August 1, 2011

Durbin Amendment = Merchant Savings for Axia Clients

An Open Letter from President & CEO Randal Clark, Axia Payments

Valued Clients,

I personally wanted to take this time to update you on this piece of legislation and the recent Federal ruling relating to your debit card processing. If you have followed this government decision you no doubt are wondering how this might affect your credit card processing and the fees associated.

The Durbin Amendment was a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act. With the passing of the Durbin Amendment on July 29, 2011 the Federal Reserve announced their final regulation and effectively capped Debit and Check Card transactions at 21 cents per swipe and 0.05 percent of the transaction*, effective October 1, 2011.

While many details are yet to be clarified – technologically and otherwise – Axia is committed to passing on the savings attributed to the Durbin Amendment to our clients.

We anticipate that our customers will average over $1,000 annually in savings. It is important to note that this is actually more, on average, than what Axia receives for processing.

Please be aware, not all competing processing companies will be passing on all, or even a portion, of the savings to their clients. We earnestly desire to have our clients benefit from these positive financial changes and such savings reflect Axia’s long-term partnership and commitment with our clients. Added to our superior support, products and personnel it continues to affirm that Axia is the ideal choice for merchants and their payment processing needs and expectations.

As always, the greatest compliment we can receive is a referral from our clients. Please feel free to share this good news with your business friends, and we would enjoy the opportunity to serve as their payment processor.

We appreciate your continued trust in Axia and we celebrate with you this significant decrease in costs.

Sincerely,

Randal Clark,
President/CEO, Axia Payments

Download file: Durbin Amendment = Merchant Savings for Axia Clients (38.pdf / 597kb)