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How a PIN Works on Credit Cards and Debit Cards

Clearly Payments

This guide explains how a PIN functions in credit and debit card payments and its importance for merchants. A PIN is a four- to six-digit numerical code assigned to a credit or debit card by the card issuer or chosen by the cardholder. If the PIN is correct, the transaction proceeds. What is a PIN?

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How to Accept Online Payments for Free in 2024

Payment Savvy

Each transaction incurs fees the card issuer sets, varying based on the card type and associated risks. Debit cards typically carry lower fees due to lower payment risk, whereas credit cards involve higher fees to offset potential defaults. Cons: Not designed for business transactions.

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Canadian Payment Trends for 2024: What You Need to Know

Clearly Payments

In a move aimed at promoting the usage of digital wallets and contactless payments, credit card issuers (i.e. issuing banks) in Canada increased the transaction limits from $100 to $250 in 2021. Embrace Security and Innovation: Stay vigilant about data security and fraud prevention.