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Technical specifications[ edit ] The size of most credit cards is The card number's prefix, called the Bank Identification Numberis the sequence of digits at the beginning of the number that determine the bank to which a credit card number belongs.
This is the first six digits for MasterCard and Visa cards. The next nine digits are the individual account number, and the final digit is a validity check code. Many modern credit cards have a computer chip embedded in them as a security feature. In addition to the main credit card number, credit cards also carry issue and expiration dates given to the nearest monthas well as extra codes such as issue numbers and security codes.
Not all credit cards have the same sets of extra codes nor do they use the same number of digits. Credit card numbers were originally embossed to allow easy transfer of the number to charge slips.
With the decline of paper slips, some credit cards are no longer embossed and in fact the card number is no longer in the front. Bellamy used the term credit card eleven times in this novel, although this referred to a card for spending a citizen's dividend from the government, rather than borrowing,  making it more similar to a Debit card.
Charge coins, medals, and so on[ edit ] Charge coins and other similar items were used from the late 19th century to the s. They came in various shapes and sizes; with materials made out of celluloid an early type of plasticcopper, aluminum, steel, and other types of whitish metals.
These charge coins were usually given to customers who had charge accounts in department stores, hotels, and so on. A charge coin usually had the charge account number along with the merchant's name and logo.
The charge coin offered a simple and fast way to copy a charge account number to the sales slip, by imprinting the coin onto the sales slip. This sped the process of copying, previously done by handwriting.
It also reduced the number of errors, by having a standardised form of numbers on the sales slip, instead of various kind of handwriting style. This sometimes led to a case of mistaken identity, either accidentally or intentionally, by acting on behalf of the charge account owner or out of malice to defraud both the charge account owner and the merchant.
Beginning in the s, merchants started to move from charge coins to the newer Charga-Plate. It was embossed with the customer's name, city, and state. It held a small paper card on its back for a signature.
In recording a purchase, the plate was laid into a recess in the imprinter, with a paper "charge slip" positioned on top of it.
The record of the transaction included an impression of the embossed information, made by the imprinter pressing an inked ribbon against the charge slip. In some cases, the plates were kept in the issuing store rather than held by customers. When an authorized user made a purchase, a clerk retrieved the plate from the store's files and then processed the purchase.
Charga-Plates speeded back-office bookkeeping and reduced copying errors that were done manually in paper ledgers in each store. This is the reason the modern UATP cards still start with the number 1. With an Air Travel Card, passengers could "buy now, and pay later" for a ticket against their credit and receive a fifteen percent discount at any of the accepting airlines.
By the s, all of the major US airlines offered Air Travel Cards that could be used on 17 different airlines. Byabout half of the airlines' revenues came through the Air Travel Card agreement. The airlines had also started offering installment plans to lure new travelers into the air.
In Octoberthe Air Travel Card became the first internationally valid charge card within all members of the International Air Transport Association. Diners Club, Carte Blanche, and American Express[ edit ] The concept of customers paying different merchants using the same card was expanded in by Ralph Schneider and Frank McNamarafounders of Diners Clubto consolidate multiple cards.
The Diners Club, which was created partially through a merger with Dine and Sign, produced the first "general purpose" charge card and required the entire bill to be paid with each statement.
That was followed by Carte Blanche and in by American Express which created a worldwide credit card network although these were initially charge cards that later acquired credit card features. BankAmericard and Master Charge[ edit ] Metal signs at a plant nursery in Los Angeles County, California marketing Mastercharge and Bankamericard Untilno one had been able to successfully establish a revolving credit financial system in which a card issued by a third-party bank was being generally accepted by a large number of merchants, as opposed to merchant-issued revolving cards accepted by only a few merchants.
There had been a dozen attempts by small American banks, but none of them were able to last very long. In SeptemberBank of America launched the BankAmericard in Fresno, Californiawhich would become the first successful recognizably modern credit card.
This card succeeded where others failed by breaking the chicken-and-egg cycle in which consumers did not want to use a card that few merchants would accept and merchants did not want to accept a card that few consumers used. Inthe ancestor of MasterCard was born when a group of banks established Master Charge to compete with BankAmericard; it received a significant boost when Citibank merged its own Everything Cardlaunched ininto Master Charge in Early credit cards in the U.
They have been mailed off to unemployables, drunks, narcotics addicts and to compulsive debtors, a process President Johnson's Special Assistant Betty Furness found very like "giving sugar to diabetics ".
However, by the time the law came into effect, approximately million credit cards had been dropped into the U.Creating an E-commerce Web Site: A Do-It-Yourself Guide Introduction After you have your business plan in place and are ready to focus on your new online venture, it’s time to start creating your e-commerce web site.
considerations, a payment gateway will keep customers at your web site during the transaction, making the user. Payment gateway» Blog» Definitions» What Is an E-payment System? What Is an E-payment System? An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash.
Sep 16, · B2B Payment Gateway is an industry leading web-based payment processing application for businesses of all sizes. B2B Payment Gateway - How it Works B2B Payment Gateway saving your business. As your business grows, your payment processing needs may change.
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