SCOTTSDALE, AZ -- Apriva, a provider of end-to-end wireless transactions, said it is now offering a discounted rate program to merchant acquirers and independent service organizations (ISOs) for Apriva Vend customers who deploy cashless vending technology. The rates, which are comparable to those before the enactment of the Durbin Amendment, are available immediately and apply to Visa-branded credit, debit and prepaid cards.
Apriva said the new discounted rates will allow vending operators to process the majority of their small-ticket cashless transactions much more cost-effectively.
On Oct. 1, Visa and MasterCard increased the debit card interchange fee cap to 22¢ per transaction, nearly tripling the cost of the average vending transaction, in response to limits imposed by the Durbin Amendment. | READ MORE
"While Apriva Vend continues to gain traction in the marketplace, there are still some operators who see transaction costs as an obstacle for implementing these solutions," explained Rinaldo Spinella, executive vice-president of Apriva. "We expect that the lower rate program should give operators a low-cost, low-risk incentive to integrate cashless into their operations and see first-hand how these offerings can improve their bottom line."
Apriva Vend incorporates system hardware and software, wireless connectivity, transaction and alarm reporting capabilities and integration with leading payment processors and financial institutions. It is delivered as a monthly service through merchant acquirers and ISOs.
In December, USA Technologies, a competing cashless vending provider, announced that it is no longer accepting MasterCard debit cards since higher interchange fees resulting from the passage of the Durbin Amendment have made the cost of processing the cards prohibitive for small-ticket transactions. USAT continues to accept Visa debit cards and all major credit cards -- including Mastercard -- at pre-Durbin Amendment rates. | READ MORE