Pin-less debit comes from online debit transactions that are processed via EFT networks ie STAR, PULSE etc.

In traditional retail if the merchant is maximizing the low cost debit networks, the consumer buys a product in the store and enters their pin number. The merchant is charged a flat fee. If the consumer does not enter their pin number and they sign, the merchant pays a percentage of the transaction.

Pin-less debit is the online solution to the retail pin-entered transaction. The merchant gets the benefit of the flat rate transaction, however the consumer does not enter their pin number because it is usually an Electronic Funds Transfer or Ecommerce transaction.

The XD1000 wireless countertop credit card terminal is a next generation credit card terminal. What makes it unique is the ability to switch from wired to wireless, USB and Serial Port integration for PC connections, and integrated RFID reader. There are many cool new features for a countertop terminal, but I haven’t seen a wireless terminal for under $500. The base unit is now available to customers for the blowout discount price of $199 with a bit more for optional configurations.

This is the information sent to a friend for a credit card processing account:
AUTHORIZE.NET VIRTUAL TERMINAL
No cost for set up
$5.00 a month
2.20 % per transaction
or
2.84 % per transaction if security info is missing
.20 per transaction
No Cancellation Fee
1 week to set up

What’s wrong with this offer?
Authorize.net does not provide payment processing. They are a gateway only.

Some Payment processors provide virtual terminals, including the ones I represent. For straight credit card processing (not recurring billing), the authorize.net solution would be an extra layer since you would pay for a gateway, and then for the processor. There is no exception- authorize.net does not and will not process credit cards.

RECOMMENDATION: Pass! Without examining rates, the representation is incomplete at best and I don’t recommend doing business with anyone who doesn’t provide full disclosure until after the fact. All the true details would come out later after the ‘initial paperwork’ is done.

Note: Authorize.net does have a virtual administration, but the processing is not done by them so the contract must be with a different party. I personally have access to the Authorize.net administration as both a reseller and as an account user. As a reseller, I can set up accounts on demand, and set the rates the merchant will pay, adding on some profit to my fixed costs if desired.