Credit Card and Debit Card Payments
GlobalNet Payments knows that merchants who accept credit cards benefit in a variety of ways. For instance, they meet their customers’ expectations to pay conveniently with cards. This helps build their loyalty. Accepting credit and debit cards also reduces the merchant’s expense and time spent billing and collecting. Finally, businesses that accept payment cards are able to compete more effectively in the marketplace. In all these instances, these advantages can contribute to an improved cash flow.
GlobalNet Payments offers a wide range of credit card processing options. GlobalNet Payments merchants are able to accept most major credit cards including Visa®, Mastercard®, American Express®, Discover® and UnionPay®.
Debit vs. Credit Cards
Debit cards can be used interchangeably with credit cards in most locations, but there are some significant differences between the two.
While credit cards basically offer the consumer a loan of the card issuer’s money that allows them to buy now and pay later, debit cards are linked directly to the cardholder’s bank account, and an automatic deduction is made for each purchase.
Benefits of Debit Cards
Accepting debit cards at your business has key benefits for your customers:
- Debit cards are a convenient alternative to carrying cash or a check book
- They have become the first payment choice for many consumers
- Debit cards can be used to shop online or in brick-and-mortar locations
- Debit cards purchases are deducted directly from the customer’s bank account, this allows consumers to keep track of where and how they’re spending their money
- Debit cards limit cardholders’ spending to the balance in their accounts, this allows the consumer to stick to a budget
Merchants who accept payment cards — including debit cards
- By accepting credit and debit cards, merchants are meeting their customers’ payments acceptance expectations
- Accepting plastic reduces the merchant’s expense and time spent billing and collecting, as well as trips to the bank
- Debit and credit cards enable businesses to compete more effectively in the marketplace
- Accepting payment cards can contribute to an improved cash flow
- Debit cards limit cardholders’ spending to the balance in their accounts, this allows the consumer to stick to a budget