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There’s a solution for businesses that accept debit cards but don’t have a PIN pad for customers to enter PINs: PIN on glass. The technology allows for secure PIN entry without a PIN pad.
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As a small business owner, you may wonder if you can accept only debit cards or only credit cards. The short answer is yes, but there are rules you’ll need to follow and considerations before making that decision.
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With EMV chip cards, some customers aren’t prompted for PINs when entering their debit cards, with the machine instead defaulting to signature debit. Why does this matter, and what can you do about it?
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Contrary to popular belief, PIN debit transactions incur more than just a flat fee, often making signature debit transactions cheaper to process. Understanding the ins and outs of debit card transaction fees will ensure you’re not losing hard-earned money pennies at a time.
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In 2012, Visa added a Transaction Integrity Fee to its list of charges for accepting a Visa credit card at a business.
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Data shows that most businesses save significantly on debit volume thanks to the Durbin Amendment. The only exception to this is businesses with small tickets, or those on tiered pricing. Small ticket businesses have seen costs increase because of Durbin, and those on tiered pricing allow their processors to pocket their Durbin savings.
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A debit card can be processed as either a signature or PIN-based transaction and your business will incur different charges depending on which method you use.
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Leading credit card processing comparison Website CardFellow.com is cautioning merchants that they may not benefit from reduced interchange fees proposed by the Durbin Amendment. The online marketplace is advising merchants to switch to a credit card processor that offers interchange plus pricing.
