If you have a merchant account for your business and already accept credit cards, then you don’t have to do anything much to accept the debit cards as well.
The same terminal and machine that you use to swipe a credit card can be used for debit cards as well. Debit cards are popular methods of payment both the consumer and the business.
The business stands to profit from the use of a debit card because the payment processing cost is less.
Whereas credit card providers also take a percentage of the transaction, debit card charges usually only include fixed standard charges for the transaction. One of the main advantage of using a debit card is that as a business you will get the payment faster.
Unlike a credit card, when a consumer uses a debit card the money is almost instantaneously withdrawn from his bank account.
The transaction rates for pin-based debit transactions are even lower than credit card rates. PIN based transactions are made using the keypad terminal which allows the consumer to type in their debit card pin. This adds an extra layer of security against fraud. Almost all of merchant account offer a debit card processing.
Debit card payments is now even possible online for most of the online payment processors.
Once you have a merchant account, you’re likely to be offered the option of accepting debit cards for business payment on its own. All you need to buy is a pin pad which costs about $60 and connect it to your terminal.