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.
Account ending in xx50 (Key entered account)
September: V/MC/DSC processing: $59,947.51
Total fees: $1,608.52
Overall %: 2.68%
October: V/MC/DSC processing: $76,042.81
Total fees: $1,873.52
Overall %: 2.46%
The Durbin Amendment reduced overall costs by 8.2%
Account ending in xx68 (Swiped account)
September: V/MC/DSC processing: $36,394.42
Total fees: $830.04
Overall %: 2.28%
October: V/MC/DSC processing: $23,548.45
Total fees: $406.73
Overall %: 1.72%
Due to the high number of debit cards on the swiped account your Durbin savings was greater than on your keyed account. They ended up with a 24.56% savings!
If you are not seeing this type of savings for your clients you need to make sure they are on an interchange plus price structure to ensure that all Durbin amendment reductions get passed through!