Heartland Payment Systems releases latest data about Durbin Amendment’s actual effects on business owners.
A grand total of $11,720,068 in signature debit interchange reductions have been deposited into merchant bank accounts by Heartland Payment Systems, one of the nation’s largest payments processors. Of these Durbin Dollars, restaurant merchants received $4,042,859 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,” said Bob Baldwin, Heartland’s president. “Merchants need to be 100% 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 from Oct. 1-23, 2011 across Heartland’s portfolio of 250,000 merchant locations, Heartland has found:
• 64% of its signature debit sales volume qualified as regulated
• On average, there is a savings of 20 cents per transaction for regulated (vs. non-regulated)
• The average signature debit non-regulated interchange fee per transaction is 43 cents
• The average signature debit regulated interchange fee per transaction is 23 cents
• On average, there is a savings of 74 basis points for regulated (vs. non-regulated)
• The average signature debit non-regulated effective rate is 1.56%
• The average signature debit regulated effective rate is 0.82%
For more information on the Durbin Amendment, visit GetYourDurbinDollars.com.