PIN debit definition

PIN debit means a method of electronic card payment by which consumers purchase goods and services from merchants by swiping a bank card at a point-of-sale terminal and entering a PIN on a numeric keypad, upon which the purchase amount is debited from the customer’s bank account and transferred to the retailer’s bank.
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PIN debit means a method of electronic card payment by which consumers purchase goods and services from merchants by swiping a bank card at a point-of-sale terminal
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PIN debit a transaction using a Debit Card where a Cardholder-enters a PIN via a PIN Pad.
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Examples of PIN debit in a sentence

  • You agree that all POS terminals operate with unique keys according to PIN debit network requirements.

  • We will process PIN debit Card transactions for you if indicated in the Application or an amendment.

  • For PIN debit Card transactions under Tiered Transaction Pricing, we will assess interchange fees, sponsorship fees, switch fees, and gateway fees as pass through, and other amounts will be included in the Discount Rate and/or Transaction Fee listed on the Application.

  • ATM transactions and PIN debit purchases require the use of a secret code known as a personal identification number or PIN.

  • In addition, Merchant will be assessed for each PIN debit Card transaction all debit network Interchange fees and other fees, sponsorship, switch and gateway fees.

  • Additional Provisions for Personal identification number (PIN) debit Cards.

  • For PIN debit Card transactions under Bundled Plus and Unbundled Transaction Pricing, we will assess interchange fees, sponsorship fees, switch fees, gateway fees, our Transaction Fee and other fees.

  • For PIN debit Card transactions under Interchange Plus Transaction Pricing, we will assess interchange fees, sponsorship fees, switch fees, gateway fees, our Transaction Fee and other fees.

  • In addition to the charges set forth on the Application, Merchant agrees to pay for all PIN debit network setup fees, chargeback fees and adjustment fees, including but not limited to, late fees that may be imposed by the debit networks.

  • If so indicated on the Merchant Application, Processor will process PIN debit Card transactions and EBT Card transactions.

Related to PIN debit

  • Debit means a charge or an amount of money somebody must pay. If we debit money to you or debit money to your account, that money is then added to the unpaid balance and the unpaid balance becomes larger. In this case “charge” and “debit” have similar meanings.

  • Card Account means the account maintained with the Bank in respect of the Card;

  • Direct Debit means a payment service for debiting a payer’s payment account, where a payment transaction is initiated by the payee on the basis of the payer’s consent given to the payee, to the payee’s payment service provider or to the payer’s own payment service provider;

  • Credit Card Account means the Account of the Cardmember opened with Maybank for the purpose of this Agreement;

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.