The race is on to take advantage of new debit card interchange rates effective October 1st. As we discussed during our Special Edition TouchNet LIVE! on July 14th, (click here to view a 10-minute executive summary), the Federal Reserve Board has defined new debit interchange rates in response to the Wall Street Reform Act of 2010 and its "Durbin Amendment." Now the big question is…What financial impact will Durbin have on your campus payments?
Your answer will depend upon your preferences for accepting tuition credit/debit card payments.
No matter which group you’re in, Durbin reform offers you new opportunities. However, it’s important to understand that the cost of processing credit card payments will likely increase in the coming years to help offset lower debit card fees. So, if you’ve been thinking about changing your payment card acceptance strategy, don’t delay. Now is the right time to make a change.
Let’s get it done.