Qualifying Customers Expected to Save More Than $4 Million in First Year
The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, is waiving credit card transaction fees for eligible small business policyholders who enroll in, or currently use, paperless billing. The initiative is part of Governor Kathy Hochul’s efforts to provide relief and cost savings to New York’s small businesses as they continue to recover from the COVID-19 pandemic, and to promote environmental sustainability.
“I want to thank Governor Hochul for her enduring commitment to New York employers and the environment,” NYSIF Executive Director and CEO Gaurav Vasisht said. “Eliminating credit card transaction fees will lessen the burden on small businesses, which fuel the state’s economy, and encouraging paperless transactions will promote climate resiliency.”
Under the program, when a policyholder enrolls in paperless billing NYSIF will waive the 2.25% fee that normally applies on credit card premium payments. Any policyholder in good financial standing and whose annual workers’ compensation premium is $10,000 or less, or whose annual disability premium is $1,000 or less, will be eligible. Paid family leave premiums will not be counted toward determining eligibility.
Policyholders already enrolled in online billing will also qualify. NYSIF estimates approximately 89,000 small business policyholders will benefit from the program, with customers saving more than an estimated $4 million in the first year alone.