PIN Debit Definition

Merchant Account PIN Debit Explained:

What is PIN Debit? PIN Debit transactions occur when a customer slides his/her debit card through a card reading device and then enters a Personal Identification Number (PIN) to verify authorization of the sale. Merchants must be specifically set up by their merchant account provider to accept PIN debit transactions and will also need a pin-pad attached to their credit card terminal.

PIN debit transactions are considered one of the most secure forms of card payment because the magnetic strip of the card is swiped through a reader, a PIN is entered and the funds are immediately removed from the customer’s attached account. Since the potential for fraud is greatly reduced, the processing fees for PIN debit transactions are the lowest of all card/transaction types and are not subject to Interchange fees.

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