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 If these reforms are repealed, fees will increase for merchants, security will decrease for consumers, and both competition and innovation will be reduced by major banking networks.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 an industry-leading retail solutions provider harnessing technology to future-proof today’s retailers and prepare them for tomorrow’s opportunities. ECRS’ revolutionary CATAPULT® system is the market’s only truly unified point of sale platform. With CATAPULT, the point of sale, self checkout, web-store, inventory, customer loyalty, back office, e-commerce, and enterprise management all share a single transactional business logic. We call this Unified Transaction Logic™, empowering our retailers to prosper by providing actionable business intelligence across the enterprise. Unifying hardware, software, and services, ECRS offers a friction-free, cost-saving solution that will increase customer engagement and improve the consumer experience.