Twenty years ago when a credit card was used the card terminal sat behind the counter and the clerk on duty would swipe the card through the machine. The machine would make a carbon copy so that the clerk would have a receipt of the transaction, the customer would have a receipt of the transaction, and there would be a receipt of the transaction for the merchant to mail to the card issuer.
The card terminal might be holed to the phone line so that the merchant could dial a number and verify that the card was good before they accepted the charge. In those days the merchant mailed in the credit card receipts once a month and then the card issuing institution would mail them a voucher to pay for all of the charges their customers had made.
The delays in payment are what caused so many merchants to be reluctant to accept these forms of payment. Then there was the added expense of buying the equipment to use to transmit the data on the cards. Most retail businesses did not see the benefits of accepting this type of payment. Today the majority of all sales are paid for with some form of card terminal being used.
To many people it seems that yesterday was a simpler time. They say that things moved slower and people were not as stressed as they are today. This saying may be true about some things, but when it comes to ways to pay our bills, pay for our purchases, and manage our finances, today is the simpler time.
Yesterday you had to get in your car and drive to the bank in order to deposit a check into your account. Today you can take a picture of that check if you have the right applications on your phone and you can automatically deposit it into your account. There is less reason why you have to go to the bank during their banking hours and more ways for you to take care of all of your obligations even when you are out of town.
Yesterday was a time when paying for things meant cash and checks, and today paying for things means credit and debit cards. Swipe and go is the new motto and most people love the freedom of this method of paying for items.
If you lose your card you just report it and the bank issues you a new one.
The card terminal of yesterday was not found in most stores and shops. Yesterday a card terminal was found in very few locations because very few people used this type of payment option. You can visit website here for more information.