Virtually all retail businesses accept credit cards because doing so is proven to increase total sales. At this writing the U.S. House and Senate conference committee continues to work on the controversial merchant services reform legislation. And a House-backed revision of the Durbin amendment — which gives the Federal Reserve authority to regulate credit card processing, seems likely to remain part of the final merchant account legislation.
All those that accept credit cards anxiously await news of how the Durbin “”merchant services”” amendment will affect how credit card processing at the point of sale (POS) is performed, and the impact on the merchant account. The “profit or loss” affect from the new legislation aimed at governing costs of merchant account services will directly impact how the credit card machine and credit card terminal are used.
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