(mainly US, commerce) a document, usually negotiable, containing a signed promise to pay a stated sum of money to a specified person at a designated date or on demand Also called note, note of hand.
Before the amendment, retailers paid an average of 44 cents for a typical debit card transaction, then valued at roughly $38. The Durbin rules meant that for that typical $38 purchase, the maximum fee would be about 24 cents, 45% less than the average cost before the law took effect.
(Debit transactions have a much-lower percentage and a higher per-transaction fee; some premium credit cards command a higher percentage fee.). If a merchant does $10,000 a month at $75 per transaction, Square brings in $275.It will cost Square $178 at the 1.65%/10-cent rate to process those transactions. So that's a $97 per month profit on that merchant.If a merchant does closer to the maxâan average of $20,833 a monthâat $75 per transaction, it will cost Square about $370.Debit transactions have a much-lower percentage and a higher per-transaction fee; some premium credit cards command a higher percentage fee.). If a merchant does $10,000 a month at $75 per transaction, Square brings in $275.