Credit Card Readers: A Guide
Credit card readers are now a necessity in business nowadays in order to accept credit point of sale. Credit card readers are not only limited into reading and scanning credit cards, but they can also read employee cards, consumer cards and also gift certificates. In order to complete a transaction, it all falls to the work done by credit card readers, because their job is to read the credit card, which is obviously their job but also very crucial, especially in making sales. What makes it very critical is that the credit card reader should interpret and transfer the information from the credit card of the customer and inform the business person if the customer’s credit card still has the enough credit in order to make the purchase.
Merchants always ask the customer before receiving the credit card on what kind of credit card are they going to use and that is because of the black stripe at the back of the credit card, which holds all the necessary information in making transactions and different types of credit cards hold different kinds of information. The main reason why merchants ask you or they swipe your credit card into credit card readers is for the credit card reader to get the embedded date on the black stripe at the back of the card and send it to the central tracking and billing system which also forwards the transaction made to the credit card company. The amount that is needed for the purchase is checked and validated by the issuing bank and compares it to the information that was from the credit card, if it is below or above his or her credit limit and after the issuing bank does that, the credit card company then sends a confirmation.
A credit card reader has a magnetic stripe reader and that is what reads the embedded information in stripe at the back of your credit card, a keypad to enter the information necessary to make the purchase, like the amount, and a small display. Some credit card readers also have a built in printer on them while some have not but still can be connected to a separate printer, and credit card readers can be connected to a machine with the use of serial ports or even a USB.
There is also a new kind of credit card reader that is gaining its popularity in the business world as well, and those are the mobile credit card readers, because they are very light, in terms of weight and can easily be fit in to the pocket or your purse and can be very convenient for individuals whose business requires travelling.