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Coaching-An Adapting Tool For Attaining Fulfillment In The Global Economy
At a time when the global economy is bringing innovation, new ideas and new opportunities into the marketplace, outsourcing and the elimination of white-collar jobs has left many of us feeling anxious and insecure about the future. It is...
Is Your Public Relations Investment Paying Off?
You’ll never know unless you set the right kind of goal at the beginning – a goal against which progress can be measured, and a goal that flows directly from public relations strategies and tactics like those discussed below. In my opinion, you...
Juggling It All
As we have mentioned in other articles, having a trigger to start your day is very important. One of the major problems with people running businesses from their home is starting the work day. For many of us seasoned home based business owners...
Revenue or Employee Size for Small Manufacturing Enterprise Definition Obsolete: Number of Parts for product Assembly more Accurate
E-Z-MRP, the leading manufacturing software system for small manufacturers, announced effective April 15th, there will be a new pricing and product structure. According to Rocky Smolin, founder of Beach Access Software, makers of E-Z-MRP, “We see a...
What Does It Take To Succeed Online?
The one basic you need to succeed in an online business is simply the decision... to... do.... it.
Not to "try"....not to "see how it goes"....
Almost anyone can be successful online....yet the vast majority of those who start an online...
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Don't Play Debit Card Roulette
In a highly competitive economy, there is no sense in gambling with your payment processing options; businesses need every advantage to win in today’s global marketplace. Accepting payments through customer debit cards increases the odds that the customer who favors this particular payment option will be happy and continually return.
There are two forms of debit card transactions and every merchant should have both.
1. PIN Based Debit 2. Signature Based Debit
PIN based debit is also called “online debit” because the transaction is conveyed electronically at the point of sale. The customer confirms the sale by keying in their personal identification number (PIN), and the funds are immediately captured through a nationwide EFT network from the customer’s bank account. The funds are deposited into the merchant’s account in 2-3 business days for a nominal per item fee.
The service is much more cost effective than credit card transactions, and PIN based debit card use is becoming an extremely popular option because of its safety and security. People who use this option don’t have to carry around a lot of cash, and they get to see the details of their transactions in their bank statements. The default on your point-of-sale device should be set to PIN based.
However, if a customer prefers, there is signature-based debit also called “offline debit” and this is another well-liked payment option. The customer uses their Mastercard or Visa Check Card just like a credit card. The card is
swiped and the point of sale device gives a draft for the customer to sign. The funds are transferred to the merchant’s bank account. Discount rates apply with this option, as well as a small transaction fee. Chargebacks are also possible. Many young people are using these cards because it gives them the convenience and clout of a credit card. They can also be used to purchase over the Internet. If a merchant can accept credit cards, they can usually accept signature-based debit cards.
Riding the Wave
Even the Federal government is singing the praises of debit card use for consumers. Please see the consumer guide: “Are You Riding the Debit Card Wave?”
Debit cards are seen as safer than cash and more convenient than checks. So make room next to your cash register for a debit terminal, PIN pad and printer, and reduce the risk that a customer may not have the right payment option when the impulse to buy is upon them.
There’s virtually no risk in accepting PIN based-debit card payments, so make sure it’s an option at your cash register. It’s a sure thing!
About the Author
Rick David writes for a Merchant Newsletter @ Merchant America. He also writes a humor column called,
"Don't Laugh It Could Happen To You" for http://sandiego.merchantamerica.com.
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