![]() ![]() ![]() While authorisation instantly, it usually takes 2-3 days for the customer’s bank to send the payment to your acquiring bank (the acquiring bank being the ones who process credit or debit card payments on behalf of a merchant).Ĭhip and PIN technology was originally created to improve the security of card transactions and protect, both consumers and card providers, from growing levels of card fraud. A receipt is printed with proof of the accepted purchase and payment. Once the bank authorises the payment, a signal is sent back to the card reader. The card-issuing bank will check the customer details and ensure there are available funds in their account to make the payment. The card provider will verify that the card details are correct and they’ll pass the authorisation request onto the customer’s card-issuing bank (the bank that supplied the customer with their debit or credit card). Once the request is received, the retailer’s merchant bank asks the debit or credit card provider (such as VISA or MasterCard) to verify the card and receive payment authorisation from the customer’s bank. As soon as a card payment is made the retailer’s merchant bank receives the request from the card machine via a telephone or broadband line (one of the main purposes of a merchant bank is to create and maintain a merchant account allowing the business to take card payments). The customer presents their card (or mobile device, but more on that later) and the card reader takes the card-holder’s details from the card’s internal chip. But how do these devices work?ĭo you know the difference between a magstripe and a chip card? What is contactless and how does that work? We’ll tell you everything you need to know about credit card readers and how payments are processed, so you’ll better understand how you get paid. Unsurprisingly, debit cards are now the most popular form of payment in the UK (making cash seem outmoded, especially to younger people). ![]() The total number of card readers in the UK is now estimated to be around 2.2 million, and the number is still growing. ![]() Over the past few years, card readers have become so ubiquitous that the vast majority of us now pay for most things with a debit or credit card, rather than paying with cash.Įver since chip and PIN technology was introduced in 2004, credit card readers have gradually taken over. Credit card reader technology and the role it plays in processing payments. ![]()
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