This is the Beacon Payments blog. Learn about the credit card processing and the merchant services industry. Hear about the successes of our outside sales people whose job it is to sell merchant services and sell credit card processing programs.
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.
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.
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.