Hey guys, are you looking for the best card swipe machines for your business? It becomes tough for selecting between many card swipe machines in the market. In the last decade, there have been many upgradations which have made electronic payments quite popular. You would have seen a device on the entrance of a store. This device has become the most important thing in recent years.
You should know that these machines are very important for a business. Nobody likes to carry cash and make payments in cash. The online transaction method is highly preferred by customers. As the owner of a small business, you should know how card payment machines work. A Card payment machine for small business is very important to move ahead in the market. Therefore in this article, we will take a look at how a card swipe machine functions and the transaction is completed.
- A card is Swiped
The whole transaction starts with a card bank swipe in the swiping machine. This is essential because the card needs to come in contact with the card payment machine. The transaction process cannot be started without his initial step. The magnetic stripes on a card are necessary to come in contact with the card machine. This contact initiates the transaction process and takes it to the second step. Therefore this is one of the major steps of electronic transaction methods.
- Details are Verified
As soon as a card comes in contact with the machine, the second step begins there itself. The card machine reads all the data and details of the card, owner and every required information about it to proceed further. The process usually tends to dial when the data read is not right. Electronic Information System issued to transmit the data of the card, which is further verified by the system. Here, all the necessary data is read and verified without any major complications.
- Transfer of Data
As we have mentioned in the above section, the data is verified by the system for transferring it further. Here, every possible flaw of the transaction comes into existence because of the verification. To be more precise, this is the most crucial step where the transaction tends to succeed or falls. This step is basically for check-in the stays of the debit or credit card. The owner, bank and also the balance is checked in this step which holds significant importance.
- Further verification and processing fees
This further verification is not applicable to every card because it is optional. Here, the cardholder is required to enter the personal information which is provided by the bank to them. This is nothing but a Pin which is supposed to be kept private and confidential. Once this Pin is entered, the transaction process gets completed. The transaction fees are charged by the banks, and it is deducted after the payment is made. Some banks tend to charge the transaction fees at the time of payment only.
This is how card swipe machines work for a small business and also large ones. We hope that this article will provide you with the necessary information needed.
