"Cash is King" and Your Small Business

Merchant Warehouse | VIEW PROFILE

September 20, 2011

We’re roughly two weeks out from the Oct. 1 deadline that will see the new interchange, or “swipe”, fee regulation go into effect, and we’re starting to see activity in regards to what is being said - good, bad and indifferent - about this change. Merchant Warehouse ran across...

The Durbin Amendment

Merchant Warehouse | VIEW PROFILE

September 1, 2011

Durbin Amendment

The Durbin Amendment is Section 920 in the Dodd-Frank Wall Street Reform and Consumer Act, which is part of the broader Financial Regulation Reform and Consumer Act passed by the Senate in May 2010.The Durbin Amendment was included in the Dodd-Frank bill by Senator Richard...

Debit interchange rules results in Wells Fargo to increase debit card fees

Patrick Turiano | VIEW PROFILE

August 19, 2011

Patrick Turiano |

We knew this day would come. In fact, we predicted it over a year ago.  Wells Fargo has announced that it will begin charging customers $3 for debit and ATM cards in specified states.The move is their attempt to recoup revenues lost when new interchange...

Interchange fee crawls off the mat, passes muster in Washington

Patrick Turiano | VIEW PROFILE

July 9, 2011

Patrick Turiano |

Consumers get ready to feel the pinch.On Wednesday the Senate voted to allow the Federal Reserve to limit the fees that stores pay banks each time a shopper swipes a debit card. That fee will be capped at 12 cents, far lower than the current 44 cents being charged...

Wal-Mart wins, consumers lose, and we all pay

Patrick Turiano | VIEW PROFILE

July 6, 2011

Patrick Turiano |

With all that has happened last week in terms of the Durbin Amendment we’re still making heads and tails of what this will mean.Right from the moment the new .21 cent fee was announced, we immediately identified consumers as the loser in this battle.As our co...

Co-CEO Henry Helgeson Talks About Swipe Fee Reform Delay

June 9, 2011

Merchant Warehouse co-CEO, Henry Helgeson, was featured in a PizzaMarketplace.com article this month which focused on the Senate's vote to reject the swipe fee reform delay.  Henry discusses what this bill will now allow merchants to do and how banks are involved. To read the...

Durbin Refusing to go Down for the Count

Patrick Turiano | VIEW PROFILE

May 4, 2011

Patrick Turiano |

Sen. Richard Durbin is not going away quietly, and neither is the amendment he authored in the Dodd-Frank Financial Reform bill.Last week, Durbin responded to a letter from the American Bankers Association to Congress reiterating its desire for Congress to hold an...

Chase deals the Magic Kingdom a blow

Patrick Turiano | VIEW PROFILE

April 14, 2011

Patrick Turiano |

Disney, it’s no longer the happiest place on Earth. For Chase Disney debit cardholders, that is.As a result of the Dodd-Frank Financial Reform Act and the Durbin Amendment, which puts a limit of 12 cents on debit card Interchange fees, Chase has decided to scuttle its...

Bernanke's letter to Congress inches Durbin one step closer to watery grave

Patrick Turiano | VIEW PROFILE

April 5, 2011

Patrick Turiano |

“Ding dong the witch is dead, the wicked witch is dead!”Yes, those are the lyrics to part of the song the Munchkins sing in the “Wizard of Oz” when the wicked witch melted after Dorothy threw a bucket of water on her.It may not be as dramatic, but Federal Reserve Board Chairman...

We’re not sold on Big Box Retailers

Patrick Turiano | VIEW PROFILE

March 15, 2011

Patrick Turiano |

Some people will say anything to get their way. Big Box Retailers are the latest to pull this stunt.In a move to push the Fed to meet its April deadline and set a regulated rate for Interchange, Big Box Retailers are telling the Powers That Be in Washington that they’...