October 12, 2011 08:15 AM Eastern Daylight Time
Heartland sends more than $5,000,000 in Durbin Dollars to merchants
PRINCETON, N.J.--(BUSINESS WIRE)--Heartland Payment Systems® (NYSE: HPY), one of the nation’s largest payments processors, has released the latest data about the Durbin Amendment’s actual effects on business owners across the United States.
From October 1, 2011 to October 11, 2011, Heartland passed along $5,532,318 in signature debit interchange reductions to its merchants across the U.S. Restaurant merchants received $1,972,770 of this reduction. The company estimates its average merchant will save more than $1,000 in the first year alone.
Based on data collected between October 1, 2011 and October 11, 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 1.57%
- The average signature debit regulated effective rate is 0.83%
For more information on the Durbin Amendment, visit GetYourDurbinDollars.com.
