Services -- Credit/Debit Processing

Credit Card Processing

Accepting credit cards at your place of business is crucial to your company’s success. Over 84 million households have at least one credit card, and these cardholders are your customers. The trend for consumers to continue to use their credit cards because of Reward points, Cash back offers and ease of use at the point of sale, is increasing. Your business profits through the acceptance of these cards and the variety of payment options you offer your customers.

At MeritCard we offer our Merchants the ability to accept; Visa, MasterCard, Discover, American Express, Diners, JCB, Gift Cards, Wright Express, Voyager, Electronic Checks

  • Credit Card Processing
  • Debit Card Processing
  • Gift Cards
  • Check Services
  • Wireless
  • EBT
  • ACH Solutions
  • Merchant Funding

Debit Card Processing

Debit Cards have officially taken the number 1 slot as the most frequently used cards. In July, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform & Consumer Protection Act. Also known as the Durbin Amendment, it requires the Federal Reserve Board (FRB) to implement regulations relating to debit interchange, debit networks, and merchant routing and acceptance of debit transactions.

The Durbin Amendment has three components:

  • It requires the Federal Reserve Board to cap debit swipe fees. The Fed would determine the true cost of fraud prevention, and limit interchange fees accordingly.
  • It exempts issuers with less than $10 billion in assets.
  • It requires issuers to offer at least two unaffiliated networks over which electronic debit transactions may be processed.

These regulations cap network debit transactions charges at 21 cents per swipe, plus 0.05 percent of the transaction, with the possibility of an additional cent if issuing banks comply with fraud prevention procedures.

To assist payment card networks in determining which of the issuers are subject to the debit card interchange fee standards and which are exempt, the FRB plans to publish annual lists of institutions that are above and below the small issuer exemption asset threshold of $10 billion. Those institutions are expected to hold interchange at current levels.

Lastly, the FRB set an implementation date of October 1st, 2011. On that date, card networks must honor the 21-cent cap and allow debit cards to be processed on at least two independent networks. (The effective date for the network exclusivity prohibition for issuers is April 1, 2012). MeritCard elects to pass through all of the savings instituted by the Durbin Amendment on InterChange passthru merchant accounts. These savings are substantial to a number of merchants that accept a large number of Debit transactions with a larger average ticket. Historically, MeritCard has only ever passed thru the Card Association increases, never taking advantage of our agents or merchants to use the Interchange releases to build portfolio profit.

Retail Brochure (PDF)

Restaurant Brochure (PDF)