In my experience, it doesn’t matter if you bank with a major bank, a small bank, a credit union, etc., your debit card is accepted everywhere. However, only some places will accept Visa or MasterCard or [insert credit card here].
Why are Debit Cards universal and Credit Cards aren’t?
In: Technology
Fees ….card processors (aka merchant services), charge a % fee against a charge transaction that is processed across their payment network infrastructure… thus a merchant that accepts AE or VISA, essentially agrees to pay a processing fee for every sale they process across that proprietary network – $100 charge might result in a 1% fee being paid, meaning that the buyer of the goods pays $100, the seller get $99 and the payment network own gets the $1…. you are paying for near-real time movement of funds..,
for Debit cards, (aka “ check cards”), the payment, although initiated by the debit card at the POS terminal, the actual payment transaction is put through the bank/ clearinghouse/Federal Reserve payment network, which is not real-time processing. So, in a nut shell, the buyer and seller have a choice as to pay for faster service, or to not pay for same
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