A Credit Card Swipe Machine is also known as the PDQ machine. This machine is linked directly to the bank by a telephone.
With the advance in technology, credit cards are becoming increasingly important and with them the credit card swipe machines are gaining strength. Credit card swipe machines are now a common sight in retail stores and shops.
Credit Card Swipe Machines – How do they work?
When the card is swiped through the machine, a magnetic strip collects the card details which include card number, name, location and expiration date of the card. This information is read by the terminal. The sales amount and these details are then passed on to the merchant's credit card processor and then sent to the bank for approval. The bank to which the card details are passed is known as the Acquiring Bank. The shop that sends the information is identified by a unique ID given to them by the bank as is the PDQ machine.
Credit card swipe machines are at times attached to stand-alone processors or directly connected to PCs for use. Generally businesses which use special software exercise these options.
There are several advantages of using a Credit Card Swipe Machine. Some are listed below:
* Cost Effective – Credit card swipe machines offer a cost effective solution to business owners
* Time Saving – Now merchants do not need to spend numerous hours of the day entering data manually, with credit card swipe machines it saves both time and energy
* Increase Sales – Since most customers prefer using credit cards to buy products, merchants would be losing a lot of potential sales if they do not accept credit cards
Another kind of swipe machine commonly used by mobile businesses and taxi services is the Portable Credit Card Swipe Machine. Due to its portable capability this machine increases efficiency as merchants become capable of accepting credit cards from temporary locations.
With new technological advances, credit card swipe machines are evolving and becoming common and easy to use, it is no wonder that more and more business owners and retail merchants have begun to prefer using them.