Wednesday May 25, 2022

When did we start paying by card in stores

The first cards were used to pay for the sales document signed by the client. The document stated the name and identification of the client, the payer, the date and the identification of the sales city. Because writing out all these data grew up
selling and ordering, but especially there was an unreadable or incorrect writing of slices, it was introduced in the 20s by mechanical scans called imprinters.

Star good imprintery

When paying, the seller inserted the card into the imprinter, on which the plate was identified by the merchant, and placed the sales document on it. He had several leaves, among which was a copier beam in the 90s, a chemical self-copier beam was introduced.

Then the seller sold a handle with built-in lifts to the right and back. The data is stamped on the payment card and the identification of the card is printed on a thin sheet, all that remains is to complete the paid card, date and signature of the client. The original of the sales document was sent by the merchant to the new bank, he kept one copy and gave the pedal to the client.

The merchant who uses the imprinter has a so-called authorized limit (is a door), to which he does not have to verify the transaction by telephone inquiry with the world bank, if the card is valid for time, prescribed trademarks and client signature on the document consent to the pattern on the card. If the contact is not an authorized limit, the card will show the phenomenon of a forged or altered sign, the merchant must verify the transaction in the authorized center of his bank.

In the case of permitted transactions, the trader will receive a so-called authorized representative, who will write in the specified field of the sales document. In the event of a rejected transaction, I may sometimes be instructed to seize the card and hand it over to the bank, which will invalidate the card issuer.

Card for selected

Payment cards for the rich: worth it? Vce tteHERE.

As the number of transactions grew, so did the number of transactions. With the growing number of bad payment cards, the authorized limits decreased and the number of telephone transactions increased. Thus, the number of paper chips grew at a rapid pace and ways were sought to automate their processing. Banks have tackled these problems in two ways: the largest banks have introduced an optical thin and at the same time began looking for a way to make payments electronically in a similar way to ATMs.

The receipt of bank cards has sometimes met with resistance from some merchants, similar to the 60s Diners Club card at a Seattle restaurant owner. They did not want to pay fees to banks for payments made. In the United States in 1971, the National Retail Merchants Association considered introducing its own cards to compete with banks.

As the number of bank card holders grew, so did their importance as payment instruments and the number of accepting transactions increased. It was not only the most expensive hotels, restaurants and shops, but they were also accepted by men and cheaper shops, even in areas outside the shopping centers of large cities. The example is the JC Penney department store. After a long refusal, in 1979 she decided to be the first of the major companies to accept VISA cards and, in short, MasterCard. Her own credit card was owned by 15 million clients, while VISA owned it by 35 million.

The distribution of the number of potential customers about the solving of bank cards has become the main motive for this decision, followed by other other department stores in the USA (Sears, Montgomery Ward, etc.). In order to speed up the authorization of payment transactions, banks introduced special telephones in selected stores in some countries (eg the United Kingdom) in the 1980s. From there, it was a step towards further rush of banks to payment terminals and debit cards.

Payment terminals

The number of cards issued and sales transactions carried out was reflected in an increase in the number of paper documents that merchants had to fill in and send to the bank or company to the castle. A large number of transactions had to be authorized by telephone. If we take into account the need to process sales documents and authorizations in banks, it is not surprising that in the second half of the 70s, electronic payment terminals were constructed, which simplified cashless payments.

Nap. In 1973, Wells Fargo tested a new payment system called WellsService. The merchant was given a payment terminal to authorize payments made by card (MICR) and credit cards. The UATP Air Travel Card introduced payment terminals at letitch in 1971.

Along with ATMs, payment terminals also had to meet the first steps in the United States. Since the 1930s, the operation of banks has been limited to the land of the state by the McFadden Act. Shortly after the ATM was introduced into normal operation, discussions arose as to whether ATMs could be considered as branches of banks or not, and whether banks could therefore connect the world in individual countries into a national system.

Some US courts have ruled that an ATM is a branch of a bank, while e.g. in 1975, the Office of the Comptroller of Currency ruled that no. In the end, the United Court of Justice ruled in favor of the ATM. Thanks to this, nationwide ATMs were created very quickly, and operated by banks or specialized companies. In 1981, VISA and MasterCard announced their intention to build a national center. The positive result in the first disputes over the construction of the ATM made the development of payment terminals possible. There were two countries in the world that deserved the most for their development and deployment: the United States and France.

Find out more about the development of payment terminals in accordance with our series.

Excerpts from the book
Pavla Juka: Encyclopedia of Payment Cards

1. dl: How to pay securely on the Internet?

Step 2: How did the river come about?

Step 3: How did the pensions come about?

4. dl: How banking originated

5th dl: When did the papyr pension arise?

6. dl: Pensions and echoes: when was the crown created?

7. dl: How are banknotes printed?

8. dl: Protection of banknotes against counterfeiting

9. dl: How and where the payment cards were created

10. dl: How payment cards were created-II

Debt 11: Who issued the first universal payment card

Debt 12: When did banks start issuing cards

13th dl: How MasterCard cards were created

14. dl: How the VISA cards were created

DL 15: The role of payment cards in Europe

16. dl: Payment cards in Europe and their arrests in R

DL 17: What caused the boom in payment cards

18. dl: Payment cards: magnetic stripe

19. dl: How to make cards

Year 20: How the first ATMs were created

21. dl: New generation ATMs


ryvek is from the bookEncyclopedia of payment cardsvydan nakladatelstvm City Publishing, who published publications in the FINANCE edition such as:
Make a investment, 2nd born ed
Investovn pro zatenky
Financial Mathematics Pro, 5.vydn

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