Any time you use a credit or debit card to purchase an item, a merchant must pay what’s called a swipe fee. The Durbin Amendment is a controversial bill that drastically lowers this swipe fee. With banks and merchants on opposing sides, questions about consumer choice and government regulation were sparked by this amendment.
Congressman Raul Grijalva and Congressman Jason Chaffetz stand on opposite sides of this polarizing issue. Watch this video courtesy of Fox News to see what Congressman Chaffetz argues are the consequences of the Durbin Amendment.
Swipe fees add up and reduce the profit margin for businesses. That’s why Merchant Advocate is here to help. Call us today at (732) 727-2073 to learn how we can negotiate for solid bottom rates with your processor.