CARD SWIPE MACHINES FOR BETTER EFFICIENCY OF CREDIT CARD TRANSACTIONS

2007-03-08 10:33:40

( Financial )



Credit card has become indispensable in shopping these days. Merchants are therefore realizing the importance of card swipe machines in accepting credit card payments. Thus, it has become a common site in commercial retail stores.

Card swipe machines are link by a telephone directly to a bank. Credit cards of shoppers are swipe into the card swipe machines to validate the authenticity of the credit card being presented and to transfer data from the commercial store to the merchant account’s bank. Card number, name, location and expiry date of the credit card are captured when it is swiped to a card swipe machine. The credit card machine terminal read this information and processes it for acknowledgement to continue with the sales transaction.

The amount of sales of the transaction is passed on to the credit card processor and then to the bank for approval. The commercial establishment is identified by the bank through a unique identification number that was assigned by the bank to them.

Card swipe machines are advantageous both to the commercial establishment and its clients. It offers efficiency in cost by lowering down operational cost. It also saves time for the merchant in inputting transaction and client data to process the sales transaction. This leads to faster processing of payments to merchant accounts. Card swipe machines provide a good leverage for businesses to stay on top of the competition given the preference of customers to use credit cards in conducting most of their purchases. Not using card swipe machines might be to the advantage of businesses.

Creditcard machine is also used by mobile businesses and taxi services. This machine is portable and offer higher efficiency in accepting credit card payments in temporary locations.

Card swipe machines continue to evolve in terms of portability, accessibility and efficiency. Businesses will eventually find it not bulky and user friendly.


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