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 **
- 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
- Reduced Potential for Fraud - PIN acceptance minimizes opportunity for fraud
- The Convenience of "Cash Back" - The ability to make purchases and get cash back at one location provides 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.
**Dove Consulting, the Debit Dilemma, 2003
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