Merchant Glossary: ATM Debit Card
Click Here for a 30 Day Risk-Free TrialAn ATM (Automated Teller Machine) debit card is a card similar in size and shape to a credit card with an account number and magnetic stripe on one side. When swiped through a point of sale terminal, the card holder is prompted to enter a PIN number via a pinpad. This will create an instant debit transaction to the customer's bank account. Funds are authorized in real time, and if there are not sufficient funds in the customer's bank account to cover the amount of the debt, the transaction will be declined. In addition to purchases, ATM cards can also be used at ATM machine along with a PIN to make cash withdrawals, deposits, balance transfers, and check on current balances.
Other terms explained in the Merchant Glossary:
ACH / Automated Clearing House
Acquiring Bank
ATM Debit Card
Authorization
Authorization Code
Authorization Fee
Authorization Only Transaction
Authorization Response
Average Ticket Size
AVS / Address Verification Service
Basis Points
Batch or Batch Processing
Business Type
Debit Card
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