If there is one sector that has greatly benefited from the innovation in electronics, it would definitely be the business sector. One of the greatest electronic inventions that make significant impact in the world of commerce is the credit card. Millions of consumers and shoppers these days are preferring the concept of cash-less purchase, using credit cards in almost all purchases they make. To keep up with this trend, business establishments both large and small have also upgraded their billing system to cater to credit card holders. When you visit stores and shops in malls and urban shopping centres, one noticeable feature that you will not miss seeing at the counter is a minuscule, smart device that works as hard as the store cashiers do — the credit card reader.
Magnetic credit card reader
Now, you might wonder how this tiny little widget does a great job of processing payments fast. Well as you might have noticed, every credit card has a shiny magnetic stripe on the back. This stripe stores valuable information, which is important in processing and validating transaction. When it is swiped in the reader, the device will capture information from the black stripe, then send that data to the tracking and billing system, which process information. After which, when the password and necessary security verification are done, a financial transaction can then be made.
Major types of card terminals commonly used are:
1) magnetic cards reader – This is the common type of card reader widely used in stores. It has a magnetic stripe reader, a tiny data display, and a key pad to enter information such as a pin number and the amount purchased. It also has a built-in printer used to print transaction receipts.
2) wireless/portable credit card reader – There are actually various classes of wireless readers available. Popular examples are mobile swipe systems and wireless terminal systems. The former is used by attaching a card reader into a cell phone to transform it into a card swipe. It is great for entrepreneurs with mobile shops; however, one has to write the receipt manually for the reader has no built-in printer. While the latter comes with an external infrared display and a mobile printer. It has long-lasting battery life that allows to process more than 250 transactions per charge.
