Durbin Debit Savings with Sterling Payment Technologies
Sterling merchants immediately benefit from new Federal legislation beginning October 1.
DON'T BE FOOLED by sales people trying to get you to switch your merchant processing account from Sterling because they claim only their company can provide you with specific cost-savings from the new Durbin debit legislation.
Many unscrupulous agents are trying to mislead merchants with statements claiming they can save you a fixed dollar amount per transaction, per month, or per year on your debit card processing if you switch your account.
The truth is your actual savings depend on factors beyond anyone’s control. Savings are based on the type of debit cards you process and that varies every month.
While no one can tell you exactly how much you will save, Sterling merchants will enjoy immediate benefits when the legislation goes into effect on October 1, 2011. There are no papers to sign. Sterling takes care of it all and you, our merchants, win – no matter what pricing structure you are on.
Here’s what helps determine your Durbin benefits:
• Whether your customer got their debit card from a large bank (over $10 billion in assets) or a smaller bank.
• The number of Visa and MasterCard debit card transactions you accept under $15 in ticket size.
• Your percentage of debit card volume vs. other forms of card payment.
• What type of debit card your customer uses (certain prepaid and government-issued cards are exempt from this legislation).
Background on the Durbin Amendment
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included the Durbin Amendment, which proposed a cap (maximum fee) be placed on interchange or swipe fees every time a qualified debit card is used to make a purchase.
You can depend on Sterling to pass these benefits on to you immediately on the date the card associations’ rule changes become effective.
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