Opinions expressed by Entrepreneur contributors are their own.
Looking for a way to cut down on those pricey credit card transaction fees? Nudging customers to pay using a debit card and PIN is saving some savvy merchants serious cash.
While costs borne by merchants range widely depending on their agreements with credit card service providers, fees for PIN-based transactions are typically well below those of signature-based transactions. In fact, Ken Paterson of industry consulting firm Mercator Advisory Group Inc. puts a conservative estimate of the cost difference at 20 cents per transaction--an amount that quickly adds up.
Continue reading this article — and all of our other premium content with Entrepreneur+
Join the internet’s leading entrepreneur community! With your subscription you’ll get:
- Access to all of our premium content and an ad-free experience
- A complimentary subscription to Entrepreneur Magazine
- Four free e-books a year and 20% off everything from our bookstore
- Exclusive events with business celebrities and successful entrepreneurs
