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What is merchant account debit card processing?
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Merchant account debit card processing is just like credit card processing, except it enables the business to accept "true" debit cards. "True" debit cards are cards that require a four digit PIN number to be entered in order for a purchase to be accepted and completed. Don't confuse "true" debit cards with bank issued credit cards that are attached to bank accounts. Those are debit cards as well, except that they work like credit cards and have a Visa or Mastercard logo, and thus do not require a PIN number to be entered. With merchant account debit card processing, you will need credit card processing that can accept an inputted PIN number to complete a transaction.
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Where is merchant account debit card processing used?
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Merchant account debit card processing is currently used only in retail settings. This is because there is no safe way to allow customers to submit their confidential PIN numbers over the internet. Even in retail settings, you may have noticed that when merchant account debit card processing is in place, the customer is handed a separate piece of equipment to enter their PIN number in, so they don't have to tell the merchant or enter it in front of them. You can find merchant account debit card processing in use at almost any retail store and grocery store, as well as many smaller stores and restaurants.
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Are there any benefits to using merchant account debit card processing?
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As you may already know, you are charged a transaction fee for every single credit card payment you process. But did you know that you are often charged twice as much for a credit card payment? If you processed that debit/credit card on the debit side, rather than the credit side, you may have only been charged around fifty cents, or possibly less! True debit cards - Star, Honer, NYCE, Pulse, Interlink, Maestro and MAC - only function with the use of PIN numbers. Credit/debit cards can be processed on the credit side, but it will save you money on your merchant account debit card processing if you encourage your customers to use the debit input, rather than the credit input.
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So, how can I get started with merchant account debit card processing?
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Merchant account debit card processing is extremely easy to set up. You'll need to get in touch with a merchant account provider, and let them know of your desire to use merchant account debit card processing in your business. They'll get you started with the appropriate applications, and hook you up with the right kind of equipment you'll need. In a matter of days you'll be up and running and ready to accept credit and debit cards!
