Debit, Credit, or Neither?

Debit, Credit, or Neither?

With most everything having gone digital, most consumers have changed their preferred payment method. Many different factors contribute to credit cards becoming the most used payment. Today, we take a look at why this has become a popular means of payment, as well as weigh the pros and cons of credit cards. 

Why Is Everyone Swiping? 

When payday comes once a week or once every two weeks, how do you receive your paycheck? More than half of the US utilizes and relies on direct deposit. It’s no wonder cash has become a scarce payment method. Convenience is such a powerful underlying reason to ditch cash payment. What are the pros, and what are the cons to this convenience? 

Let’s first talk about some of the pros. Security! Surely, not carrying a wad of cash in your pocket is a more secure method, right? Well, that depends on the type of card you’re carrying as well as the coverage the lender has agreed to.

If you have ever hidden something of value from yourself such as your license, cash, your wallet, or even car keys, then you know how it feels to be worried about your belongings. If you’ve ever fully lost one of these objects, you’re not the only one. So how would you proceed if you lost a few hundred dollars cash that was in your wallet? Well, this is where you discover the fact that a credit card is typically a superior payment method. 

Borrow protection has become a standard in most lender scenarios. Most banks are FDIC (Federal Deposit Insurance Corporation) covered. Yes, in 1933 and even sometimes today, people had a hard time trusting banks with their money. These mattress-stuffers have failed to realize that in nearly every case your money is actually covered by insurance. With a credit or debit card, that few hundred dollars you lost would never actually leave the comfort of your bank account. 

If some sort of fraudulent activity occurs where money actually disappears from your account for an unauthorized reason, lenders today are able to refund you while disabling the existing card, preventing recurring theft. 

How Else are Cards Protected?

Credit and debit card utilization has caused strict standards of security to be implemented anywhere that accepts these forms of payment. These standards are referred to as the Payment Card Index Digital Security Standard, or PCI DSS. This mandates all businesses to protect data collected about the cardholder. This includes any and all information found on the user’s card. This information should NOT be stored, unless recurring billing or some other product or service improvement has been negotiated with the cardholder. 

Here are some other protection methods which further prove the benefit to leaving cash at the bank: 

  • Dynamic Card Verification Values - Your CVV value is what can prevent someone from taking a picture of your credit card as you pull it out of your wallet from actually being able to make purchases with it. This value on the back of most payment cards adds that extra layer of security that could foil a determined thief. As technology changes, even these CVV often feel the effects. Today, some lenders provide cards that utilize a different value for each time of day. 
  • Mobile Wallet - While most of us have seen commercials of someone paying for goods or a service simply by holding their smartphone up to the reader, this technology has evolved into far more than a gimmick. This method of payment, if handled properly, can be an extremely convenient and secure means to purchase things. 
  • Biometrics - Biometric technology has come a long way in a short time. While the fingerprint scanner on your smartphone might keep your brother or significant other out of your device, it definitely isn’t something a lender would like to implement. However, as times change large deposits or withdrawals no longer need to leave you with an inked thumb print. Retina scanning and fingerprint scanning is slowly finding a place in financial organizations across the globe. These organizations range from South Africa, to European and Asian markets. Soon, they are likely to be found near you.

If you utilize payment cards, it is important to understand what technology and standards can and cannot do for you. BNMC has IT professionals on stand-by to answer any questions you may have about PCI DSS compliance and other payment options. Give us a call at 978-482-2020 today! 



No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Sunday, January 19 2020

Captcha Image

Subscribe to Our Blog!

Mobile? Grab this Article!

Qr Code

Tag Cloud

Tip of the Week Security Technology Best Practices Business Computing Cloud Privacy User Tips Productivity Email Microsoft Hackers Computer Network Security Software Malware Hosted Solutions Google Data Business Tech Term Communication Hardware Small Business IT Services Efficiency Mobile Devices Internet IT Support Workplace Tips Innovation Cloud Computing Ransomware Managed IT Services Smartphone Data Recovery Upgrade Backup Outsourced IT Android Saving Money Data Backup Information Windows Smartphones Mobile Device Facebook Users Cybersecurity Miscellaneous Server Phishing Office 365 Windows 10 Business Management Managed IT Services Social Media Microsoft Office Business Continuity Browser Windows 10 Data Management Internet of Things communications Vulnerability Remote Monitoring Passwords Productivity Gadgets Gmail App Network Word Disaster Recovery Encryption VoIP Chrome Apps Infrastructure Artificial Intelligence Managed Service IT Support Money Employer-Employee Relationship Save Money VPN Settings Applications Virtual Reality Managed Service Provider Analytics Router Quick Tips Tip of the week BYOD Website Antivirus Display Office Tips Development Networking Big Data Robot Access Control Google Drive Content Filtering Paperless Office Bandwidth Automation IT Management Data Security Virtual Private Network Apple Education Storage Unified Threat Management Government YouTube Company Culture Computers Hacker Data storage Maintenance Risk Management Collaboration Employee-Employer Relationship Avoiding Downtime Managing Stress Document Management Customer Relationship Management Scam OneNote Outlook Remote Workers Spam Computing Laptop Bring Your Own Device Operating System Solid State Drive WiFi Wireless Data Breach Vendor Management Search Social Monitors Windows 7 The Internet of Things IT LiFi Humor Chromebook Social Network Hosted Solution Information Technology HIPAA Hard Disk Drive Administration Mouse Downtime BDR Server Management End of Support Business Technology Mobile Security Touchscreen Tablet Business Intelligence Data loss SaaS Printing Telephone Systems desktop Password Holiday Virtualization Two-factor Authentication Firewall Augmented Reality Managed IT Service MSP Retail Alert Uninterrupted Power Supply Politics LED Threats Specifications Buisness Social Networking Spyware Migration Consulting Memes Computing Infrastructure Professional Services PowerPoint Heating/Cooling Multi-Factor Security Sports Alt Codes Chatbots eWaste Computer Care IBM Customer Service Laptops Virtual Desktop Star Wars File Sharing Wearable Technology Network upgrade Private Cloud Mobility Batteries Break Fix Nanotechnology Office Samsung Time Management Printer USB Tech Support Co-Managed IT Black Friday Motherboard Cables Identity Theft Alerts Budget Onboarding GDPR Servers Google Calendar Typing Identity Continuity Training Corporate Profile Software as a Service Managed Services Provider Emergency Fraud Cost Management Best Practice Smart Office G Suite Print Toner Myths Dark Web Current Events Screen Reader Charging Automobile Social Engineering Slack Hard Disk Drives Network Management Licensing Dongle Dell Websites Content Huawei Cyber Monday Wires Messaging Cybercrime Holidays Digital Signage Data Warehouse Legislation Marketing Cryptocurrency Solar WannaCry Entertainment Vendor Distribution Assessment Cabling SharePoint Google Docs Work Shortcuts Mobile Management Microsoft Excel IT solutions Going Green Smart Tech Google Maps Safety Monitoring Solid State Drives Cooperation Service Level Agreement Streaming Processor Managed IT Smart Technology Hacks Voice over Internet Protocol Remote Computing Employee-Employer Relationships Techology Payment Card Troubleshooting Business Analysis Statistics Bitcoin Compliance Network Congestion iOS Hybrid Cloud How To Lenovo Logistics Hotspot Google Wallet Internet Exlporer Downloads Halloween Business Growth IT Technicians Optimization Security Cameras Profiles Mail Merge Blockchain Connectivity Spying National Security Staff Legal Leominster Wi-Fi Human Error Memory Shortcut Distributed Denial of Service Modem FinTech Digital Payment Writing Analysis Students VoIP Unified Threat Management Disaster Virus Bluetooth Comparison Windows 8 Regulations Digital Scalability Conferencing Firefox Superfish Asset Management Unified Communications Language Drones Value Updates Scary Stories Mirgation Recycling Dark Data Update Managed Services Utility Computing Address Permissions IoT Deep Learning K-12 Schools Device Reducing Cost Patch Management Mobile Device Management Cookies Mixed Reality User Error Running Cable Webcam Mobile Data Work/Life Balance Recovery How To Health Mobile Computing Error Point of Sale Ben McDonald shares Financial Black Market Law Enforcement Travel Electronic Medical Records Notifications Physical Security Supercomputer CrashOverride Twitter Upgrades Gadget Staffing Emoji Motion Sickness Taxes Regulation Administrator Crowdsourcing Web Server what was your? Personal Information Botnet IT Budget 3D Printing GPS Cortana IT Consultant Inventory Cameras Machine Learning Processors Meetings Unsupported Software Printers Tracking Cleaning Shadow IT CCTV Computer Repair Relocation

What Our Clients Say

  • BNMC has provided us with nothing less than outstanding service and results for all of our IT needs for the past few years. Every member of their staff is professional, knowledgeable, friendly and eager to solve any problem...
  • 1
  • 2
  • 3