Debit card usage has been on the rise over cash payments in the past several years with adoption rates increasing significantly. According to a report by Euromonitor International, for the first time, globally in 2016 consumers spent more on debit and credit cards than with cash. In the “Payments Study 2016” conducted by the Federal Reserve, debit transactions outpaced credit transactions two to one (69.5 billion versus 33.8 billion respectively). With these numbers it’s easy to see that there is a trend toward electronic payments, and specifically debit card transactions.
As a business, being able to accept payments is critical and with less people carrying cash, you want to make sure you can accept all forms of payment. For merchants with a large volume of small tickets the ability to accept pin debit cards can be a huge money saver, as the cost of processing pin debit can be significantly lower than credit cards, or debit cards run without a pin.
At Agapay, we are able to work with you to assess your needs and see which products, services and equipment you need. To see if pin debit is something that may benefit your company, contact us today!