Fees and Rates

Is your Business PCI compliant?

  The Payment Card Industry security standards council’s PCI 3.0 revision, revealed in January, adds requirements that take effect at the end of June, putting unprepared merchants at risk of fines if they suffer a breach. The new rules require that merchants consistently monitor their network and communicate clearly with third-party security service providers about […]

Swipe Fee Ruling to Properly Test Durbin

Swipe Fee Ruling to properly test Durbin, A U.S. District Court judge’s decision in July to strike down the Federal Reserve Board’s approach to implementing the Durbin Amendment, which caps interchange fees on debit card transactions, seemed to upset nearly all parties involved. The Fed must redraft the contentious rule or appeal it. Retailers said […]

No End to Swipe-Fee Suit After Full-Day Settlement Hearing

An antitrust complaint against Visa and MasterCard will continue, prolonging the eight-year battle, after both proponents and defendants were heard during the fairness hearing Sept. 12. Many were hoping Judge Gleeson would make a decision either approving or opposing the settlement after the hearing. Visa and MasterCard continued to pursue the $7.25 billion antitrust settlement […]

What is Interchange?

The Interchange fee is a¬†fee paid between banks for the acceptance of card based transactions. This is a fee that a merchant’s bank (the “acquiring bank”) pays a customer’s bank (the “issuing bank”). The card-issuing bank in a payment transaction deducts the interchange fee from the amount it pays the acquiring bank that handles a […]

Judge Rejects Durbin Swipe Fee

Today, U.S. District Judge Richard Leon ruled that the Federal Reserve did not appropriately fulfill Congress’s intent of the Durbin Amendment, a provision of the Dodd-Frank legislation. In effect since October 2011, the existing Durbin interchange rules, i.e. 21-cent cap, will remain in place pending revised regulations. “The Board has clearly disregarded Congress’s statutory intent […]