The Durbin Amendment to the Dodd-Frank Wall Street Reform Act has saved Heartland Payment Systems’ merchant customers more than $100 million, the company says in a release.
“While several payment processors are lining their own pockets with the savings at the expense of their customers, Heartland is passing the Durbin interchange reductions to its merchants,” writes Heartland CEO Bob Carr in an official company statement. “This $100 million Durbin Dollars savings milestone, in only five months, showcases the magnitude of the reform’s effects on the merchant marketplace and on business owners at large.”
For issuing banks with $10 billion in assets, interchange rates are now capped at 21 cents per transaction plus 0.05% of the transaction volume (plus an additional cent for banks with adequate fraud protection in place). Heartland says these caps have caused a “significant reduction” in fees, which averaged 44 cents prior to the new law.
To promote its compliance with the Durbin Amendment, Heartland has now bought and populated the web domain, http://getyourdurbindollars.com/.
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