A debit card is a method of payment whereby a third party, for a fee, removes from the collector the risk of non-collection of the account receivable.

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The statement provided is incorrect. A debit card is actually a method of payment that deducts the purchase amount directly from a user's checking account balance. It does not involve a third party removing the risk of non-collection of an account receivable.

A Debit Card Is a Method of Payment Whereby a Third