The History Of Credit Card Processing
Jan 09, 2017
You may not be old enough to remember it, but back in the early 1960s, whenever someone pulled out a Diner’s Club credit card to pay for their meal in a fancy restaurant, everyone craned their necks
doesn’t accept credit cards is what turns heads.Credit Card Processing Dates Back to 1914Over a hundred years ago, Western Union issued their employees a metal plate instead of a paycheck, which they used to buy merchandise in the company store. Diners Club emerged in the 1950s, and soon after, the “Charge-it” card system became the first bank-issued credit card. It was the first time customers were examined for credit worthiness, around the same time the word “stink-eye” came into our vocabulary.
American Express weighed in with a credit card in 1958, and by the late 1960’s, credit card processing required so much paperwork that the whole country – led by MasterCard – switched over to electronic payment systems and card machine solutions.Point-of-Purchase Payments are Easier Than EverFlash forward 50 years. Credit card processing is very