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FIRST COAST PAYMENTS
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What's the Durbin Amendment?

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Due to the Durbin Amendment of the Dodd-Frank Reform and Consumer Protection Act – as of October, 2011 the interchange rates or cost to accept credit cards is lowered!

The Durbin Amendment regulates debit card interchange and debit networks. Banks with less than $10 billion in assets are exempt from the Durbin Amendment regulations. Estimates are this leaves around 80% of debit cards are not exempt.

Per the The Durbin Amendment, the Federal Reserve which regulates this, has capped transaction fees for debit cards:
  • 22 cents per transaction ($.01 cent per transaction for fraud prevention)
  • 5 basis points (.05%) of transaction value to account for fraud losses

The cost savings is around 45%. This applies to debit cards and is based on the national average of debit card transactions. Does this mean that you as a merchant and business owner will see lower cost? The answer is most likely not. Why? Because if you have a tiered rate structure, this is what most businesses have and a rate reduction is unlikely for these. The Durbin Amendment only regulates interchange rates, not what an acquirer fees.

First Coast Payments offers a rate structure known as interchange plus pricing. This cost structure provides lower costs for business owners accepting debit cards.

Contact us today for a review of your account in order to start benefiting from the Durbin Amendment.

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Credit Card Processing for small to mid-size businesses. We eliminate the junk fees.
Serving Northeast Florida, including Jacksonville, Fernandina Beach, Yulee, and beyond.

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  • Home
  • About
  • Services
    • Dual Pricing Program
    • Point of Sale Systems >
      • Lavu
      • Clover
      • Exatouch >
        • DeliverMe Demo Form
    • Terminals
    • Credit Card Processing
    • High Risk Accounts
    • Special Offer
    • Fees of a Merchant Account
  • News
  • Reviews
  • Quote
  • Blog
  • Contact