best Understanding the Durbin Amendment
Free Understanding the Durbin Amendment
Understanding the Durbin AmendmentContact Sales (800) 757-5453

Understanding the Durbin Amendment merchant account optimization credit card processing consulting Understanding the Durbin Amendment and accept credit cards merchant account rate audit

Understanding the Durbin Amendment

Information on Understanding the Durbin Amendment - If you have any questions about Understanding the Durbin Amendment please feel free to ask us !

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform & Consumer Protection Act. Section 1075 of the Act, also known as the Durbin Amendment, requires the Federal Reserve Board (FRB) to implement regulations relating to debit interchange, debit networks, and merchant routing and acceptance of debit transactions.

Understanding the Durbin Amendment set up

In short, the so-called Durbin Amendment has three components:

  • It requires the Federal Reserve Board to cap debit swipe fees. The Fed would determine the true cost of fraud prevention, and limit interchange fees accordingly.
  • It exempts issuers with less than $10 billion in assets.
  • It requires issuers to offer at least two unaffiliated networks over which electronic debit transactions may be processed.

The Federal Reserve Board issued regulations in final form on Wednesday, June 29. These regulations cap network debit transactions charges at 21 cents per swipe, plus 0.05 percent of the transaction, with the possibility of an additional cent if issuing banks comply with fraud prevention procedures.

To assist payment card networks in determining which of the issuers are subject to the debit card interchange fee standards and which are exempt, the FRB plans to publish annual lists of institutions that are above and below the small issuer exemption asset threshold of $10 billion. Those institutions are expected to hold interchange at current levels.

Lastly, the FRB set an implementation date of October 1st. On that date, card networks must honor the 21-cent cap and allow debit cards to be processed on at least two independent networks. (The effective date for the network exclusivity prohibition for issuers is April 1, 2012).

Understanding the Durbin Amendment - Merchant AccountMerchant AccountsInternet Merchant AccountRetail Merchant AccountInternet Understanding the Durbin Amendment Credit Card Processing

Virtual terminal
Payment processing Understanding the Durbin Amendment
Understanding the Durbin Amendment INFO
  • 1. Zero Set Up Fees
  • 2. Live Person Support
  • 3. No Application Fees
  • 4. No Hidden Fees
  • 5. Very Low Rates
  • 6. Over 20 years Experience
  • 7. BBB A+ Rated
  • 8. Free Fraud Screening
  • 9. Fast Funding to Your Bank
  • 10. We're Nice to You !
Card swipe readers
  • 1. Free Online Virtual Terminal
  • 2. Free Recurring Billing
  • 3. Free Batch Processing
  • 4. Free Fraud Prevention
  • 5. Free Shopping Cart
  • 6. Free Secure Order Page
  • 7. Free Daily Batching
  • 8. Free Address Verification
  • 9. Free Country Blocking
  • 10. Free Donation Billing
Batch credit card processing
Smartphone credit card processing
iphone credit card terminal
  • 1. Retail Merchants
  • 2. Internet Payment Solutions
  • 3. Memberships
  • 4. Mobile Trade Shows
  • 5. Gov't Agencies
  • 6. E-Commerce Merchants
  • 7. Wireless Merchants
  • 8. Firearms Dealers
  • 9. Auction Merchants
  • 10. Plus Many More!
payment services
Understanding the Durbin Amendment site
merchant account in spokane Understanding the Durbin Amendment
  • “When I set up my online subscription service, I searched for a merchant account company with comprehensive credit card processing and found Electronic Transfer. Their merchant account service is great, the costs are very low, and the interface tools are very easy-to-use.”

John Edelson
Online Learning & Games
accepting visa cards