Q. Which one of the following best describes the term “Merchant Discount Rate” sometimes seen in news?

[A] The incentive given by a bank to a merchant for accepting payments through debit cards pertaining to that bank.

[B] The amount paid back by banks to their customers when they use debit cards for financial transactions for purchasing goods or services.

[C] The charge to a merchant by a bank for accepting payments from his customers through the bank’s debit cards.

[D] The incentive given by the Government to merchants for promoting digital payments by their customers through Point of Sale (PoS) machines and debit cards.

Answer: C
Notes:
Blog
Academy
Community