$11,720,068 in signature debit interchange reductions were deposited into merchant bank accounts by Heartland Payment Systems, one of the nation’s largest payments processors, in the month of October. Restaurant operators received $4,042,859 of these “Durbin Dollars” – so named for Sen. Dick Durbin (D-Ill.), who sponsored the interchange fee amendment to the Dodd-Frank financial form legislation -- and lodging merchants received $513,852.
“Reaching this merchant savings milestone in less than one month reinforces the fact that the financial benefits of the Durbin ‘swipe fee’ reform are tangible and significant for business owners,” says Heartland president Bob Baldwin. “Merchants need to be 100 percent sure they are getting their piece of the Durbin Dollars pie or they could miss out, in many cases, on thousands of dollars annually.”
Based on data collected October 1-23 across Heartland’s portfolio of 250,000 merchant locations, the company found:
• 64 percent of its signature debit sales volume qualified as regulated
• On average, there is a savings of 20 cents for regulated (vs. non-regulated) transactions
• On average, there is a savings of 74 basis points for regulated (0.82 percent) vs. non-regulated (1.56 percent) transactions.
- Monthly Economic Review: The importance of job openings and hiring data
- Revzilla reinvents the shopping experience for motorcycle enthusiasts
- Back-to-school trends update: A look at last-minute promotions
- Connecticut retailers make their mark on the state’s culture and communities
- Small business retail is a big deal in Massachusetts