The Velocity Payment System performs a real-time validation of each presented
card number, quickly identifying it as a credit card or debit card.
This type of transaction is the most common, preferred way to accept a debit card and is processed like a regular credit card by swiping it through the terminal machine or key entering the information on a web screen. The debit card must bear the Visa or MasterCard logo.
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A newer and least expensive method of accepting debit cards is as a PIN-based debit transaction. The card is swiped through the terminal and the customer is prompted to enter their PIN number. An external or built-in PIN-pad device is required for encrypting and processing the transaction securely.
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This type of transaction is processed through the ATM debit networks, with the potential for considerable savings to the client organization. Debit networks such as NYCE, PULSE, Accel and STAR have rolled out support for PIN-less debit card processing.
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