Final Debit interchange rules, will your winery benefit?

July 2011

The Federal Reserve Board announced the final debit interchange caps related to the Durbin amendment. Some say that the Fed succumbed to pressure from the banks to retain most of the current rate structure, but savings will still be available to business owners. The Fed had previously proposed a debit interchange cost cap of $0.12, but the official cap imposed will be: $0.21 per transaction and 0.05%. This still represents a significant savings for your winery, but not quite as much as anticipated. Currently Interlink, the largest debit network, charges 0.95% and $0.20 per item plus an assessment of $0.035, so how will the new fee caps impact your bottom line?

For a Winery Payment Solutions client on the cost for debit transactions will decline from 0.7% to 1.15% depending upon your average transaction size and the specific debit network used for the transaction. In the examples above the new caps will reduce the actual cost of debit transactions from 35% to a whopping 93% for your winery.

While the Fed only sets the rate caps and each Debit network can price their service up to that cap, we’d be surprised if any Debit network prices their services under the current maximum amount allowed by law. This new cap’s implementation was also delayed from July 21, 2011 to October 1, 2011; so business owners will have to wait for a few more months to start seeing the savings.

Winery Payment Solutions is excited about these interchange caps imposed by the Fed as our clients will see significant savings on their debit transactions. If you’re not with Winery Payment Solutions already, make sure that your credit card processor is looking out for your best interests and will be passing along all the savings to your bottom line.

Here are just some of the money saving solutions that Winery Payment Solutions offers.

One Account for Everything

You don't need multiple accounts, statement and monthly fees for Visa, MasterCard, Discover and American Express. Stop paying additional monthly fees for statements when you can have a consolidated statement and one account for all your transactions. In addition you don't need a separate merchant account for E-Commerce, Retail sales and Mobile payments. All you need is one merchant account for all your sales channels and no additional fees.

Online Terminal

If you'd like to accept payments without a credit card machine to further reduce your costs and power your wine club, you can use our virtual terminal for all or some of your transactions. You can also connect a card reader and receipt printer to your PC and have credit card machine wherever you take your computer.

Electronic Checks

With our award winning check processing solutions you can scan a check and get paid fast. If you want to stop going to the bank every day to deposit checks, or you want to make sure a check is good before the customer leaves, our e-check solution is right for you.

Gift Cards

Offer your customers the option to buy and pay with gift cards. With every merchant account, you get the first 50 standard gift cards for FREE.

Low Cost Credit Card Machines

With any merchant account we offer credit card machines to meet your needs at the lowest prices possible. Don't fall for a free terminal, there will be fees charged later to make up for the "giveaway".

Merchant Service Advisor

Signing up is a simple step away.

Final Debit interchange rules, will your winery benefit?

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Call Winery Payment Solutions, Inc. at 800-993-6300.