![]() The most significant similarity between credit and debit cards is that vendors are charged a fee to accept these types of payments. For debit card purchases, the funds are immediately deducted from the cardholder’s account. Meanwhile, a debit card is linked to the cardholder’s bank account and allows them to make purchases with the funds currently available in their account. When using a credit card, the cardholder is essentially borrowing the money, which must be repaid at a later time, usually with interest. ![]() A credit card allows the cardholder to borrow funds from their bank or financial institution up to a certain limit. While credit and debit cards may look the same and cost merchants to process them, their similarities end there. So let’s take a closer look at debit card processing fees, how they compare to credit cards, and what you can do to lower those costs as much as possible. Debit cards are no exception, and businesses pay a ton of debit card fees daily. And you probably also know that processing those payments will cost you money. And while many people and businesses prefer using credit cards, just as many claim debit cards as their preferred payment method.Īs a wise business owner, you know accepting all types of payments is important. Debit cards are basically the electronic form of cash. Modern technology, and a little push from a worldwide pandemic, has compelled our society to be even more cash free. In today’s increasingly digital world, it’s no surprise that even “cash” has gone electronic.
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