Debit interchange opponent Home Depot says its customers have benefited from lower prices after regulators capped debit card swipe fees stemming from the Durbin amendment. The retailer, a highly vocal critic of prices retailers pay to accept debit and credit cards, says its customers are paying less as a result of the action by Congress and the Federal Reserve, according to American Banker.
Reportedly, Home Depot lowered prices for more than 3,000 products since the debit swipe fee caps took effect in October, although the retailer says those price cuts can't be directly attributed to the regulations, but Home Depot had lower operating costs as a result of the interchange cap.
Home Depot is the country's fourth-largest retailer and has long protested fees it pays for processing its customers' debit and credit card payments. The Atlanta retailer is still unhappy with the prices it pays for credit card interchange.
Home Depot is actively looking for alternatives to the traditional credit card system, in a bid to pay less for accepting payments. The retailer is accepting PayPal's new in-store technology at its registers.
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