Credit Card Equipment Has Come a Long Way since 1958
Merchants that have been accepting credit cards for years are probably more than familiar with some of the changes that technological advances have made possible in today’s credit card equipment. When credit cards first hit the market there were only two methods for processing cards. The first one was the most common, manually imprinting and then a mail-in to the bank with the signature for confirmation. The second option involved calling in to their merchant services provider and authorizing the transaction over the phone before mailing in a copy of the receipt.
Many business owners breathed a sigh of relief as they packed away their manual imprinters, colloquially known as knuckle busters, forever. Imprinters were messy, time consuming and didn’t always provide a clear imprint of the credit card. The old system also offered the potential for abuse. It didn’t take con artists long to realize the easy ways to cheat on a system that took weeks to verify a single transaction; much like the old check processing method that made writing phony or rubber checks so easy. Instant, or practically instant, data transmission has revolutionized the way that credit card machines work and the machines that are used.
Nowadays, credit card equipment is so advanced that it can charge your card from across the room. Many newer credit cards have a computer chip inside them that allows remote reading with the right equipment. Portable credit card equipment is also becoming more common. Even small retailers like those at flea markets and other open air markets are seeing the advantages to accepting credit cards. Unfortunately, until recently it wasn’t an option. Older credit card equipment required a dedicated land line in order to effectively process credit card transactions. A landline was required for transmission, and had to be used only for credit processing because an incoming or outgoing call on the line could interrupt a transaction resulting in double charges or failed transactions. Neither outcome was desirable. The necessity completely precluded using credit card equipment in places where no electricity or telephone service was available.
Most open air markets obviously possess neither telephone nor electric service, but that no longer limits modern credit card equipment. Today’s equipment can operate anywhere your cell phone can. They now offer highly portable devices that transmit data via cell tower and process all transactions as well as a dedicated machine inside a store front. In fact, some new devices are designed to work as an attachment to a cell phone and only require the purchase of accessories and a merchant account set up to immediately begin accepting credit cards anywhere, any time.
Revolving credit only started being offered successfully in 1958, and the advances since that time are significant. Looking back at the last fifty years, going from manual processing and week long delays before merchants saw a dime of their profits, to a twenty four hour turn around on deposits is incredible. Technology advances so quickly that soon, plastic cards may be totally obsolete. Already some companies are manufacturing their credit cards from metal, and offering longer expiration dates. More environmentally conscious materials are investigated all the time and credit card equipment continues to grow smaller, more compact and faster every year.
