BOONE, N.C. — In alliance with the independent supermarket industry, ECRS would like to announce it’s support for the preservation of the debit reforms, also known as the Durbin Amendment, passed as part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Today, over 300 independent supermarkets and trade associations sent a letter to Congress in anticipation of the reintroduction of the Financial CHOICE Act. The data within the letter was articulated well and two of the requirements of the Durbin Amendment, the debit routing network requirement and the limiting of fees for banks with $10 billion or more in assets, have undoubtedly saved retailers and consumers significant sums in debit card processing fees.
The Dodd-Frank Act and Durbin Amendment were put in place to control debit fees charged per retail transaction in order to increase competition in the banking market and allow for independent and small retailers to remain competitive with national companies. This legislation was momentous in allowing fair competition to exist in a space where it formerly had not.
ECRS supports a business environment in which independence, entrepreneurship, and free enterprise are valued. If these reforms are repealed, fees will increase for merchants, security will decrease for consumers, and both competition and innovation will be reduced by major banking networks.
ECRS is a US-based, Certified Evergreen™ transaction and retail solutions provider, with a successful track record that stretches over 30 years. ECRS future-proofs local and regional retailers to win in today’s market, while preparing them for tomorrow’s opportunities. ECRS’ revolutionary CATAPULT® POS system is the market’s only truly unified transaction platform, running in thousands of locations across North America. With CATAPULT, the point of sale, self-checkout, deli scales, fuel pump, pharmacy, web-store, inventory, customer loyalty, back office, e-commerce, and enterprise management all share one single transactional logic. Unified Transaction Logic™ empowers retailers to prosper by providing actionable business intelligence across their enterprise. Unifying hardware, software, and services, ECRS offers friction-free, cost-saving solutions that increase customer engagement while transforming the consumer experience.