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Durbin Amendment New Debit Interchange- October 1, 2011

Signature Debit and PIN DebitNo need to ask debit or credit unless

you are offering cash back

Lower Interchange Fees0.05% + $0.22 per transaction for cards

issued by banks with $10 billion in assets or greater

V/MC $10 Minimum Transactions You can refuse to accept a V/MC for less than $10- October 1, 2011

Change to V/MC Merchant Acceptance Policy

Discounts for alternative payments continues (discount for cash)

Steering customers away from more expensive card types (encouraging use of non-rewards cards)

IRS Reporting Requirements TIN Matching

Must be EXACT match or 28% withholding for non-matches

Why? IRS Suspects that not all businesses are reporting total sales accurately

1099K Form issued by January 31st

PCI-DSS Payment Card Industry- Data Security Standard

Mandatory ProgramVisa / MasterCard / AMEX / Discover / JCB

Who needs to prove to be compliant Software – Freedom Data Systems System – scans from authorized scanning vendorOperating procedures- being prudent with cardholder data

Thank you

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