Has anyone else read this yet? Apparently we're on the verge of a revolutionary change where the cost of accepting a debit card can only be a maximum of 12 cents. According to the Federal Reserve's report, here's what businesses are paying now: "Networks reported that debit and prepaid interchange fees totaled $16.2 billion in 2009. The average interchange fee for all debit transactions was 44 cents per transaction, or 1.14 percent of the transaction amount. The average interchange fee for a signature debit transaction was 56 cents, or 1.53 percent of the transaction amount. The average interchange fee for a PIN debit transaction was significantly lower than that of a signature debit transaction, at 23 cents per transaction, or 0.56 percent of the transaction amount. Prepaid card interchange fees were similar to those of signature debit, averaging 50 cents per transaction, or 1.53 percent of the transaction amount."
That official 176 page report by the Board can be found here:
The difference here is huge and small businesses will benefit greatly. However I have seen some articles that think the change is not so good, such as this one:
Does anyone have any thoughts or feedback? It'd be great to hear from business owners on what they think about the coming change.
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