|Amazon Prime Day is October 13! But what does that mean to you and your financial institution? It’s time to remind customers to use your debit card. Here are some tips to increase interchange income for Prime Day (and any day!):|
– Remind all cardholders that the biggest deals on Prime Day are on electronics, appliances and other big ticket items.
– Also remind all cardholders to add their debit card as the default card on their Amazon account. Tell them that their debit card carries the same Visa/Mastercard safety and security measures or fraud guarantees as a credit card.
– Share these instructions so cardholders can set debit card transactions to process “as a credit card.” (This means the transactions will process as signature transactions rather than PINless transactions. The amount of interchange earned on signature transactions is as much as 4 times greater than PINless. We’d all prefer $0.53 to $0.12 per transaction!)
– Don’t forget small business cardholders. Their signature transactions earn the bank 2-3x the amount on consumer cards.