When customers swipe their debit card or insert it into the reader at checkout, several things happen in the blink of an eye.
Information on the transaction is transferred back and forth between the merchant’s bank, the customer’s bank and a debit card processing network. Within a few seconds, the transaction is approved or denied and the transfer of funds from bank to bank follows.
But that process is not free.
Read the full article in the May 4 issue of Navarre Press. Subscribe online at navarrepress.com for as little as $38 per year.