May 17, 2010
If this amendment ultimately passes, small businesses which have stayed away from taking credit cards may want to reconsider. If you own a business, this is an important amendment to follow.
Binyamin Appelbaum of The New York Times reported, “Sixty-four senators, including 17 Republicans, agreed to impose price controls on debit transactions over the furious objections of the beleaguered banking industry.
“The amendment to the Senateâ€™s sweeping financial legislation could save billions of dollars for family restaurants and dry cleaners, Wal-Mart and Amazon.com, and every other business whose customers increasingly pay with debit cards. It does not address credit card fees directly.”
To read the complete article go to: Debit Fee Cut Is a Rare Loss for Big Banks