Debit card merchant accounts are the answer for those merchants who experience too many chargebacks.
If you’ve been in business for any amount of time, but especially in recent times, you know the value – and the necessity – of being able to accept all sorts of payments from your customers. While you may understand the vital need for merchant accounts, and the hardware, software, and service needed to maintain it all, imagine being your patron for a moment. Let’s discuss a scenario where a debit card merchant account would be useful.
If you went to a store and saw something you liked, arrived at checkout, and saw a sign saying Sorry, But We Cannot Take Cards Now, and you have nothing but your favorite credit cards, what would you do? Aside from the inconvenience of looking for an ATM from which to withdraw cash, you might just walk away. Not only did you not get what you wanted, but the merchant lost the sale, too. This is where the quality and reliability of debit card merchant account providers comes into play. Let’s learn more about how debit card merchant accounts, in particular, are beneficial to merchants of all kinds, and how you can experience the advantages of a debit card merchant account firsthand.
In some scenarios, debit card merchant accounts are a necessity. Today, patrons are increasingly benefiting from the convenience offered by debit card transactions, and merchants enjoy their debit card merchant accounts; after all, they’re getting cash, so they needn’t worry about failed authorizations and other related issues. Wise debit card merchant account providers have also recognized the value of debit transactions, partnering with debit networks to manage such transactions, and provide debit card merchant accounts to successful merchants everywhere.
Debit and check debit cards function similarly to credit cards, but they’re issued by the cardholder’s bank or credit union, and they offer straightforward access to your consumers’ checking accounts. Frequently, ATM cards (typically thought of as just a way to acquire cash from an automated teller) also function just like debit cards, reducing the likelihood of a debit transaction experiencing any chargeback, because funds are withdrawn directly from your patrons’ checking accounts.
If you are currently already processing credit cards for your transactions, you will typically be able to integrate a PIN pad seamlessly into your point-of-sale (POS) terminal to accept debit immediately. With a debit card merchant account, you can save money when your customers use your PIN pad for all debit card transactions. Further, your customers will enjoy the convenience of being able to acquire cash back with their purchases.
The last – and perhaps the most important – benefit of operating with a debit card merchant account is that there are no chargeback fees ever, because chargebacks aren’t possible.