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Credit Card Processors don't want you to know this...
Feb 02, 2012
If you have a business that receives credit-card payments at your place of business - rather than on-line, you probably have never heard of the "Durbin Amendment".
Recently this amendment was tacked onto the only existing statute attempting to protect merchants from secret fees usually charged by the many credit-card processors.The intent was to force processors to reduce several important charges, and would benefit those merchants whose majority of prices were under approximately $40.00. But it was written in such a way that only the few largest processors (there are now over 40 here in the US) have to comply.
That means that if your merchant services are with one of the many (in addition to the processors, there are probably over a thousand sales organizations selling merchant services) processors who do not have to, or choose not to, comply with this "enforced" cost reduction, then you are still paying quite a bit more than you should to receive payments by Visa or Mastercard.A recent study found that of several hundred sales/service people who work for card processors or sales organizations, very few of them had heard of the Durbin Amendment.Google "Durbin Amendment" if you want all the details (you don't really).If your monthly credit card statement includes the words: "tier", "qualified", "mid-qualified", or "non qualified" you are probably one of the unfortunates who are being over-charged.There are NO laws that are set up to protect you in this wild world of credit-card processing.So If you believe that you are being taken advantage of - you probably are. Contact us by email. We can find out for you at no cost. If we find you are, then you decide whether to continue to pay too much, or to take things into your own hands. No cost to you to find out if you are processing more than $20,000 per month.tomm@amp-up.com
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Recently this amendment was tacked onto the only existing statute attempting to protect merchants from secret fees usually charged by the many credit-card processors.The intent was to force processors to reduce several important charges, and would benefit those merchants whose majority of prices were under approximately $40.00. But it was written in such a way that only the few largest processors (there are now over 40 here in the US) have to comply.
That means that if your merchant services are with one of the many (in addition to the processors, there are probably over a thousand sales organizations selling merchant services) processors who do not have to, or choose not to, comply with this "enforced" cost reduction, then you are still paying quite a bit more than you should to receive payments by Visa or Mastercard.A recent study found that of several hundred sales/service people who work for card processors or sales organizations, very few of them had heard of the Durbin Amendment.Google "Durbin Amendment" if you want all the details (you don't really).If your monthly credit card statement includes the words: "tier", "qualified", "mid-qualified", or "non qualified" you are probably one of the unfortunates who are being over-charged.There are NO laws that are set up to protect you in this wild world of credit-card processing.So If you believe that you are being taken advantage of - you probably are. Contact us by email. We can find out for you at no cost. If we find you are, then you decide whether to continue to pay too much, or to take things into your own hands. No cost to you to find out if you are processing more than $20,000 per month.tomm@amp-up.com