CREDIT & DEBIT

What should you know about Debit & Credit Transactions.

CREDIT & DEBIT TRANSACTIONS

The simplest way to increase your bottom-line (if you have not already)... is simply accepting credit & debit cards

CREDIT VS DEBIT
According to blog.credit.com; Debit and credit transactions are processed differently: Here’s how MasterCard explained it in an emailed statement to Credit.com: Debit and credit transactions are processed differently: Here’s how MasterCard explained it in an emailed statement to Credit.com: When you use a debit card and your PIN (personal identification number), the transaction is completed in real time, also known as an online transaction — you authorize the purchase with your PIN and the money is immediately transferred from your bank account to the merchant. With a credit card, or using a debit card as credit, it’s an offline transaction.

FACTS ABOUT CREDIT

  • Benefits:

    If you are running a business and are not accepting credit card transactions, consider whether you can improve sales and efficiencies by rethinking your decision on credit. Whether you have an offline or online business, accepting credit cards will produce positive results for your business. Although accepting credit cards will cost you some money up front, oftentimes its benefits will outweigh all the service fees.

  • Legitimacy:

    Allowing credit card transactions will help establish your status in the industry. By providing clients with more options, they will be more pleased and satisfied with your business, making you satisfied as well. This will help your business grow more quickly, attaining a stronger placement in the market. It will also contribute to a positive image on the business as well as your clients. Accepting credit cards will also give your business a level of legitimacy and can help instill rapport and trust with your customers.

  • Easy Sales:

    Customers do not like wasting time when making purchases. When shopping, they want their transactions completed immediately. Having a credit card facility will help you achieve this. Customers who are allowed to use credit cards may be more engaged in shopping and will tend to look positively at your business. With more convenient payment options, more customers will be attracted to the efficient and reliable services of your business.

  • Time Savings:

    If you have an online business, accepting credit card payments will save you a lot of time. Payments through credit cards can quickly be authorized, unlike money orders and checks, which take days and weeks to clear. Accepting credit card payments can thus have a tremendous positive effect on your cash flow. Even if your sales are not increasing, your business will still benefit from the convenience of having your profit from the credit card sale delivered to your bank account instantly.

  • Steadines:

    "It is better to have 100 Clients that are willing to each pay a penny than it is to have only one Client who pays one dollar, begrudgingly "

  • Higher Sales:

    If you do not accept credit cards, you run the risk of losing hundreds of potential customers who are not willing to pay in cash or who do not have other means to make their payments. There are people who only use credit cards to make particular types of purchases, especially online. People do not want to carry large amounts of cash when they shop or they like to use credit cards for the security of a credit card no-fraud guarantee and the rewards points. So if customers are provided with advanced payment options, they are more likely to make more purchases, which will lead to increased product sales.

FACTS ABOUT DEBIT

  • Benefits:

    Accepting debit cards in business is a commonplace practice at many companies. Debit cards represent a transaction where an individual pays for goods or services using a bank card linked directly to his checking or savings account. Most debit cards are issued by banks and represent a fairly reliable payment method for economic transactions. Businesses often accept debit cards to give consumers a payment option outside of cash, check or credit card.

  • Facts:

    Debit card transactions work very similar to credit card payments. Businesses usually need to set up a standalone unit for swiping the customer’s debit card and approving payment for the economic transaction. These units are usually provided by credit card processing companies. These processing companies have a computerized network that allows businesses to collect consumer information from the debit card and set up a funds transfer from the customer’s bank to the business’ financial bank account.

  • Faster Approval Times:

    A significant advantage to accepting debit cards for business transactions is the faster approval time offered by credit card processing companies. Swiping a debit card usually pings the customer’s account to ensure that sufficient funds are available to complete the transaction. Businesses then wait one or two business days to have these funds transferred to their bank account. This approval time is usually quicker than checks and credit cards.

  • E-commerce Options:

    Accepting debit cards may allow businesses to start an e-commerce website for selling goods or services over the Internet. Many credit card processors offer debit card solutions for websites. Accepting debit cards through an Internet website is very similar to using a standalone debit card unit in a brick-and-mortar store location. Internet websites along with debit card payment acceptance allow companies to reach a larger target market in the business environment.

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