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The Durbin Amendment And Debit Card Costs

What Is The Durbin Amendment:

In July the Federal sustain was required by Congress to rule on a reduced Interchange fee banks are allowed to payment when a merchant accepts one of their debit cards. This only affects debit cards and will have no convert to the cost of prestige cards Currently, the midpoint Interchange cost banks are charging is Body.44 per transaction. The Federal sustain ruled banks can only payment $.21 + 5 basis points per transaction, plus a $.01 fraud fee. This is nearly a 50% reduction in the fees linked with accepting debit. (This is based upon the midpoint debit card sale throughout the merchant services industry. The higher your debit card transaction is the more money you will save on that transaction. )

How Will This New Rule affect Your Merchant Card Services?

Merchants running their prestige card processing on an Interchange Plus, or Cost Plus rate buildings will automatically see a reduction in their fees linked with debit cards.

Businesses on a tiered pricing buildings will not automatically receive this price reduction. Just because the wholesale cost incurred by the processor goes down does not mean they will automatically lower your fees.

If you look at your most recent prestige card processing statement you will be able to see which type of merchant services pricing ideas you currently have. If you are on interchange plus pricing you will typically see many lines of coded costs plus a few lines of marked up fees. On a tiered pricing buildings you will normally see the following cost categories: qualified, mid-qualified, and non- qualified.

How Much Money You Will Save:

(The example below assumes a midpoint Sale - you may save significantly more)
Example 1: Tiered Pricing, with a debit rate of 1.59% and Body.25

.00 X 1.59% = Body.80 Add the Body.25 authorization fee for a total fee of .05

Example 2: Interchange Plus Pricing, with a reduction fee of 0.50% and Body.10
Interchange fee after Oct 1 = 0.00% + Body.24
Visa Dues and Assessments = 0.11% + Body.0195
Discount and Per Item fee = 0.50% + Body.10
Total = 0.61% + Body.3595

.00 X 0.61% = Body.31, Add the Body.3595 authorization fee for a total of Body.67

As you can see from the numbers above the reduced debit Interchange fee saved this merchant Body.38 on a single .00 sale. That is a 36% reduction in fees.

You are not required to have a pin pad in order to achieve these savings. In addition, these savings will be true whether you swipe the card straight through your prestige card final or you key enter the card without certainly running the mag stripe straight through your prestige card machine. This presents a huge possible savings for businesses who are running cards over the phone and internet as well as those running cards straight through their sell storefront.

You Must Have An Interchange Plus Pricing buildings To Get This Government Mandated Fee Reduction. If You Do Not We highly propose You Set Up This list Type As Soon As Possible.

Again - this new rule only affects debit card transactions. If you are only running prestige cards you will not see savings from the Durbin Amendment. Keep in mind that you may be running debit cards even if you think you are not. A debit card is any card that is automatically linked to a checking account. You do not have to use a pin pad in order to run a debit card. You just need to run it straight through your prestige card terminal.