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There has been a lot of buzz about the Durbin Amendment and what the ramifications of it will be. The amendment is set to go into effect at the end of October and the anticipation continues to grow. There has been a lot of speculation as to what effects it will have on the merchant account of many businesses but there are many differing opinions. But don’t worry, your business will still be accepting credit cards at a reasonable rate once it goes into effect. In fact, most opinions believe that it will actually be better for the merchant account of businesses. Rather than leave its effects up to hearsay, here is a look at the Durbin Amendment.
The news is mostly good for companies and their merchant account. One of the highlights of the amendment is that it merchants will now have a choice in what network they decide to process their transactions over. Until now, businesses were often limited to one or two options for which network to use, but the Durbin Amendment has opened the flood gates. This makes the credit card services of company’s much more dynamic and customizable, a must for every business. Also, rather than staying at a fixed percentage of the transactions, interchange fees will now only be as high as 24 cents per transaction.
The idea of the amendment is to help transfer money from banks back to the vendors. With a lower transaction rate, businesses will start to see a lot of savings in the cost of their merchant account. Banks contend that this transfer of wealth will mean a reduction in services to their customers but most believe that this will only be marginal at all.
Merchant account processing is a vital part of any business and the Durbin Amendment ultimately seeks to help merchants run their business more effectively and efficiently. So if you don’t have a merchant account, there is no time better than the present – don’t wait, get yours today!