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Is your Business PCI compliant?

  The Payment Card Industry security standards council’s PCI 3.0 revision, revealed in January, adds requirements that take effect at the end of June, putting unprepared merchants at risk of fines if they suffer a breach. The new rules require that...

Swipe Fee Ruling to Properly Test Durbin

Swipe Fee Ruling to properly test Durbin, A U.S. District Court judge’s decision in July to strike down the Federal Reserve Board’s approach to implementing the Durbin Amendment, which caps interchange fees on debit card transactions, seemed to upset...

What is Interchange?

The Interchange fee is a fee paid between banks for the acceptance of card based transactions. This is a fee that a merchant’s bank (the “acquiring bank”) pays a customer’s bank (the “issuing bank”). The card-issuing bank in a...

Judge Rejects Durbin Swipe Fee

Today, U.S. District Judge Richard Leon ruled that the Federal Reserve did not appropriately fulfill Congress’s intent of the Durbin Amendment, a provision of the Dodd-Frank legislation. In effect since October 2011, the existing Durbin interchange rules, i.e....