Final answer:
Debit card transactions can be entered online, in-person, by phone, or by mail. They are directly tied to the user's bank account, allowing electronic funds transfer for purchases without changing the quantity of money in the economy.
Step-by-step explanation:
Debit card transactions can be entered in multiple ways.
Firstly, online transactions are common, where card details are entered on a website to process a payment.
Secondly, in-person transactions involve using a debit card at a point-of-sale terminal in physical stores.
Thirdly, transactions can be made by phone, whereby card details are provided verbally to a representative who processes the payment.
Lastly, some transactions can be completed by mail, where card details are written down and mailed to the business for processing, though this method is less common due to security concerns.
A debit card is linked directly to your checking or savings account, and it allows you to access your funds to pay for goods and services. Additionally, while debit cards facilitate the electronic transfer of funds like credit cards, they do not alter the quantity of money in the economy, similar to how writing more checks doesn't increase the amount of money in your checking account. It's worth noting that, unlike credit cards, debit card transactions utilize the cardholder's existing funds rather than borrowing from the credit provider.