The National Automatic Merchandising Association announced that it is close to resolving changes to the Durbin Amendment and it they will provide its members with updated information once an agreement is finalized.
New rules on swipe fee charges introduced by Senate Majority Leader Dick Durbin (D-Ill.) prompted NAMA to take action with representatives in Illinois and in Washington, D.C., as well as with VISA, MasterCard and Bank of America Merchant Services, according to VendingMarketWatch.com.
According to Dan Matthews, NAMA’s interim chief executive, the rule allows card companies and banks to charge up to 21 cents per transaction in addition to 0.05 percent of the purchase in order to mitigate fraud losses and an extra one-cent for fraud protection.
“Although this will be beneficial for large-ticket transactions, there is an adverse impact on the vending industry due to our typical small-ticket transactions,” Matthews said, VendingTimes.com reports. “This new cap could as much as triple the net swipe fee for small transactions.”
USA Technologies also shared NAMA’s concern and pushed members on Capitol Hill to set an interchange rate specifically for vending.
"It's not something that we expect to see immediately, but it's something we hope will pop up as the number of transactions processed continues to climb," USAT chief financial officer David DeMedio said, according to VendingTimes.com.