On Oct. 1, a 21¢ cap on the fees banks can charge retailers every time customers swipe their debit cards went into effect as a result of the Durbin Amendment in 2010's Dodd-Frank Act. | SEE STORY
Visa and MasterCard have said they will charge the full 21¢ rate allowed for a single small-ticket debit card transaction, potentially tripling the cost of an average vending machine swipe.
NAMA said it has been working on a legislative solution to the issue with representatives in Illinois and Washington, DC, including the office of the House Small Business Committee. The vending association has also met with Visa and MasterCard, as well as with Bank of America Merchant Services, a partner in the NAMA Cashless Solution program.