Blog Archives for November of 2011
Below is another example of one of our clients saving a ton of money on their monthly debit card processing fees due to the Durbin Amendment! This client is a dentist with two accounts. One of them is used to swipe cards at the front desk, the other one is used exclusively for recurring billing. The Swiped account realized a much greater Durbin savings due to higher volume of Debit cards.
Being in commission-only sales my entire career embedded in me an entrepreneurial spirit. I knew the value of a full day’s work, the more time I put in the more money and success I would gain. I did not care for the 9-5 mentality the majority of my co-workers shared. They chose to be content with doing the least amount of work possible to squeak by and not get yelled at. The opportunity to sell merchant services with Beacon Paymetns allowed me the freedom to make my own decisions, set my own schedule, and gave me the uncapped income potential I was looking for.
the Durbin Amendment reduces the cost of processing a qualified debit card from about .95% + $.20 per transaction down to roughly .05% + $.22 per transaction. On a $100 sale the old cost would be $1.15 and the new cost of processing the debit card would be $.27. This is a huge savings - and one that the business owner can ONLY take advantage of if they are on an interchange plus pricing structure.
A year ago we hired a gentleman in the midwest who had retired 10 years ago and was living on social security. His checks were just enough to pay his bills - but he wanted something more. After almost a year of searching for a sales job he had no luck. He contacted us knowing that while we could not guarantee him a salary - we could give him an opportunity to increase his income substantially on his own timeframe.