{"id":10,"date":"2005-08-08T11:08:09","date_gmt":"2005-08-08T16:08:09","guid":{"rendered":"http:\/\/www.merchantaccountblog.com\/?p=10"},"modified":"2009-01-06T12:00:58","modified_gmt":"2009-01-06T17:00:58","slug":"saving-money-with-debit-cards","status":"publish","type":"post","link":"https:\/\/www.merchantequip.com\/merchant-account-blog\/10\/saving-money-with-debit-cards","title":{"rendered":"Save Money by Processing Debit Cards"},"content":{"rendered":"

If you’re not setup with a reduced rate signature debit, and \/ or a pin debit system, you should be.<\/p>\n

Already 50% of plastic transactions are debit card transactions rather than credit card transactions. Getting a reduced processing rate on debit cards is one of the best ways for any businesses to save money on processing fees.<\/p>\n

There are two different types of debit card transactions, Signature and Pin debit. Signature debit is where the debit card is processed exactly the same as a credit card. Pin debit is where a pin number accompanies the debit card transaction, similar to an ATM machine.<\/p>\n

Signature Debit<\/strong>
\nAny business that is setup to accept credit cards can accept debit cards using the signature debit method. This method is simply running a customers debit card the same as you would a credit card. The debit card must have a Visa or MasterCard symbol on the card for it to be processed as a credit card. When running a signature debit transaction, a processing percentage fee and a per transaction fee will be charged, just like a credit transaction. For about 6 months now, most merchant service providers can setup a business with a special signature debit rate for signature debit transactions. This reduced fee can vary from a few hundredths of a percent to a full percent less than the credit card processing fee. When spread over hundreds or thousands of transactions, a merchant can save a large amount of money without actually having to do anything different.<\/p>\n

\"Credit
\nPin Debit<\/strong>
\nPin debit is a system when a customer enters their pin number to complete the debit card transaction. A merchant must have an additional pinpad to accept debit cards using the pin debit method. Pin debit transactions normally use a flat per-transaction fee and no percentage at all. What this means to a businesses is that no matter the amount of the transaction, the fee will always be the same. Pin debit transactions have the additional advantage of eliminating a customer’s ability to request a chargeback for a stolen credit card and most any other chargeback reason. To get setup with Pin debit, a businesses would need to purchase an additional pinpad. The cost of pinpads varies, but one will cost at least $80. Most terminals are compatible with a pinpad so if you already have a terminal, the additional cost is fairly low. If you are planning on purchasing a terminal, you might look at a terminal with a built in pinpad.<\/p>\n

All businesses should inquire into getting setup with a reduced fee signature debit program. If you find that many customers are using debit cards, a pin debit system can be a great idea as well. For large ticket businesses, the cost of a pinpad can be paid for by the savings from a single transaction. Once your business is setup with a debit program, you start saving without any further action. There’s really no reason not to get setup.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you’re not setup with a reduced rate signature debit, and \/ or a pin debit system, you should be. Already 50% of plastic transactions are debit card transactions rather than credit card transactions. Getting a reduced processing rate on debit cards is one of the best ways for any businesses to save money on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,1],"tags":[],"class_list":["post-10","post","type-post","status-publish","format-standard","hentry","category-ecommerce","category-merchantaccounts"],"_links":{"self":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/10","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/comments?post=10"}],"version-history":[{"count":1,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/10\/revisions"}],"predecessor-version":[{"id":553,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/posts\/10\/revisions\/553"}],"wp:attachment":[{"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/media?parent=10"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/categories?post=10"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.merchantequip.com\/merchant-account-blog\/wp-json\/wp\/v2\/tags?post=10"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}