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09/02/2010 -
With the growing popularity of debit cards - thanks in part to the recession and the fear of debt that it has instilled in many consumers - it is more important than ever for businesses to include debit card acceptance in their merchant services, said VeriFone director Scott Henry.In an article for payment processing magazine the Green Sheet, Henry - who is director of North America product marketing for the leading POS terminal provider - urged merchants to supplement their credit card processing equipment with PIN pads so that they can accept debit cards, saying that it can help them stay competitive and boost sales.
Henry cited a number of reasons for debit cards' increasing popularity, one of which is the fact that debit cards tend to be more secure than credit cards due to their requirement of a PIN instead of a rarely-verified signature.
He also noted that debit card processing is typically less expensive for merchants than credit card processing, because of the lower interchange fees.
However, merchants in Canada are concerned that this may not always be the case - Visa and MasterCard have made moves to enter the Canadian debit card market, an event that could challenge low-cost Interac for dominant interchange market share.
