Electronic Benefits Transfer (EBT) is growing at a tremendous rate. Government programs such as food stamps, Women/Infants/Children (WIC), and Temporary Assistance to Needy Families (TANF) issue benefits on an EBT card. The card works like a debit card, with the cardholder using a pin number to access funds. The EBT is authorized electronically, transferring the card holder’s benefits to the merchant as payment.
In many states, EBT cards are the primary source for government-issued benefits. Today, more than 80 percent of food stamp benefits are issued on EBT cards. Financial experts predict that other benefits, such as social security, will eventually be issued on EBT cards, requiring more merchants to accept government-issued cards.
As EBT becomes a more frequent form of payment, merchant businesses should be prepared. Once merchants are enrolled in the CynergyData Texas’ EBT program, they can increase their customer base by accepting government issued benefit cards.