So the Durbin Amendment is great - some relief for interchange rates on Debit transactions. But I don’t quite understand what constitutes a “debit transaction”. If I have a debit card with a Visa logo (they all have them now) and do not put my PIN in, is that still a debit transaction?
I was always under the impression that stores gave you the debit/credit option as a way of guilting you into processing it as a debit transaction (b/c, I thought, debit transaction have always been slightly cheaper than cc transactions).
Realistically, if as a full service restaurant, I’m required to put the customer’s PIN in, it’s not going to happen and I’ll realize none of the savings under the Durbin Amendemnt.
Anyone got insight on this?