As the name suggests here in this article we would be getting to know about the basics of Credit Card Reader, working concept behind it and their types/varieties available in the market.
What is a Credit Card Reader
A credit card reader is a machine the reads the information available on a credit/debit card. Banks and Merchants use card readers in their ATM’s and Merchant Card Machines respectively. This allows customers access to their bank accounts like:
- Money Withdrawals
- Mini Account Statement
- And many more services.
All without the need of physical presence of a teller.
Working Concept Behind Credit Card Reader
A credit/debit card has the card’s owner’s personal info i.e.:
- CardHolder’s Name
- Account Number
- Card Expiry Date
- Card Validation Value (CVC) &
- Card Validation Code (CVV)
in either its:
- Magnetic Strip
- Microchip or
- Both
The card reader decodes the information present on the card and transmits the same to a payment processor for cross verification. Post successful cross-verification i.e. availability of sufficient funds for clearing the transaction, the merchant completes the sale.
Some Credit Card Readers available in the market
- Square Contactless and Chip Reader
For those small businesses who use Square POS app, this card reader is the best choice for them. It is a small and modern card reader that facilitates quick and easy payment acceptance from:
- Credit Card
- Debit Card
- EMV Chip Cards
- Apple Pay &
- Android Pay.
2.Future Credit Card Reader
This is the best choice for businesses who want to accept credit card payments without incurring big after costs. It is a 3-track magnetic stripe reader, compact in size and compatible with both laptop & desktop systems. It has multiple uses like:
- Credit Card Processing
- POS Control
- ID verification
- And even Employee Attendance capability
It has a Bi-directional swipe feature and comes with a one year warranty.
To conclude, both merchants, banks and credit/debit card owners, combined benefit from card readers as they can do sale and purchase of products/services respectively all with the use of the Credit Card Reader Machine.
