Today the Official Merchant Services Blog will investigate the more than $200 million dollar fine that the U.S. Government issued on Discover Bank. The Federal Deposit Insurance Corp. (FDIC) and Consumer Finance Protection Bureau (CFPB) have ordered Discover to refund approximately $200 million to more than 3.5 million of its customers, as well as pay a…Details
The Official Merchant Services Blog tackles the topic of Debit Card processing today. While the blog has extensively delved into the Durbin Amendment and the affects the legislation is having on merchants, one topic we’ve overlooked is Debit Card processing –– specifically PIN Debit vs. Swipe Debit. Difference Between Credit, Debit, and Check Cards First…Details
Credit card processing will continue to evolve over the next generation, according to a prominent consultant with deep roots in the industry. And, inevitably, merchants who accept plastic will need to keep pace with the changes, working with their merchant services providers to stay on top of new technology. Jerome Svigals — known as the…Details
Host Merchant Services has been ahead of the curve on the Durbin Amendment, and its impact on the merchant services industry. The amendment takes effect on October 1, 2011. Between now and then The Official Merchant Services Blog is going to link to and analyze a new article from an outside source that discusses the changes brought on by the Durbin Amendment as well as how those changes affect Merchant Services Providers and their customers.
The first article we look at was published by The Green Bay Press Gazette. You’ll find that quite a few of the articles delving into these changes are predicting that consumers will not benefit from the legislation, despite the fact that consumers were specifically cited as the catalyst for this reform. And that’s also what Host Merchant Services predicted with its Durbin Amendment Analysis.
As the Gazette article states:
“Consumers, who are supposed to be protected by the new cap, might not be happy either if banks impose other fees to make up for the lost income.”
The Gazette provides some compelling statistics as the reason for the consumer consternation over the upcoming changes. Specifically noting that initially the Durbin Amendment was supposed to cap swipe feesDetails