During the present credit crunch scenario, everyone wishes to minimize debts and small business owners prefer the use of debit cards to send and receive money for business purposes. These cards help separate management of business funds so that you dont have to mess up your business debts and personal funds. According to the survey of Synergistic Research Corporation, 35% small business owners use debit cards.
Businesses having checking account with banks are now urged by banks to use debit cards. The usage of debit cards is beneficial for the banks too because the interchange rate for business debit cards is high. Business owners carry out high volume transactions earning more revenue for the bank.
When the business owners show interest in conducting business transactions using debit cards, the banks are ready to offer more offers and services. The interchange rates for business debit cards continuously increases as the volume of transactions increases.
With debit cards, you dont have to mess up with payroll checks. All organizations have to find affordable and easy payroll solutions with lesser amount of paperwork. Debit cards make it possible by offering simple solutions to pay for your employees. Without the need for any paperwork, you can send money to the bank account of your employees.
To pay for the suppliers, there is no need of paperwork and delay involved in the issue of checks. Small businesses use debit cards to send money to the suppliers. This way, payment is instant and highly secure. Further, there is no chance of frauds associated with debit card transactions. However, there are still a higher percentage of people who dont accept debit card payments. This scenario is changing now as the popularity of debit card increases.
Previously, banks charged an annual fee for debit cards. Nowadays, this fee is waived on account of the increasing popularity of debit cards. So, these debit cards are more like prepaid credit cards without additional fees or charges. Apart from saving money in terms of interest charges, you can save time as well by eliminating large volumes of paperwork that may be required otherwise.
Though debit cards have many advantages, you have to use the cards wisely. When any transaction value is more than your account balance, the banks will charge you overdraft fees. If you dont have overdraft protection, you are likely to spend more than what you have.
The PIN number of the debit card must not be disclosed to anyone if you dont want a scammer to wash away your bank account by getting access to your debit card and secret PIN number illegally.
Businesses having checking account with banks are now urged by banks to use debit cards. The usage of debit cards is beneficial for the banks too because the interchange rate for business debit cards is high. Business owners carry out high volume transactions earning more revenue for the bank.
When the business owners show interest in conducting business transactions using debit cards, the banks are ready to offer more offers and services. The interchange rates for business debit cards continuously increases as the volume of transactions increases.
With debit cards, you dont have to mess up with payroll checks. All organizations have to find affordable and easy payroll solutions with lesser amount of paperwork. Debit cards make it possible by offering simple solutions to pay for your employees. Without the need for any paperwork, you can send money to the bank account of your employees.
To pay for the suppliers, there is no need of paperwork and delay involved in the issue of checks. Small businesses use debit cards to send money to the suppliers. This way, payment is instant and highly secure. Further, there is no chance of frauds associated with debit card transactions. However, there are still a higher percentage of people who dont accept debit card payments. This scenario is changing now as the popularity of debit card increases.
Previously, banks charged an annual fee for debit cards. Nowadays, this fee is waived on account of the increasing popularity of debit cards. So, these debit cards are more like prepaid credit cards without additional fees or charges. Apart from saving money in terms of interest charges, you can save time as well by eliminating large volumes of paperwork that may be required otherwise.
Though debit cards have many advantages, you have to use the cards wisely. When any transaction value is more than your account balance, the banks will charge you overdraft fees. If you dont have overdraft protection, you are likely to spend more than what you have.
The PIN number of the debit card must not be disclosed to anyone if you dont want a scammer to wash away your bank account by getting access to your debit card and secret PIN number illegally.
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Epayarea.com can guide you to use your debit card for payroll solutions and advise you on further schemes for various business models.
