How To Significantly Reduce Payment Processing Costs By Converting Debit-Card Customers To Direct-Debit Payments
It seems that banks are constantly coming up with new ways for us to pay bills and withdraw money. First there were paper checks, then credit cards, then ATM cards, then debit cards linked to bank accounts, and now ACH electronic funds transfers. Of course, with each new payment method comes a new set of fees passed on to account holders and merchants. The smart merchant will weigh the pros and cons of each method with regards to safety, accountability, and processing cost, and then design her business practices to maximize profits without compromising customer service.
This article will help merchants do this by comparing two very similar payment methodsdebit card charges and bank account ACH direct-debits. It will explain how switching customers who pay with debit-cards to direct-debit transactions can significantly reduce merchant processing costs.
What is a Debit Card?
A debit card is a bank issued card that allows its user to access the funds in his account to pay for merchandise or services. A debit card acts like a credit card, and...
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