October 26, 2011 08:05 AM Eastern Daylight Time
Merchants Receive More Than $10 Million in Durbin Dollar Savings from Heartland Payment Systems
Heartland releases latest data about Durbin Amendment’s actual effects on business owners
PRINCETON, N.J.--(BUSINESS WIRE)--$11,720,068 in signature debit interchange reductions have been deposited into merchant bank accounts by Heartland Payment Systems® (NYSE: HPY), one of the nation’s largest payments processors. Of these Durbin Dollars, restaurant merchants received $4,042,859 and lodging merchants received $513,852.
“Reaching this merchant savings milestone in less than one month reinforces the fact that the financial benefits of the Durbin ‘swipe fee’ reform are tangible and significant for business owners”
“Reaching this merchant savings milestone in less than one month reinforces the fact that the financial benefits of the Durbin ‘swipe fee’ reform are tangible and significant for business owners,” said Bob Baldwin, Heartland’s president. “Merchants need to be 100 percent sure they are getting their piece of the Durbin Dollars pie or they could miss out, in many cases, on thousands of dollars annually.”
Based on data collected between October 1, 2011 and October 23, 2011 across Heartland’s portfolio of 250,000 merchant locations, Heartland has found:
- 64% of its signature debit sales volume qualified as regulated
- On average, there is a savings of $0.20 per transaction for regulated (vs. non-regulated)
- The average signature debit non-regulated interchange fee per transaction is $0.43
- The average signature debit regulated interchange fee per transaction is $0.23
- On average, there is a savings of 74 basis points for regulated (vs. non-regulated)
- The average signature debit non-regulated effective rate is 1.56%
- The average signature debit regulated effective rate is 0.82%
