Using Magnetic Card Technology in Your Business

We live in the information age, and our modern society is moving away from pen and paper. Nowhere is that shift more clear than in the world of commerce. Today, we use cards and mobile payments for most of our transactions; many young people don’t even own a checkbook. Keeping up with this trend can help every aspect of your business.

While there are many ways to accept money from customers, one is absolutely essential: card readers. Even as new forms of payment come and go, our attachment to plastic charge cards is likely to remain.

Importance of Scanner for Magnetic Strips For Payment Acceptance

If you are business that accepts payments in person, then being able to accept a debit or credit card is of the utmost importance. In short, you need at least one scanner for magnetic strips! Approximately 7 out of 10 Americans have at least one credit card, and many people have multiple cards in their wallet or purse. A 2014 survey found that at least 43% of people make their purchases with a debit card, while 35% use a credit card.

It can be relatively easy and straightforward to begin accepting card payments. Buying a magnetic strip reader is not difficult and most take very little time to set up. Along with a point of sale system, credit card processing vendor, and an employee to handle the transactions, you’ll be set up in no time.

Some Popular Credit Card Readers

If you’re hoping to move away from cash transactions, there are a huge number of choices for credit card readers. Whether you’re a small food truck or a major enterprise, there are credit card processors that can meet your needs.

Some popular options include:

  • Symcode Mini Credit Card Reader: This is a popular system for its ease of use. It is as close to plug and play as you can get.
  • Verifone Credit Card Machine: This is a common selection for storefronts. It has a fast processor for encryption and decryption.
  • Square Reader: An increasingly popular choice for small businesses. The Square system allows you to accept debit, credit, EMV chips, and Apple and Android payment systems.

Of course, magnetic card readers have uses beyond simple payment transactions. This technology can also be used for gift certificates, membership cards, and access control systems.