Payment by credit card, exclusively in gourdes…
In a circular sent to banks and credit card companies, dated late November, the Bank of the Republic of Haiti, informs that as of January 3, 2013, all operations on the territory of Haiti, by credit card must be paid exclusively in gourdes. This provision of the BRH, concerns all credit cards regardless of their place of issue…
Circular #101 Bank of the Republic of Haiti
“In accordance with paragraph 5 of Article 83 of the Act of 14 May 2012 on the banks and other financial institutions, this circular determines the procedures of billing for transactions made by credit cards.
a) Credit Card: card enabling its holder to make purchases and / or withdraw using a credit previously and contractually defined with a financial institution. The credit card is associated with revolving credit. Operations of withdrawals and of payments are not recorded to the debit of an account but charged on the amount of revolving credit.
b) Merchants and affiliated professionals: all suppliers of goods and services accepting the card as means of payment.
c) payment transactions: withdrawals, payments or other transfers of funds to electronic payment terminals using a credit card.
d) Payment Terminal (POS): electronic device capable of reading data from a card, recording a transaction, and to communicate with a remote authentication server.
e) Holder: natural or legal person on whose behalf a financial institution has issued a credit card.
2. Operations performed on the territory of the Republic of Haiti:
All operations performed on the national territory by credit card must be paid exclusively in gourdes.
When the holder makes a payment transaction using a credit card, the amount will be displayed in gourdes on the POS. Similarly, billing of transactions on the territory of the Republic of Haiti takes place necessarily in gourdes. This provision applies to all credit cards regardless of the place of issue.
Banks and credit card companies are required to ensure that merchants and affiliated professionals strictly follow the provisions of this circular. For the edification and protection of consumers, banks and credit card companies are required to display the rate of the day visibly in at least two points in each of their branches.
In case of non-compliance of this circular, the institutions covered by this are liable to the following penalties:
3.1. Unavailability of information for inspection
Failure to provide all requested information and relating to this circular, the financial institution is subject to a fine of fifty thousand gourdes (HTG 50,000) per day of violation. The penalty period extending from the day of the offense (request for information by the BRH) until that when the information is made available the agents of the BRH.
For any other infringement found, the BRH will require the immediate cessation of the practice in question, will take administrative sanctions including a letter of reprimand against the offending institution and may impose a fine of one hundred thousand gourdes (HTG 100,000) for each fact noted.
Moreover, following documented complaints of a customer considered and judged founded by the BRH, it may recommend restitution of indus paid by the client, without prejudice of appeals open to the customer.
Any fines will be deducted from the balance of one of accounts of the culpable bank to the BRH. For cons, the payment of any penalty by a credit card company will be made by check (chèque de Direction) payable to the Bank of the Republic of Haiti, no later than three (3) working days after receipt of the notice demanding payment. In case of non payment on time, late penalties will be applied additionally either two thousand five hundred gourdes (HTG 2,500) per day of delay.
The provisions of this circular shall come into force on 3 January 2013.”