Interesting article in the Wall Street Journal that talks about how merchants are leveraging rules for the Durbin Amendment. Some merchants are offering discounts for paying with cash and setting minimums for card use. A typical merchant can expect to save about 66% in fees with debit card transactions with the passage of the Durbin Amendment.
Merchants Shred Costs of Payments by Plastic
By Robin Sidel
Merchants are racing to lower their costs when customers pay with plastic. While a new federal law will shrink debit-card fees charged to merchants starting in July, some are cracking down on how much cash customers can get back at the counter. Continue reading…
Stay tuned to learn the final rules on debit card transaction rule fees. The Live Webcast is set for Wednesday, June 29, 2011 at 3:30pm EDT. To learn more, visit the Federal Reserve’s website: www.federalreserve.gov