Archive for January 2018

Orbit card services review

Credit Card Processing and Merchant Account Terminals

According to financial analysts, the first instance of card transactions dates back to 1914 when Western Union employees got metal cards instead of a paycheck. Even thoughthese metal cards were usedonly at selected stores, they resulted in the great card-payments revolution.

Merchants interested in modern payment processing solutions, including Orbit Card Services review, can be sure to get the best for their business if they turn to the right payment expert in the UK.

Thanks to a true professional in the field, you can get free consultation, reviews of contracts, rates, and fees so to get the best deal for your business. An experienced payment specialist in the UK will offer you the most honest snapshot of the company at the time of writing.

First Credit Cards

The concept of using a card to make purchases was described in 1887 by Edward Bellamy in his utopian novel Looking Backward. Charge coins and other similar items were used from the late 19thcentury to the 1930s.

The first real credit card appeared in the 1950s when Diners Club represented the first Travel and Entertainment card in the world. The card had 20.000 Diners Club holders by 1951. In 1959, American Express launched the first card made of plastic.

In 1966, BankAmericard went national to turn into the nation’s first licensed general-purpose credit card. Renamed Visa a decade later, itgained its growing international presence.

In the same year, a group of California banks formed the Interbank Card Association (ITC), whichsoon issuedMasterCard, the nation’s second major bank card.

First Credit Card Processing

Credit card processing was done directly by merchants who used mechanical imprint readers, which were rather slow. Moreover, they resulted in frequent human errors and security concerns.

Paper-based systems were rather costly. Because of overhead and lost transactions, the leading players in the field started investing in an electronic authorization process. During the early 1970s, this was being done via phone inquiries to a call center to ensure available funds. It was around 1975, when the electronic authorization system was introduced and upgraded by National BankAmericard, Inc. (NBI).

Credit card processing became more sophisticated, so outside firms joined in to offer processing services to businesses. These companies turned into the savvy middlemen streamlining the payment process for both merchants and card networks. Merchant accounts became highly popular after the wireless credit card terminal appeared in 1995.

First Point-of-Sale (POS) Systems

In 1906, Charles F. Kettering, aninventorworking for NCR, developed the first cash register powered by an electric motor.In the 1970s, thanks to the innovations in the field, traditional cash registers developed into computerized point-of-sale (POS) systems. These were the years when devices like credit card terminals and touchscreen displays came into existence.

By the time the 80s and 90s rolled along, electronic registers, barcode scanners, PC-based point-of-sale systems, and credit card devices appeared in the world of retail.

Mobile point-of-sale (mPOS) solutions have brought such a huge impact in the industry that in 2014,53% of UK retailers rated mPOS as the most important in-store technology for consumers.

Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best Orbit Card Services review company, serving both traditional and high-risk merchants.

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