Quote:
Originally Posted by applepie
Hmmm... debit card = cash.  |
Debit is NOT the same as cash, no more than a check is cash. Use of a debit card is just stream lining the check writing process via credit card mechanisms. Stores who accept debit cards have to buy equipment, pay service fees on every transaction, etc. Also, like with checks, debit transactions can be challenged, to where there are instances to which the merchant may end up being out of the cost of the product as well as the money they would have received. When my family had our store, we had that happen a few times. The one time we no longer had the $2600 item, never got the payment, and still had to pay the 3% transaction fee or what ever. If it was a cash sale, we'd still have profited since we would have had the cash in hand.