Heartland Gives Back $100M “Durbin Dollars”

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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