Debit Card

Debit Card:It is a plastic card that allows customers to make instant payments of goods and services.
Advantages to cardholder:
1.Easy to carry
2.Reduces risk of theft.
3.Can use it to obtain cash when shopping.
4.Helps to control spending.
Advantages to retailer:
1.Payment guaranteed.
2.Instant payment.
3.No risk of bad debts.
Disadvantages to cardholder:
1.Need to have enough funds restored in current account.
2.Can be stolen.
3.No credit facility.
Disadvantages to retailer:
1.Commission to bank reduces profits.
2.Expensive equipment is required to read debit cards.
3.Turnover may not be increased.