The CEO of YapStone Inc., RentPayment’s parent company, Matt Golis, was recently interviewed and featured in an article by Multifamily Executive titled, “Durbin Does Debit: Dodd Frank Amendment Saves Multifamily Some Dough.” The article discusses the widely debated Durbin Amendment and its potential effect on the multifamily housing industry.
The Durbin Amendment is an addendum to the Dodd Frank Financial Reform and Consumer Protection Act passed by Congress in 2010, which calls to expand Federal Reserve powers for setting interchange fees in relation to debit card transaction processing. In laymen terms, the Durbin Amendment, which went into effect on October 1, will lower the fees associated with processing debit card payments.
This is a great benefit for the multifamily housing industry, as it will facilitate the transition to electronic payment options for properties and their residents. Property Management Companies and individual rental property owners can now provide their residents with the luxury of paying their rent online, by phone, or by text, with a debit card, at lower prices than ever before.
To read the entire article click here.