Why Offer Debit Card Payment Options to Your Customers
Consumer preference for debit card purchasing is increasing. Debit card purchase volume in the US is growing at an annual pace of 19%.
CardTrak, May 22, 2006
Consumers surveyed state that, on average, they spend more when using their ATM/debit card than when using cash or checks.*
- 32% greater compared to cash
- 24% greater compared to checks
- 77% of US Cardholders have an ATM/Debit Card**
- 47% of consumers surveyed prefer to enter their PIN when paying with their ATM/debit card
- Only 30% prefer to sign a receipt
Potential Benefits of Accepting ATM/Debit Cards to Your Business
- Higher Average Ticket Sizes - Consumers state they spend 32% more with their ATM/debit card than with cash and 24% more than with checks **
- Online, real-time authorization helps reduce the uncertainty of daily settlement
- Potentially Lower Processing Costs - Compared to other electronic payment options
- Less opportunity for chargebacks
- PIN acceptance can minimize opportunity for fraud
- The Convenience of "Cash Back" - The ability to make purchases and get cash back at one location provides customer convenience and helps build customer loyalty.
*All statistics taken from the STAR Consumer Payment Usage Study, 2004, except where noted.
**Dove Consulting, the Debit Dilemma, 2003
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