Blindbid

Tag : Durbin Amendment

How Does the Durbin Amendment Affect my Small Business? Part 2

Part 2

In the initial part, I discussed what the Durbin Amendment is and how it affects your organization. In this segment, I will go over why merchants aren’t saving beneath Durbin and what action it is possible to take to ensure your small business realizes the Durbin savings.

Why aren’t merchants receiving the Durbin Amendment savings? The very simple answer is the fact that it is truly up to your processor to pass along those savings. If they have not passed those saving along to you, then they've kept them for themselves. That is what we ...

How Does the Durbin Amendment Affect my Small Business?

Part One

What exactly is the Durbin Amendment? Senator Richard Durbin from Illinois introduced the amendment in to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed by Congress in 2010. The amendment gave the federal government the power to set interchange rates for debit card transactions. The amendment went into effect in October of 2011 and considerably lowered the debit interchange rates by almost 95%. 
You could possibly be thinking, my organization does not take debit cards. I do not have a pin pad or give cash back. The truth is that more than 50% of ...

Facebook Google Plus Linked In Twitter Youtube