Posted by Erik Verryden, National Processing Solutions Inc.
The following post was written by Erik Verryden of National Processing Solutions Inc., PDRA’s partner for credit card processing services. In this post, he covers the following three topics:
- The impact of the Durbin Amendment on the processing cost of debit cards;
- The IRS’ watchful eye on your card processing activity; and
- The ease of signing up for an account with NPS
Impact of the Durbin Amendment
On Oct. 1, 2011, the government stepped into our industry for the first time after complaints of rising costs of debit cards. The government made the decision to lower the “cost” from .95% and .15 cents to .05% and .22 cents.
This was supposed to help small merchants right? Wrong. (more…)