There are many ways you can process a debit card. The most common are pin based and signed debit card (i.e. you swipe the debit as "credit " and then sign the receipt). Depending on the scenario one may be less expensive then the other.BIN$mart works by evaluating each card transaction by using a complex algorithm to estimate the least expensive processing method. After the card is swiped, BIN$mart will prompt the cashier to either collect more data, prompt for PIN entry, or simply have the customer sign the receipt. Your staff simply needs to follow the prompts on the terminal – BIN$mart does all the thinking for you.
You have probably seen similar technologies at work in the big box retail stores. When you swipe your debit card, the terminal will automatically prompt you to enter your PIN number. Large retailers have known for years that getting the customer to enter their PIN saves them money on larger transactions. In fact, small merchants may save up to $1.00 on a $100 sale by having the customer enter their PIN. The problem with many of these solutions is that they are only looking to see if a card is debit and not calculating to see if PIN-debit is actually less expensive or if there are other cost saving opportunities.
Compare that to BIN$mart’s technology, which looks at all of the following:
- Your specific rates and merchant
- account structure
- The exact sale amount
- The card type (debit, credit, corporate)
- Your SIC code
- The likely Interchange category for this transaction
- Probable debit network costs
- Your zip code
Each one of these can influence the decision to favor one transaction method over another. BIN$mart uses them all in real time to maximize your potential savings.Our company is currently proud to offer this technology to small and medium sized businesses.Feel free to visit Prestige Merchant Services for a demo on BIN$mart technology at work.