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Heartland Payment Systems, Inc. Message Board

  • merchantman1965 merchantman1965 Oct 29, 2011 9:15 AM Flag

    Durbin Dollars

    Nice hype. I'd like a list of the positivly impacted merchants so I can shop there since I am positive they are passing their savings on to their customers. After all, the point of the law was to provide relief to cosumers not to create gimics to exploit.

    Note to Sen. Durbin. Why don't you sponsor a study with Heartland to see if their merchants are really passing the savings onto us consumers. Better yet, why doesnt the ABA perform the study to repeal this mis directed law.

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    • A Heartland gimick is exactly what it is. Any merchant that has an interchange plus contract with thier card processor is enjoying a reduction in the cost of processing about half of thier debit card transactions. Heartland thinks it deserves a big oatmeal cookie for honoring it's interchange plus aggreements with it's merchants. They make a huge public splash about it as if they are the only company simply passing through interchange. Meanwhile, they institute an unheard of JUNK FEE that they named a "service regulatory mandate" fee on each and every merchant in thier existing portfolio. Hey, it sounds pretty "official", right? This fee is $25 per month on the entire portfolio. This adds approv $30 million annually to thier bottom line. Great for stock holders, bad for merchants, worse for the deminishing Heartland sales force. A huge monthly fee like this is an immediate boost in income for Heartland, but the market will no doubt reject such a huge BS fee. By the way, Durbin savings (interchange pass-thru)is exploited in bold, loudly on the front of monthly statements. Thier new "official looking" junk fee was buried in small print on a Sept statement. Good 'ole greed has taken command of the Heartland ship. Days are numbered.......

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