POS MSR Philippines Grand Tech Int’l. Ent. Corp.

Table of Contents

• Introduction
• What Is a POS MSR in the Philippines?
• What Is the History of Magnetic Slot Readers?
• What Are the Benefits of Using a Card During POS MSR in the Philippines?
  • Convenience
  • Monitor Your Expenses
  • Fast Access to Cash
  • Most Cards Are Globally Recognized
• Which Card Is Better To Use During POS MSR in the Philippines?
  • Debit Card
    • Avoid Fees and Service Charges
    • No Interest Charges
    • Stay Accountable for Your Spending
    • Linked to Interest-Earning Accounts
  • Credit Card
    • Opportunity To Build Credit
    • Earn Rewards Such As Cash Back or Miles Points
    • Increased Purchasing Power
    • Purchase Items Using Installment Payment
• Where Can You Buy POS MSR in the Philippines?
• Conclusion

POS Magnetic Stripe Readers in the Philippines and Why They’re Important

Introduction

A point of sale (POS) is where customers can pay for the goods and services they get. In physical shops, POS terminals are usually composed of a computer, cash drawer, receipt printer, and barcode scanner.

Experts from the Federal Reserve Bank of San Francisco stated that “debit cards were the most used instrument [during payments and transactions], accounting for 28 percent of payments.” On the other hand, “credit cards accounted for 23 percent of payments.” To ensure that they can accommodate their customers’ preferred payment method, most retail stores have invested in card readers.

These devices, which are also called magnetic stripe readers (MSR), convert information on the magnetic stripe of a card into data that can be understood by retail software. If you’re looking for POS MSR in the Philippines, Grand Tech Int’l. Ent. Corp. has you covered. We offer a range of EC Electronics, Limited products, including Box PCs, touch monitors, cash drawers, programmable keyboards, and more. When you order from us, you can be sure that you will receive all your items on time and in excellent condition.

What Is a POS MSR in the Philippines?

A POS MSR is a device where credit and debit cards can be swiped and read. Some are attached to the side of touch monitors, while others are stand-alone units with number pads for people to punch in numbers. There are different types of magnetic card readers, including:

• One-stripe readers – Only gets limited information from a customer, usually the account number
• Two-stripe readers – Allows POS system to get both the account number and name from the card
• Three-stripe readers – Lets the seller attain customized information

The five basic interfaces for a POS MSR are the serial port direct, serial port emulation with USB, keyboard emulation with USB, keyboard wedge, and human interface device USB. It is important to note that the kind you choose will heavily depend on what type of software and hardware you have.

For example, if you have an MSR attached to your keyboard, it may be best to get a wedge interface since it uses a Y-type connection to link your keyboard to the device. This apparatus is then connected to the 6-pin DIN connector on the computer.

If you’re unsure of what to get, feel free to get in touch with our professionals at Grand Tech Int’l. Ent. Corp. We would be more than happy to answer your questions and assist you with any concerns you may have.

What Is the History of Magnetic Slot Readers?

Ralph Schneider and Frank McNamara created the first modern payment card in 1950. However, it only gave consumers the option to pay each month’s statement balance in full rather than staggered amounts. Their design became the basis for American Express and other companies to create something more like the modern-day credit or card.

In the early 1960s, International Business Machines Corporation integrated magnetic stripe (also called magstripe) verification to cards. This technology allowed data to be stored on an ordinary plastic card by magnetically charging tiny bits of code within a magnetic stripe on one side of the card.

By the 1990s, people started developing new technology that was less vulnerable to hackers. People created smart chips that helped safeguard card users from fraud and theft as it requires you to input your PIN or leave your signature. These small devices also produce a unique code for each transaction you make for easier and more efficient money-tracking purposes.

The readers for all these cards slowly develop over the years. These terminals required software and coding to collect the information and funds they needed to complete each transaction.

What Are the Benefits of Using a Card During POS MSR in the Philippines?

Here is a list of benefits of using a card to purchase your items:

Convenience

Cards give you spending power without the hassle of carrying a large amount of physical cash. All you need to do is place one in your wallet or bag before heading out, and you’ll most likely have more than enough to cover what you need to buy, especially if it’s a credit card.

They are also quicker and cheaper to use compared to cheques. Furthermore, most cards now allow you to pay for your everyday expenses, such as your internet, water, and electricity bills, using the website or mobile application your biller has.

Monitor Your Expenses

Card owners are usually able to access a record of items they’ve purchased. Some are sent account statements through the mail at the end of every month, while others can see the list online using their phones or computers.

By having an itemized list of the things you’ve bought, you will have an easier time categorizing your expenses and spotting any areas of improvement. It also ensures that you are able to take everything into account and not accidentally forget anything.