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MORE SAVINGS WITH DIRECT HIGH RISK DEBIT CARD PROCESSING

Just like the credit card, a debit card is also used to make electronic payments. It is a card that is issued by the bank where you have your account. The card will be attached to your savings account. Therefore, you can access the funds in your savings account with this card. The debit card can be used just like a credit card i.e. you can make payments for your purchases using the debit card. The debit card is also associated with the MasterCard or Visa networks. The primary difference between a debit and credit card is that, with the debit card the funds will be immediately deducted from your bank account whereas with a credit card the balance will be added to your credit account. Purchases made using the debit card can be charged to either the savings or the checking account of the card holder.

“Debit Card Services” allow the merchants to get their payments quickly by deducting it from the card holder’s savings or checking account. It is similar to that of a paper cheque but is much more flexible since it allows “electronic funds transfer”. Due to the Debit Card Services, paper cheques can be completely eliminated. Your customer authorizes you to transfer funds from your savings or checking account to his business account.

These services are primarily used to make recurring payments like rent payment or electricity bill. There is no need to give a cheque each month. All you have to do is give permission to transfer money from your account each month and it will be done automatically. Debit cards can also be used to make payments for online purchases.

Debit Card Services and Debit Card Transactions are the same. They facilitate transfer of funds. This is from the customer’s point of view.

But, the meanings of those terms differ from the merchant’s view point. This is because the transactions can be processed through many different networks with varying costs.

The fees for purchases made using the debit card is much lower because the risk involved is less. However, this low fee is not passed on to the customer’s by some of the merchant processors. They charge about 2 to 3 percent together with an inquiry fee of about 30 cents for each transaction.

The “Debit Card Services” make use of the ACH network to transfer funds between bank accounts. This is why your normal checking account can be used. Also, this will cost lesser than the normal debit card transactions.

Using “Debit Card Services” over “Debit Card Transactions” will help you save a significant amount of money as the cost per transaction is a fixed and it is less than a dollar. Therefore, the bigger the average ticket size the more you save by using “Debit Card Services” because of the fixed fee. You should integrate the “ATM Verify” technology to improve the security of your e - check transactions which can be performed with the same ACH network. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.