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03/09/2009 -
Debit cards have become an increasingly popular payment option - recent research from Tower Group found that debit card transactions now represent more than 50 percent of noncash transactions, compared to the 1 percent seen 15 years ago.Debit cards have emerged as a particularly attractive payment option thanks to the recession, because they do not let customers spend more than what already exists in their checking account. This provides the consumer with more financial control and reduces the chance that they will fall into debt.
To leverage this trend, many banks are ramping up their debit card reward programs by providing incentives for customers who use their debit cards at certain stores or who spend a certain amount per month, USA Today reported.
This creates an added reason for consumers to turn to debit cards instead of cash or checks, and even as an alternative to credit cards.
Banks are not the only ones who should capitalize on this trend, as merchants who do not accept debit cards will essentially be leaving money on the table.
To ensure that their payment processing system accepts debit cards in addition to credit cards, merchants are encouraged to consult their payment processing provider.
