November 14, 2011 08:05 AM Eastern Time
Heartland Payment Systems® Releases Latest Data about Durbin Amendment’s Actual Effects on Business Owners as Durbin Dollar Savings near $20 Million Mark
IHMRS 2011
NEW YORK--()--Restaurant and lodging merchants have received $7,017,876 in savings from Heartland Payment Systems (NYSE: HPY), one of the nation’s largest payments processors, as a result of the Durbin Amendment swipe fee reform. In total from October 1 to November 9, 2011, Heartland has credited its merchants with an estimated $19,529,794 in signature debit interchange reductions. Of these Durbin Dollars, restaurant merchants received $6,171,195, lodging merchants received $846,681 and retail merchants received $2,560,608.
“As our economy recovers, this nearly $20 million capital infusion is a much-needed adrenaline boost for main street merchants”
“As our economy recovers, this nearly $20 million capital infusion is a much-needed adrenaline boost for main street merchants,” said Bob Baldwin, Heartland’s president. “These are real savings that business owners are free to manage as they see fit, whether it’s passing discounts down to their customers or reinvesting in their operations.”
An estimate of total savings distributed by state can be found in the table below:
| State |
Total Estimated Visa/MasterCard
Signature Debit Savings From October 1-November 9, 2011 | State |
Total Estimated Visa/MasterCard
Signature Debit Savings From October 1-November 9, 2011 | |
| Alabama | $270,251.13 | Nebraska | $101,320.39 | |
| Alaska | $43,153.65 | Nevada | $193,299.28 | |
| Arizona | $298,487.43 | New Hampshire | $162,138.15 | |
| Arkansas | $153,617.43 | New Jersey | $801,954.82 | |
| California | $2,174,550.02 | New Mexico | $98,745.10 | |
| Colorado | $638,297.92 | New York | $1,175,583.86 | |
| Connecticut | $304,729.68 | North Carolina | $794,957.46 | |
| Delaware | $84,102.49 | North Dakota | $87,459.13 | |
| Florida | $1,338,012.73 | Ohio | $1,129,979.96 | |
| Georgia | $479,735.83 | Oklahoma | $268,973.07 | |
| Hawaii | $225,127.74 | Oregon | $92,657.51 | |
| Idaho | $92,218.02 | Pennsylvania | $656,235.73 | |
| Illinois | $638,798.31 | Rhode Island | $61,147.00 | |
| Indiana | $396,591.93 | South Carolina | $292,055.13 | |
| Iowa | $147,306.99 | South Dakota | $31,356.26 | |
| Kansas | $134,860.72 | Tennessee | $257,827.30 | |
| Kentucky | $230,371.38 | Texas | $987,636.15 | |
| Louisiana | $275,940.78 | Utah | $242,480.01 | |
| Maine | $72,897.39 | Vermont | $36,960.86 | |
| Maryland | $455,386.09 | Virginia | $719,844.73 | |
| Massachusetts | $489,061.62 | Washington | $351,993.74 | |
| Michigan | $578,120.76 | Washington DC | $55,027.86 | |
| Minnesota | $530,157.46 | West Virginia | $34,099.49 | |
| Mississippi | $127,022.41 | Wisconsin | $183,082.65 | |
| Missouri | $451,385.44 | Wyoming | $23,328.02 | |
| Montana | $59,464.77 | |||
Heartland also found:
- 64% of its signature debit sales volume qualified as regulated
- On average, there is a savings of $0.20 per transaction for regulated (vs. non-regulated)
- The average signature debit non-regulated interchange fee per transaction is $0.43
- The average signature debit regulated interchange fee per transaction is $0.23
- On average, there is a savings of 74 basis points for regulated (vs. non-regulated)
- The average signature debit non-regulated effective rate is 1.56%
- The average signature debit regulated effective rate is 0.82%
For more information on the Durbin Amendment, visit Heartland in Booth 1763 at IHMRS or go to GetYourDurbinDollars.com.
