Credit card machines have evolved in a dramatic fashion over the years. From simple swipers to mobile swiping devices that attach to smart devices like phones and tablets, this advanced technology makes it easier than ever to accept payments in a range of places and on the go. Card machine technology will continue to evolve, allowing for more flexible ways to process payments and making it safer for consumers to use their cards than ever before.
The first clear precursor to the modern card machine was the charga-plate, which came into circulation in the early 1930s. It was a small metal rectangle with embossed details and a paper specimen signature strip. The customer signed it and the merchant retained a carbon copy. This was then mailed to the bank with the request for payment. This system was time consuming and subject to a lot of human error.
As the economy improved, it became necessary to find alternative ways for people to pay for goods and services. One of the most significant innovations to come from this need was the debit and credit card. It all began when a diner at a New York restaurant forgot his wallet, and had to ask the waiter to keep the bill in the meantime.
A year later, he returned to the same restaurant and paid for his meal with a card known as the Diners Club Card – an event that was hailed in the industry as ‘the first supper’.
As debit and credit card use grew, so did the need to create more efficient methods for processing them. Card machines were born out of this need, as they provided a convenient way to process credit card payments.
In 1959, American Express introduced the first plastic credit card. This was accompanied by security innovations that included physical elements (embossing, hologram stickers) and data storage (CVV, mag stripe information). These were the first step towards creating what we know today as a credit card.
The next big change in credit card processing came with the introduction of point-of-sale terminals, or POS, in 1979. This was when Visa introduced the magnetic stripe that is still on the back of all major cards today. This was a more streamlined system than the manual imprinter and significantly reduced the amount of time it took to process a card transaction.
While the magnetic stripe has continued to be a convenient payment method, it wasn’t without its drawbacks. A weakness in the technology allowed for counterfeiting and fraud, resulting in higher charges for businesses. This led to the development of chip, or EMV, debit and credit cards.
As the world continues to move away from cash, it’s becoming increasingly important for business owners of all kinds to invest in reliable and up-to-date card payment processing equipment. By embracing this cutting-edge technology, businesses can ensure that their customers have the safest possible experience when paying for goods and services –Use Best card machine for small business while avoiding the high fees associated with cash transactions.