Reduce check-related expenses and loss, and provide your customers with the payment options they prefer.
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
Benefits
Virtually Guaranteed Funds—Online, real-time authorization helps take the uncertainty out of daily settlement
Potentially lower processing costs compared to other electronic payment options
Faster throughput at checkout
Less opportunity for chargebacks
PIN acceptance reduces potential for check fraud
The Convenience of "Cash Back"—The ability to make purchases and get cash back at one location provides a customer convenience and encourages customer loyalty. STAR retailers have the option of offering this loyalty-enhancing feature.
*
All statistics taken from the STAR Consumer Payment Usage Study, 2004, except where noted.
