Durbin Amendment Goes into Effect Today: Lower Debit Fees

The Durbin amendment goes into into effect today, which will dramatically lower your card processing fees.

That's the good news. But there is a catch. If you are on a 3 tier or surcharge (billback) plan, you won't realize the savings. However, your processor will.   

The government is lowering the interchange rate or wholesale rate not the retail rate that you pay.  Think of it this way. You pay the retail rate at Starbucks when you buy a cup of coffee. Now if the government lowered the price of coffee beans, but not the price of a cup ...

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