August 2, 2011
Heartland Payment Systems Inc. reaffirmed last week that it is still planning to launch “Durbin Dollars” – an initiative aimed at transmitting its savings resulting from the new debit interchange rules to merchants, according to NACS Online.
“We are the company that is going to send every single dollar that was mandated in the Durbin legislation to the place it was intended, to our merchants’ bank accounts,” Heartland Chairman and CEO Robert O. Carr said last week during the company’s Q2 call. “Heartland believes it is the right thing to do.”
Visa’s new pricing structure announced last week should prove advantageous for the company, Carr believes.
“I think it’s good for Heartland,” Carr continued. “It’s a little bit hard to know. The devil is in the details and we don’t know all of them. But going to a flat model and a lower variable percentage is going to make the bigger merchant acquirers … more competitive” and “allow us to pass on a lower cost.”
Click here to read the full article.
Visa Outlines Plan to Recoup Revenue after Durbin
USAA Bank Ends Debit Card Rewards to Preserve Free Checking
How Durbin Has Ignited a Rewards Renaissance for Some FIs
2 Major U.S. Banks Lower Estimates for Lost Revenue from Debit Swipe Fees
BB&T CEO Encourages Charges for Debit Use
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More