Tuesday, March 10, 2009
ATM Cards
I wanted to let everyone know that our ATM pinpad was installed today. We're still working on configuring it, so it should be ready for use within the next couple of days. I learned from the blog that having one of these was important to customers. It also saves us about $100/month in fees, so it pays for itself in about three months.
Subscribe to:
Post Comments (Atom)
This will make a difference in your bottom line, immediately.
ReplyDeleteSo, three months assuming nothing changes in spending patterns, yes? However, I'm confident you'll find more spending being done via ATM cards...
ReplyDeleteThree months assuming everyone who uses their ATM card now as a credit card, uses the terminal instead.
ReplyDeleteThat's a reasonable assumption, and I suspect there are people who will be more willing to use their ATM cards now.
ReplyDeleteJust use the "nudge theory" - give them the single spoken option - "Would you like to put that on your debit card?"...
ReplyDeleteExactly, but only on transactions where it'll save you money. At my store, it was around $15. I trained my staff to suggest debit in transactions over $15, and credit under.
ReplyDeleteGood advice on the threshold. I can't believe I've gone this long without one. You can easily count how much money I've lost - probably about $5,000.
ReplyDeleteI wouldn't say you "lost" money, just that you neglected to save it.
ReplyDeleteI refuse to use my ATM card for transactions as a) it can cost me money to do so, and b) it's a significant security risk to my account. Everytime someone uses their pin number in a transaction they risk having that pin number stolen or compromised. I've already had it happen once before and I've learned my lesson.
ReplyDeleteSafer than your credit card - where all they need is the card, not the card AND the PIN.
ReplyDeleteYes, two factor authentication as they call it in IT security. Your card AND your pin, as opposed to just your card. Europe has widely adopted pins for use with credit cards. They think we're barbarians for assuming a signature is a valid authentication method (and thus, they aren't trained to check signatures or ID for American cards).
ReplyDeleteEven better would be three factor authentication. Something you have (card), something you know (pin) and something you are (perhaps finger print scanner). I've got a fingerprint scanner for authentication on my laptop and it's very easy to use.
I personally NEVER use my ATM card because the potential to get raped by my bank is too high. Then again, I've got a bit of personal credit card debt too.
ATM transactions shouldn't cost the cardholder a premium - unless being done at unscrupulous gas stations, or strip clubs.
ReplyDeleteOne benefit of using the debit card rather than credit card function is that the debit card will not allow you to spend money you don't have in your account (or activate your normal overdraft protection), while the credit card function may allow you to overspend and then charge a large fee for every transaction.
Most American store clerks aren't trained to check your signature when you use a credit card.
ReplyDeleteSignatures are worthless nowadays. Most do seem to check ID now, even with my Amex card with my photo on it.
ReplyDeletePersonally, I'd rather signature than PIN. I was distinctly annoyed that the UK went to keypads, and actually took to paying cash rather than using the card because of it. On the other hand, my signature has been carefully developed over a period of years to be nigh-impossible to forge, while PINs are, last I checked, still restricted to the very weak four digits in a ten-digit phase space...
ReplyDelete