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TOBACCO PAYMENT PROCESSING – ACCEPTING BOTH CREDIT AND DEBIT CARDS

If you have to run your business – either retail or online - you have to process credit card payments from your customers to survive the competition. These days’ customers are demanding a wide variety of ways to make their payments. Even today several customers will pay cash for their purchases, however the larger portion of customers like to pay with their credit card. You have to be prepared for it by obtaining a merchant account to process the transactions. Moreover, you should also have another payment solution which accepts another type of card called as the “debit cards”.

Debit cards are here to stay and their usage has only increased. The reason for their popularity is: firstly, it avoids the usage of credit to buy new stuff. Doing this will prevent them from paying huge amounts as interest rates to the credit card firms. Second, using the debit cards is an efficient way to manage your personal finances because all your transactions are accountable and tractable. Also, paying for their purchases from their saving or checking account make them to control their expenditure within their earning limits.

Because of the rise in popularity of the debit cards, more people are using it. Therefore, you have to provide a way to process payments made through debit cards.

Advantages of Accepting payments through credit cards

In spite of debit card becoming more popular than before, making payments using credit cards is still the method used by most of the people. It means that a very large portion of consumers are still using the credit cards to make their purchases. This trend is not going to change any time soon. The reason for this is: credit card holders are protected by federal law. It means the consumers can fight or dispute any transaction which they think is fraudulent according to the FCBA. They are exposed to much lesser risk when they loose their credit card.

Because, of the fact that credit card is used by millions of people, your business should have the technology to process credit card payments.

Advantages of Accepting payments through debit cards

The primary reason that you have to accept debit card payments is: more and more people are making payments using this type of card, these days. Some of the reasons for this are: the credit card firms have reduced the credit limit of all their customers. Therefore, when you have reached your credit limit then you cannot use the card anymore. Therefore, they begin to use the debit card for any further purchases.

People pay using the debit card to have an account of all the expenses that they have paid for in that month. When they use their debit card the money is taken from the saving’s account of the account holder. Therefore, he does not have to pay any interest.

By now you should have understood that accepting both debit and credit cards is the best to improve your business. 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.