Effective on July 21, 2011, you are paying too much money in debit card processing costs. This is in thanks to a new law known as the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that regulates how much credit card processing companies like Visa, Mastercard, Discover and American Express can charge merchants like you. The key point in the Amendment requires large financial institutions to cap their debit card fees. The cap is supposted to be 12 cents per transactions. If you are like most companies, you are probably currently paying about $0.40 per debit card transaction.
So if you process a lot of debit card transactions, how much money could you save?
Let’s look at the example below.
1,000 transactions per month X $0.40 per transaction = $400/month
1,000 transactions per month X $0.12 per transaction = $120/month
================================================
Total monthly savings: $280/month
$280 X 12 months = $3,360 in processing costs saved every year!
So how do you take advantage? Request a merchant processing quote and demand $0.12 per transaction on your debit card transactions.
