by BeauGiles

credit debit
The Global recognition of Credit Cards

Article by Sophie Esnse

The majority of SMEs (Small and Medium Enterprises) will know now that there’s a huge need for debit / credit card devices, and due to the fact Chip and PIN technology surfaced retailers without the appropriate card terminals have lost out on important business. The credit / debit card is going to become the payment option of the public quickly and it’s happening already.

What has prompted this?

It is basically due to its convenience and simpleness, but you’ll also find other factors having an influence on the expansion of credit card payment processing at the present time. Not least among these things is of course the abolition of the cheque guarantee card and the pending abolition of the personal cheque. These matters have forced men and women who would usually pay by cheque into seeking other options, and with no ready supply of cash, a credit / debit card works wonderfully since it is easier than a cheque and the funds are transferred from your bank account straight to the merchant in much less time.

Security is a different feature that attracts consumers to using credit / debit cards. It’s significantly easier and safer to carry a card and pay for goods and services as opposed to risk carrying sizeable amounts of money that may get stolen and not replaced. You might say that the same thing may well happen with a debit card, however the credit card has a lot more measures ready to prevent its fraudulent use. Also, should your debit / credit card be lost and somehow used fraudulently, the banks possess a system in place to refund the credit card holder for monies lost.

Reduced fraud possibility

In the event you take your debit / credit card out with you and pay for goods and services in card terminals then all you need to have is your PIN number. Chip and PIN machines can offer the best security for the reason that the customer can’t use the card unless they know the 4 digit PIN number; this is of course the same at cash devices. Web payments are a little different, but of course you still need to know the address of the card owner, their complete name and any passwords that may exist from the security feature Verified by Visa. This feature on Visa debit cards has decreased online web payment fraud considerably.

Consider contactless technology?

What exactly happens seeing that you have a card which is capable of going from shop to store spending up to ?10 on services and goods that doesn’t require a PIN number? There are issues here only if you don’t realise you have lost your debit card or had it stolen. If this is the case then basically anyone can get hold of your card and go from retailer to retailer buying things. The main deterrent to fraud with contactless technology at the present time is that occasionally a retailer may be required to do a full transaction with the Chip and PIN unit in order to verify the card users identity etc.

Conclusion

No matter what, whether it’s with contactless debit cards or standard credit cards to use in Chip and PIN machines, the retail world, along with debit and credit card processing are moving towards a future in which the use of plastic payments will be the normal thing to do.

About the Author

For the latest information on Accepting Online Payments visit our blog.

Related posts:

1. credit debit – International Debit Card Realities
2. debit vs credit – Debit Cards Vs Credit Cards
3. debit vs credit – The distinction in between credit cards and debit cards you need to learn
4. credit debit – Emerging Technology Involving Credit/Debit Cards
5. debit vs credit – Irish Visa Credit Cards vs. Credit Debit Cards