A brief introduction to debit card payment
Debit card payment has become one of the most widely accepted options for paying bills online. Debit card payments can either be processed online or one can have the payment made by an agent.
There are some debit card providers who allow the debit card payment to be done only by opening an account with their website.
Payment time:
Debit card payment can be done any time of the day, seven days a week. This flexible time of debit card payment makes the debit card payment option a favorite with all and sundry.
Purposes for which debit card payment can be done:
In order to make payments for the following, debit card payment option can be availed of.
- Airlines reservation
- Railway reservation
- Shopping at a business center or so called point of sale.
- Payment of bills, fees, various charges as applicable.
- Payment of medical expenses.
- Food joints
- Hotel reservation etc.,.
Fee charged for debit card payment:
A minimum of $3.50 to $4.00 is charged for using the system for making debit card payment. The issuing banks or the financial institution charge the payment agents. This fee in most cases is compensated by increasing the price of a particular product which is unknown to the consumers.
Rejecting debit card payment request:
In case a debit card payment is rejected an additional fee is imposed upon the debit card holder. The reason is ascertained and debit card payment is re-applied for.
Tools for making debit card payment:
- Debit bill payment allows one for debit card payment.
- BIN File management: allows one to make debit card payment with as many debit cards as possible and charges a very nominal fee for debit card interchange expenses.
- Direct Connection: A network of debit card payment channels facilitate the increased response time for debit card payment.
The above three tools can be used only for
debit card payment at selected places.
Drawback of debit card payment:
There is drawback also for making debit card payment.
Regular usage of debit card for making payments throughout the month may lower the average balance. This in turn makes one earn little or no interest at all.