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Paying with a credit device can be dated [url=http://www.thehygienerevolution.com/barbour.php]barbour paris[/url] back to around 1914. Western Union did a test and gave some of their customers a metal credit card to be used in deferring payments. At the time the credit was interest free and mostly on the honor system.
As time progressed so did the charge card. Befre the start of WWII, retailors, travel companies and gas stations offered this service to their special customers. These company based charge cards were limited by their use exclusively through the issuing company. These companies issued the cards, processed the transactions, and collected the [url=http://www.maximoupgrade.com/hot.php]hollister[/url] debts from the customer.
In [url=http://www.achbanker.com/home.php]hollister france[/url] WW II, the use of credit and charge cards was prohibited.
After WW II, credit cards became more accessible to the general public After seeing trends indicating increased travel and spending among those who held charge cards, banks became interested in credit cards-after all they were in the business of lending money, and they saw the profit potential behind attaching interest to the cards.
When banks first got into the credit card business, they were only issuing cards to local consumers. In 1951, the Franklin National Bank in New York, issued the "Charge It" card. Which allowed consumers to make charges at local retail establishments. This charge card [url=http://www.vivid-host.com/barbour.htm]www.vivid-host.com/barbour.htm[/url] system worked much like credit card systems work today. The customer would make a purchase with the card; the merchant performed a credit authorization from the network, then completed the sale. The bank would reimburse the retailer and collect the debt from the consumer at a later date. Other banks across the nation were impressed with the success of this process that within several years after the "Charge It" card they offered their customers similar services for [url=http://www.1855sacramento.com/woolrich.php]woolrich bologna[/url] making purchases at local retail establishments.
In the 1950s the first charge card was developed that allowed consumers to make charges for services and goods from a variety of retail outlets. This innovation was the Diner's Club charge card, which was [url=http://www.getconversational.com]hollister france[/url] established for business men to use for travel and entertainment expenses. The Diner's Club card gave its members up to 60-days to make payment.
The first "revolving-credit" card was issued in the State of California by the Bank of America. The card, BankAmericard, was marketed all across the state. This card set another milestone in the development of the credit card industry. The BankAmericard was the first card to give [url=http://www.1855sacramento.com/woolrich.php]woolrich parka[/url] cardholders payment options. Payment options like today's cards, let consumers pay the debt in whole or they could make monthly minimum payments while the banks charged interest on the remaining balances.
By the 1960s, bank card associations begun to emerge. In 1965, Bank of America issued licensing agreements to other banks-both large and small-across the nation. These licensing agreements allowed other banks to issue BankAmericards and to interchange transactions through issuing banks.
By 1969, most independent bank charge cards had been converted over to either the BankAmericard or Master Charge cards.
Eventually, charge card issuing and processing became too large of a task for the banking industry to handle. That is what lead to the emergence of credit card associations such as Interlink Association, Western States Bank Card Association, and National BankAmericard Inc. Current associations include Visa and Master Card.
The next major changes in the credit card industry involved streamlining transaction processing and reducing credit card fraud. Electronic authorizations were developed in the early 1970s which allowed retailors the ability to check a customers credit limit 24 hours per day.
By the mid 1970s, the credit card industry started exploring international waters, but had some difficulty because of the name association; "America" in BankAmericard, for instance. This lead to the renaming of [url=http://www.thehygienerevolution.com/barbour.php]barbour[/url] BankAmericard to Visa and Master Charge followed suit by changing its name to Master Card.
By 1979, electronic processing was improving. Electronic dial up terminals and magnetic strips on the back of credit cards allowed retailers to swipe [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] the customer's [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] credit card through the dial up terminal, which accessed issuing bank card holder information. This process gave authorizations and processed settlement agreements in a mater of 1-2 minutes. An added benefit was paper reduction.
The early 1980s, gave birth to the first Automatic Teller Machines (ATMs), which allowed consumers access to cash, and to make deposits, 24 hours [url=http://www.vivid-host.com/barbour.htm]barbour uk outlet[/url] a day across our nation [url=http://www.mquin.com/giuseppezanotti.php]giuseppe zanotti sneakers[/url] and in other countries as well. Account users could obtain cash in many different currencies.
Since its existence, Visa has been a leader in credit card innovation. Because of this they have emerged as the world's leading credit card association with over 1-billion cards being issued, and carrying over 50% of all credit card transactions conducted world wide.
"Visa (International) is a "not for profit" organization comprised of over 40,000 member Banks and MasterCard is a for "Profit" company who issues credit cards and sets and maintain rules for credit card acceptance and processing. They are both run by board members who are mostly high-level executives from their member banks and industry heavy hitters."
There are five leaders in the credit card industry: Visa International, MasterCard, American Express, Discover and Diner's Club. There are others trying to penetrate the industry like check processing companies, Euro Card, JCB and ATM companies but credit cards still account for over 90% of all e-commerce transactions !
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Mike Knudtson is co-founder of the Fastcharge.com and founder of Electronic Transfer, Inc., a provider located in Spokane WA. He has helped thousands of merchants set up retail and ecommerce payment processing for their business. Electronic Transfer, Inc. is one of the leading merchant service companies serving merchants since 1989.
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