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Tuesday, October 5, 2010
Credit Card vs. Debit Card
Did you know that credit cards and debit cards are processed in different ways? From a consumer standpoint, the money is withdrawn from the bank account in the same way, and the cost is no different. However, little do most merchants know that the cost of swiping a credit card versus a debit card is completely different. Ask your sales representative for the rates you have been quoted on the different card types. It is important that you know and pay attention because every penny can be a big savings to your business. If your customer uses a debit card to pay for their purchases, make sure to hit the “debit” button on your terminal and request that the customer enter in their PIN. No matter the card type, each swipe that is not handled in the proper procedure could add up in cost. Knowledge = Savings!