Bank Of America Executive Hopeful About Debit Card Fees For Vending

Brian Voigt, vice president of strategic accounts for Bank of America Merchant Services (BAMS), told attendees at the National Automatic Merchandising Association CoffeeTea&Water Show in Las Vegas Wednesday he is hopeful that bank card networks will announce action protect the interests of small ticket merchants in response to concern over the Durbin amendment.

Vending operators and other small ticket merchants have expressed concern over the interchange fee caps announced in response to the Durbin amendment. Banks and credit card associations have announced higher caps for small ticket transactions.

BAMS is a partner in NAMA’s cashless program.

Voigt discussed the Durbin amendment during a panel discussion on coffee service technology at the CoffeeTea&Water show.

Voigt said the newly announced interchange fees make debit card purchases under $10.50 more expensive than existing previous interchange fees. He said the Durbin amendment affects debit cards and not credit cards, but noted that most cashless vending purchases are made with debit cards.

Voigt said his company, one of the nation’s largest processors of cashless transactions, has been working with NAMA to relay the concerns of vending operators to the banks and card associations. He said he expects positive news for small ticket merchants in the near future. “The outlook is very positive,” he said.

 

Loading