Understanding The Debit Card Payment Process
If you’re a business owner then soak up whatever advantages you can, and understanding for yourself the debit card payment process is one of the greatest steps you can take toward providing your customers with superior service. There are very few businesses out there that don’t have some sort of payment process for debit cards, and with good reason.
Once you comprehend the basics of the typical payment process for debit cards, you’ll be better equipped to understand and to add this method of payment to your storefront. Understanding the debit card process is not difficult at all.
You’ll first establish an account with a debit card payment processing company, possibly while buying the actual system used to facilitate transactions, so take that into account. The two options you’ll be presented with are the PIN-based debit and the signature-based debit. As its terminology implies, PIN-based debit card payment processes will require customers to enter their card PIN during a transaction, while signature-based debit card payment processes will require a signature – as in a credit card transaction. Signature-based processes also enable online or telephone transactions; PIN-based processes will not.
The transaction data will then be transmitted electronically to the payment processing company with whom you’ve partnered; they process the payment by deducting the purchase amount from the customer’s debit account and transferring the funds to your merchant account, while deducting a fixed, per-transaction percentage for the service of debit card processes.
Comparison shop for card payment processing services to find the best rates and additional perks from processors, so consider the value of options like free technical support, periodic statements, and ease of processing.
Typically, notable debit cards will be accepted by any debit card payment processing company, enabling your patrons to pay you, despite their banks or cards of choice. And because credit card processing is so similar, most debit card payment accounts will allow acceptance of both kinds of payment. Transaction versatility can aid your business and your customers greatly, so understand and implement the process professionally and effectively. The payment process for debit card payment requires little investment, and features a huge ROI.