| A customer while using his card for a purchase will | | | | payments.However machines that are compatible with |
| require a merchant to accept it for the sale to be | | | | Visa and MasterCard may not swipe American |
| realized. The via media for both the parties for the sale | | | | express cards. You may need a dedicated machine |
| to be effected is the credit card machine. This | | | | for them. |
| machine is a tribute to modern technology.During earlier | | | | When a card is swiped the machine sends the data |
| times merchant establishments took a print of the card | | | | from the card to the credit card company or bank and |
| and followed up by raising a charge slip which was | | | | a printed receipt is made available immediately. This |
| signed by the user as an acceptance of the liability | | | | receipt is signed by the card owner and one copy |
| after proper identification. | | | | retained by the merchant and one by the card owner. |
| However all the manual transactions is now a thing of | | | | This entire process is over in seconds. Modern credit |
| the past. The process of purchase and settlements | | | | card machines have features like an LCD display and |
| are now affected in real time and are almost | | | | a distinct alphanumeric keypad that is easy to use. |
| instantaneous.These machines are portable and very | | | | Thermal printers are also part of the set up for prints |
| light. They also accept all major credit cards issued by | | | | to be available at once. |
| Visa, MasterCard and Discover. In addition these | | | | The card machines are presently in use at almost all |
| machines also accept debit cards issued by a bank. | | | | department stores, petrol pumps,restaurants and |
| The credit card machines do not have any standard | | | | hotels. They also produce daily reports of sales and |
| shape or design.The machines work on a connection | | | | amount of credit disbursed. In addition the machines |
| to a master link. They have a slot where in the card is | | | | keep track of credit card debt payments and |
| swiped. Once the card is swiped it identifies that | | | | transactions.Machines can also be wireless units. This |
| particular card through a microchip that is embedded in | | | | is the latest technology that has been perfected. Such |
| the card. This microchip is read by the computer and | | | | wireless machines are in vogue during exhibitions, trade |
| after verification authorizes the deal. All this operation | | | | shows and carnivals. |
| hardly takes a few seconds and the card owner has | | | | A merchant or trader must have a merchant account |
| his deal approved in seconds. The important part of | | | | with a bank or a card issuer to be able to accept |
| the modern machine is a card reader. | | | | credit cards for sales..Such an account is authorized |
| Normally Credit card machines need a point of sale | | | | after due approval. Only after that the merchant is in a |
| terminal only. This is linked to a master computer. Many | | | | position to accept payment through card machines. |
| manufacturers like VeriFone, Hyperco, Magtek, Way | | | | After the sale is closed the merchant has his dues |
| Systems, Ingenico and Nurit are in the field with their | | | | deposited in his account within 2/3 days from the sale |
| products. All credit card machines have the same | | | | date. |
| basic functions and authorize credit card | | | | |