their debit or check card to purchase lottery tickets or any other item are violating conditions VISA and Mastercard have established for processing debit and check card transactions.




The Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law in December 2010 only permits retailers to set a minimum fee for Credit Card purchases, not debit or check card purchases.

SB617 would bar buying tickets with in-store credit, credit cards, charge cards or any form of deferred payment.


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The Motely Fool has published an informative article about debt card trtransaction requirement and you can read it here.

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