4 Common Myths About Debit Cards

Debit cards offer lots of advantages to merchants. Payments typically process faster than credit cards, meaning you get paid more quickly. Fraud is also much lower thanks to pin number verification systems. Unfortunately, certain myths keep many merchants from benefitting from this lucrative source of additional income.

1. Setting Up Debit Card Systems Requires an In-House Technician

Not at all. Today’s debit card systems are user friendly and simple to understand. Your merchant account provider will probably send someone experienced along to speed up installation, but the truth is that all-inclusive POS systems like Clover Station are basically plug-and-play – like a laptop with card readers and software ready-to-go.  

2. Most People Don’t Use Debit Cards To Pay for Purchases

Actually, debit card transaction make up the clear majority of all transactions – 65% – according to Chase Bank. By accepting debit card payments, you give all those potential customers a reason to prefer your store over others. If they have to choose between you and a company that doesn’t accept their debit card, it’s no surprise that they opt for you every time.

3. Debit Card Equipment Is Too Expensive For Small Businesses

The thought of having to purchase a Point-of-Sale system or a debit card pin device makes some stores nervous. Don’t worry. Payment partners like Merchant Account Solutions actually take care of everything from installation costs to the cost of the equipment your business needs. Think of them as a payment partner that succeeds when you succeed. You don’t have to worry about renting equipment or signing a contract either.

4. Everyone With a Debit Card Also Has a Credit Card

If you don’t accept debit cards, won’t customers just whip out their credit card instead? That’s often not the case. Many people dislike using credit cards and avoid them if possible because they mean extra work. If you don’t take debit cards, many potential clients will just walk out.

Encourage your customer base to grow freely by accepting all forms of payment, debit cards included. Remember that every sale means another loyal customer, and happy customers often spend more than they would have otherwise.

Using debit card is common these days and more and more people today use debit cards. But this is not same for credit cards. So, accepting debit cards should be appreciated by you if you want to grow your business and do not want to lack behind in this competitive market. There might be so many people in your trade who are accepting debit cards and are doing a successful business so you just can’t leave yourself behind just by not accepting credit cards.

Sources:

https://www.chasepaymentech.com/debit_card_processing.html

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