Today, credit card acceptance is now almost a requirement for most companies, and small and medium-sized businesses (SMBs) have many ways to process credit card payments. Understandably, many businesses were reluctant to accept cards. The third imprint copy was saved as part of the sales record in case there was any type of dispute or refund request. The business would have to wait for the money to transfer from bank to bank, before finally being deposited in their account 5-7 business days later. At the close of business, the store owner or staff would take another copy of the card imprint to the bank as part of their daily deposit. One copy of the card imprint was given to the customer as a receipt of payment. They would call in to an authorization center, read off the card details and wait for an authorization number. Not so long ago, businesses would document a customer’s credit card details by pressing the card into 3 pages of copy paper with something called an imprinter. In the early days of credit cards, credit card acceptance was a long and tedious process. The most significant change to credit over the years is how payments are processed. These days it’s likely you would buy a new smartphone with a credit card, knowing you’ll get paid at the end of the month to cover your bill. Learn more about debit card only payments by contacting us today or request a free demo by clicking the button below.The concept of credit has been around a long time-it used to be common, for example, for farmers to buy seed on credit until the harvest was sold. BillingTree provides a real-time authorization for the payment.ĭebit card processing is the perfect way for your business to provide a popular payment option to consumers and protect your business from risk. With debit card payments, you reduce the risk of non-sufficient funds that can happen with paper or electronic checks. If your business is still in the stone age of cash and check, then you’re probably losing a lot of customers that prefer debit card payments. Your risk with debit only payments is much lower, which means you also lower the percentage of chargebacks and that hassle that comes with them.ĭebit cards are inherently more secure than credit cards and less likely than cash to be stolen.Ĭard methods are the preferred method among consumers. Why Consider Debit Card Only Payment Processing? Fewer Chargebacks Integrates with many of the leading technologies already used by the healthcare, financial services and accounts receivable management (ARM) industries.Debit Cards are one of the fastest payment methods preferred by consumers.The BillingTree technology platform filters out certain MIDs to make sure debit cards are the only payment method accepted.
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