This is a great video that explains Interchange. VMS-Washington encourages all business owners to be on a Interchange system instead of a Tier rate.
If you’re interested or want more information about interchange and better rates from an “A Rated” company contact us, VMS-Washington is giving businesses the Summer Deal of the Year. For a limited time we are offering rock bottom rates for new and existing businesses. The questions we always ask business owners are:
Have you checked out your current or potential merchant service company on the BBB?
Does your current provider or potential provider promote your business?
Does your current provider or potential provider send referrals your way?
Due to the overwhelming calls and emails, VMS-Washington is giving businesses the Spring Deal of the Year. For a limited time we are offering rock bottom rates for new and existing businesses. The questions we always ask business owners are:
Have you checked out your current or potential merchant service company on theBBB?
Does your current provider or potential provider promote your business?
Does your current provider or potential provider send referrals your way?
Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will pay you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?
Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing. We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses. Call or email us if you want to know more.
VMS-Washington – Washington’s Merchant Service Provider
Attach ROAMpay to your phone and be able to accept payments. This is the most secure device in the market which works on 400+ phones, capture excellent rates and is so small it can go into your pocket. For more information contact us at: 1-800-531-8575 ext 697
Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will pay you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?
Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing. We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses. Call or email us if you want to know more.
VMS-Washington – Washington’s Merchant Service Provider
VMS-Washington saved Kayzoe 30.90%. We can beat anyone out there 20-60% off their current provider with average savings of 46.12%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will pay you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?
Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing. We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses. Call or email us if you want to know more.
VMS-Washington – Washington’s Merchant Service Provider
VMS-Washington saved Cake Envy 30.76%. We can beat anyone out there 20-60% off their current provider with average savings of 46.62%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will give you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?
Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing. We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses. Call or email us if you want to know more.
VMS-Washington saved Kevin tarvin 41.10%. We can beat anyone out there 20-60% off their current provider with average savings of 46.85%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will give you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?
Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing. We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses. Call or email us if you want to know more.
The Durbin Amendment is an addendum to the Dodd-Frank Financial Reform and Consumer Protection Act passed by Congress in 2010. Its namesake, Senator Richard Durbin from Illinois, wrote the plan to expand Federal Reserve powers for setting interchange fees related to debit card transaction processing. In setting the fees, the ultimate goal is spur economic growth with lower fees. Theoretically, retailers could lower prices on consumer goods with the savings on paying high fees to big banks. Lower prices might help to increase consumer spending.
The rules of the Durbin Amendment would cap the interchange fee for debit card transactions. Generally, interchange fees are charged by retailers for each payment accepted with a debit card or credit card.Before the passage of this amendment, the average charge from banks to retailers per transaction was 44 cents. According to the Federal Reserve, banks collected nearly $16 billion annually on these fees to cover fraud prevention and administrative costs. Beginning October 2011 – when the new law goes into effect – the charge will cap at 12 cents.
For retailers, this appears to be an advantage in reducing the amount of bank charges. However, some note that banks will look for alternatives to the revenue loss. Consumers could end up paying the price, literally and figuratively, for the lost revenue.
Additional Provisions in the Durbin Amendment
The Durbin Amendment only affects banks that have less than $10 billion in assets.
Retailers have a choice in selecting a debit network service to process the transactions. Before the new law, retailers could only use the STAR network to process Visa transactions. This was required even if other merchants charged less.
Retailers can give discounts to consumers who pay with a debit card or in cash. Merchant agreements for both Visa and MasterCard currently ban this practice to encourage credit card use.
Problems with the Durbin Amendment
Critics observe the looming problems with the Durbin Amendment, despite its positive provisions.
Because credit cards remain unregulated, banks may choose to increase incentives such as rebates and reward points to entice more spending with credit cards. Consumers may see an advantage to using credit cards versus a debit card to earn the incentives.
VMS-Washington – What is the Durbin Amendment?
Currently there there are restrictions on banks for requiring minimum purchases with debit cards, however fears do exist that with this new legislation that many banks may try and change this. For example, banks could decide to cap debit card purchases at $100, limiting big ticket purchases. Instead, consumers will be forced to use a credit card, prepaid debit card or cash. Purchases are limited for consumers who have bad credit and no credit card.
Smaller banks not directly affected by the Durbin Amendment could suffer revenue losses. Market forces might require small banks to lower rates to remain competitive.
Another problem is banks may transfer the fee to consumers to offset revenue losses. One way this could occur is by changing the terms for free checking accounts. It is possible that banking competition will prevent such changes.
How the Durbin Amendment Impacts Small Businesses
For all of its intentions to improve economic activity, this legislation will impact small businesses in several ways.
Most small businesses pay more to provide discounts than for debit interchange fees. This leaves most at the mercy of a pricing strategy. A tiered system with a merchant service company could cost more.
Small businesses could realize very little in actual savings proposed by the Durbin Amendment. For example, merchant services may have a coded system that equates to other fees such as down-grades and hidden mark-ups.
In essence, small businesses may not see any savings initially because of blended contract agreements. The net effect is that consumers who purchase from these businesses will not see any savings. Small businesses that currently do not accept debit card payments would not see any savings.
If banks raise banking fees, they may include small business checking accounts. Nearly 15 million small businesses have active checking accounts. It is estimated that small businesses could pay as much as $4.8 billion in higher fees during the two years after the Durbin Amendment is implemented.
Many small businesses will need to analyze their debit card transactions. This could help to determine whether savings is possible with their current provider, or if switching to one with lower fees is worthwhile. What works for one small business may not benefit another based on the payment card consumers use.
Conclusion
The Durbin Amendment was passed to increase economic activity among consumers and small businesses. The interchange fees enforced by the Federal Reserve could add more cost than savings to both groups. Market competition may drive banks to shift the lost revenue onto small businesses and consumers.
VMS-Washington – What is the Durbin Amendment?
Larger businesses may benefit more from the reduced interchange fees and have more flexibility to pass those savings onto consumers. However, the law allows small businesses to select its merchant service for transactions. This provides more options in providing a merchant service provider with reasonable fees.
A big key here is that it still falls the each small business to ensure they are saving money with the new legislation. Make sure when you call your current credit card merchant account provider or the one you are thinking about signing with, that they are aware of Durbin and have adjusted their pricing to pass on these savings. If the representative can not quickly speak to how they adjusted their prices, or worse seems confused as to what the Durbin Amendment is, then it likely means you should find a different merchant service provider to work with.
Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing. We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses. Call or email us if you want to know more.
A lot of potential and current clients have inquiring about an mobile device that can attach to their phone or tablet to accept credit card payments. There are so many devices out there so I decided to do a comparison between two top products currently in service. One is Squareand the other is ROAMpay, both are good products but choosing between the two is a little more difficult and is hard to find information to compare. After much research and calls I came to the conclusion that ROAMpay is the top device according to my research.Out of 10 categories ROAMpay received 8 out 10 and Square received 4 out to 10.
When you take a look at the comparison above you can see that the Square is free, and there’s no cost for the application but with the high rates, high transaction fee and a high monthly fee you’ll be paying more for this product. Also with ROAMpay you can use this product with 400+ phones, is the most secure device in the market, has better rates and fees and the statements are easier to read.
I know everyone has certain favorites but as a business owner who’s looking for something reliable, cost effective, easy to use and has great rates, ROAMpay is the best choice. For more information on ROAMpay and great rates contact VMS-Washington.
VMS-Washington 