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

Tuesday, February 1, 2022

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 for POS MSR in the Philippines?

• Convenience
• Monitor Your Expenses
• Fast Access to Cash
• Most Cards Are Globally Recognized

Which Card Is Better To Use for POS MSR in the Philippines?

• Debit Card
  • Avoid Fees and Service Charges
  • Don’t Put You Into Debt
  • Linked to Interest-Earning Accounts
• Credit Card
  • Opportunity To Build Credit
  • Earn Rewards
  • Increased Purchasing Power
  • Purchase Items Using Installment Payments

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 for 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.

Fast Access to Cash

Since most stores have a magnetic card reader, it’s no surprise that you can now use your card at various locations. The process is much faster and easier with a card. With it, you don't have to worry about carrying cash or finding an ATM nearby that you’ll have to withdraw from.

Plus, since all cards are small and thin, it won’t be too hard for you to bring them with you anywhere you go. All you have to do is place one inside your wallet, and you’ll be good to go. If you’re planning to shop online, you won’t have to worry either since you can simply link your bank account to a piece of software. Most applications usually have a secure payment system, so you won’t need to be concerned about anyone stealing your personal information.

Most Cards Are Globally Recognized

Traveling to another country would require you to get bills in their currency through banks or other financial institutions. However, you won’t have to go through the trouble of doing so with a card as most are globally recognized. All you have to do to buy the items that caught your eye is to swipe your card along the magnetic slot reader, and the total costs will be automatically deducted from your balance.

You may receive a message from your bank about the validity of a transaction overseas. However, you don’t need to be alarmed if the specified amount and time coincide with the details of your purchase. In the event that the numbers don’t match up, it would be best if you alert them regarding the discrepancy to figure out what happened.

If you have a POS MSR in the Philippines, you can provide all the benefits mentioned above to your customers. It can even make your store more popular since having one means that you can now serve people who prefer to pay with their cards. To learn more about the EC Line products we offer at Grand Tech Int’l. Ent. Corp., feel free to get in touch with us today.

 

Which Card Is Better To Use for POS MSR in the Philippines?

Debit Card

Primarily used to withdraw cash from an ATM or make purchases at a store, debit cards also function as a place to store your extra money. Having one has numerous benefits, including:

Avoid Fees and Service Charges

There are numerous fees you won’t get charged with if you own a debit card. These include the following:

• Account Maintenance Fee – Most debit cards in the Philippines do not have this kind of fee. However, account owners are required to maintain a minimum balance so that banks don’t charge you the next time you deposit money. If you don’t meet this requirement for months at a time, financial institutions may be forced to close your debit card.
• Overdraft Fees – If you make a purchase and the funds in your account are not enough, your bank can supplement the lacking funds instead of declining the payment. However, they will charge you a fee for doing so. With a debit card, you won’t ever have to worry about this since you’ll only be spending your own money.
• Annual Fees – This is a yearly charge that banks and other financial institutions charge to all their customers who make use of their credit cards. If you opt for a debit card, you can avoid this added expense and allot your money to other important payments.

Don’t Put You Into Debt

When you use your debit card to pay for something, you’re using the money you placed into the account yourself. This means that you don’t owe any external party anything. On the other hand, when you utilize a credit card, you’re essentially borrowing money from a bank. You’re also obligated to pay them back before the month ends.

Although it seems simple, many people have fallen into the trap of spending more than they can. As a result, they receive late fees and increased interest rates while incurring damage to their credit score. Those who continue to miss payments may even eventually be sued and have their wages garnished.

Linked to Interest-Earning Accounts

Aside from providing you with a secure place to store your money, savings accounts can help you earn as much as you save. The amount you gain from actively using your debit card would depend on your service provider, as each bank has different interest rates. This is why it is essential that you also consider this when choosing which financial institution you want to open an account under

You are able to gain interest because, in a way, banks borrow money from their depositors. They do so by using the money stored in their clients’ accounts and lending it to other customers. This is why they also charge their loan customers a higher interest rate than what was paid to their depositors.

Credit Card (H3)

Commonly used to borrow money from a bank, credit cards are a way for people to pay for goods and services or receive loans. Owning one also has numerous advantages, such as:

Opportunity To Build Credit

Building credit is not an easy task, especially if you are just starting out. This number indicates the amount you can borrow from a financial institution. Furthermore, it is highly dependent on your ability to repay the amount they lent you through a car loan, personal loan, or mortgage.

Credit cards are a great way to build your credit. They allow you to create a positive credit history and enable you to borrow money when you need it. However, as much as they can be helpful, they can also be harmful if not used properly. This is why you should always know the terms and conditions of the card before signing up for one and make sure that you pay off your balance in full every month.

Earn Rewards

Aside from providing you with a convenient way to pay your bills, credit cards also help you get a few extra perks. Banks nowadays offer rewards programs for their customers who use the cards responsibly, paying off their respective balances every month. Some of the popular rewards programs include:

• Cash Back – This is a form of rebate that credit card companies typically offer. It is usually given when you make a purchase with your credit card since you will receive a percentage of the total amount you spent. You can even use the money you get on your subsequent few purchases.
• Points – The more you use your credit card, the more you receive points. These marks can usually be redeemed, and you can choose to get a discount for your next shopping spree, receive gift cards for specific stores, or donate to your chosen charity.
• Miles – Most banks partner with airlines to provide their credit card holders with discounted trips to different locations. Once you’ve accumulated enough miles, you can redeem a seat or two and go on a well-deserved trip.

Increased Purchasing Power

Purchasing power is the amount of money that an individual can spend in a given period. It is measured by one’s ability to buy goods and services with cash or credit. In addition, it is determined by inflation, the cost of living in an area, and personal income.

A credit card is an easy way to increase your purchasing power and make your life easier. They can provide you with extra funds that you simply need to pay back every month. With the help of these items, consumers can now buy anything they want or need. So long as you don’t miss the deadline when it comes to settling your bill, you won’t have to worry about anything.

Purchase Items Using Installment Payments

Installment payment allows you to make payments over a specified period. It is a popular option for people who don't have the funds to pay for their purchases upfront. Furthermore, it has numerous benefits, including lower interest rates and flexible repayment options.

Currently, many banks in the Philippines allow their credit card holders to pay using such an option. Some even offer plans with 0% interest, which means that the merchant will absorb the added expenses rather than having you pay for them.

 

Where Can You Buy POS MSR in the Philippines?

If you’re planning to buy a POS MSR in the Philippines for your shop, then turn to none other than Grand Tech Int’l. Ent. Corp. We offer a range of products from different brands, including ones from EC Line. For additional information about our company and what we offer, feel free to reach out to us today.

 

Conclusion

Used in stores, malls, and restaurants, POS MSRs in the Philippines can now be seen in almost every establishment as consumers slowly switch from cash to card payments. The magnetic strip on the back of credit cards makes it possible for these devices to read cards with ease.

At Grand Tech Int’l. Ent. Corp., we can provide you with these products as well as a range of other POS devices. Our team would also be more than happy to give you advice if you aren’t too sure which ones to get for your shop. Contact us today!

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

Monday, January 3, 2022

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 for POS MSR in the Philippines?

• Convenience
• Monitor Your Expenses
• Fast Access to Cash
• Most Cards Are Globally Recognized

Which Card Is Better To Use for POS MSR in the Philippines?

• Debit Card
  • Avoid Fees and Service Charges
  • Don’t Put You Into Debt
  • Linked to Interest-Earning Accounts
• Credit Card
  • Opportunity To Build Credit
  • Earn Rewards
  • Increased Purchasing Power
  • Purchase Items Using Installment Payments

 

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 for 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.

Fast Access to Cash

Since most stores have a magnetic card reader, it’s no surprise that you can now use your card at various locations. The process is much faster and easier with a card. With it, you don't have to worry about carrying cash or finding an ATM nearby that you’ll have to withdraw from.

Plus, since all cards are small and thin, it won’t be too hard for you to bring them with you anywhere you go. All you have to do is place one inside your wallet, and you’ll be good to go. If you’re planning to shop online, you won’t have to worry either since you can simply link your bank account to a piece of software. Most applications usually have a secure payment system, so you won’t need to be concerned about anyone stealing your personal information.

Most Cards Are Globally Recognized

Traveling to another country would require you to get bills in their currency through banks or other financial institutions. However, you won’t have to go through the trouble of doing so with a card as most are globally recognized. All you have to do to buy the items that caught your eye is to swipe your card along the magnetic slot reader, and the total costs will be automatically deducted from your balance.

You may receive a message from your bank about the validity of a transaction overseas. However, you don’t need to be alarmed if the specified amount and time coincide with the details of your purchase. In the event that the numbers don’t match up, it would be best if you alert them regarding the discrepancy to figure out what happened.

If you have a POS MSR in the Philippines, you can provide all the benefits mentioned above to your customers. It can even make your store more popular since having one means that you can now serve people who prefer to pay with their cards. To learn more about the EC Line products we offer at Grand Tech Int’l. Ent. Corp., feel free to get in touch with us today.

 

Which Card Is Better To Use for POS MSR in the Philippines?

Debit Card

Primarily used to withdraw cash from an ATM or make purchases at a store, debit cards also function as a place to store your extra money. Having one has numerous benefits, including:

Avoid Fees and Service Charges

There are numerous fees you won’t get charged with if you own a debit card. These include the following:

• Account Maintenance Fee – Most debit cards in the Philippines do not have this kind of fee. However, account owners are required to maintain a minimum balance so that banks don’t charge you the next time you deposit money. If you don’t meet this requirement for months at a time, financial institutions may be forced to close your debit card.
• Overdraft Fees – If you make a purchase and the funds in your account are not enough, your bank can supplement the lacking funds instead of declining the payment. However, they will charge you a fee for doing so. With a debit card, you won’t ever have to worry about this since you’ll only be spending your own money.
• Annual Fees – This is a yearly charge that banks and other financial institutions charge to all their customers who make use of their credit cards. If you opt for a debit card, you can avoid this added expense and allot your money to other important payments.

Don’t Put You Into Debt

When you use your debit card to pay for something, you’re using the money you placed into the account yourself. This means that you don’t owe any external party anything. On the other hand, when you utilize a credit card, you’re essentially borrowing money from a bank. You’re also obligated to pay them back before the month ends.

Although it seems simple, many people have fallen into the trap of spending more than they can. As a result, they receive late fees and increased interest rates while incurring damage to their credit score. Those who continue to miss payments may even eventually be sued and have their wages garnished.

Linked to Interest-Earning Accounts

Aside from providing you with a secure place to store your money, savings accounts can help you earn as much as you save. The amount you gain from actively using your debit card would depend on your service provider, as each bank has different interest rates. This is why it is essential that you also consider this when choosing which financial institution you want to open an account under

You are able to gain interest because, in a way, banks borrow money from their depositors. They do so by using the money stored in their clients’ accounts and lending it to other customers. This is why they also charge their loan customers a higher interest rate than what was paid to their depositors.

Credit Card

Commonly used to borrow money from a bank, credit cards are a way for people to pay for goods and services or receive loans. Owning one also has numerous advantages, such as:

Opportunity To Build Credit

Building credit is not an easy task, especially if you are just starting out. This number indicates the amount you can borrow from a financial institution. Furthermore, it is highly dependent on your ability to repay the amount they lent you through a car loan, personal loan, or mortgage.

Credit cards are a great way to build your credit. They allow you to create a positive credit history and enable you to borrow money when you need it. However, as much as they can be helpful, they can also be harmful if not used properly. This is why you should always know the terms and conditions of the card before signing up for one and make sure that you pay off your balance in full every month.

Earn Rewards

Aside from providing you with a convenient way to pay your bills, credit cards also help you get a few extra perks. Banks nowadays offer rewards programs for their customers who use the cards responsibly, paying off their respective balances every month. Some of the popular rewards programs include:

• Cash Back – This is a form of rebate that credit card companies typically offer. It is usually given when you make a purchase with your credit card since you will receive a percentage of the total amount you spent. You can even use the money you get on your subsequent few purchases.
• Points – The more you use your credit card, the more you receive points. These marks can usually be redeemed, and you can choose to get a discount for your next shopping spree, receive gift cards for specific stores, or donate to your chosen charity.
• Miles – Most banks partner with airlines to provide their credit card holders with discounted trips to different locations. Once you’ve accumulated enough miles, you can redeem a seat or two and go on a well-deserved trip.

Increased Purchasing Power

Purchasing power is the amount of money that an individual can spend in a given period. It is measured by one’s ability to buy goods and services with cash or credit. In addition, it is determined by inflation, the cost of living in an area, and personal income.

A credit card is an easy way to increase your purchasing power and make your life easier. They can provide you with extra funds that you simply need to pay back every month. With the help of these items, consumers can now buy anything they want or need. So long as you don’t miss the deadline when it comes to settling your bill, you won’t have to worry about anything.

Purchase Items Using Installment Payments

Installment payment allows you to make payments over a specified period. It is a popular option for people who don't have the funds to pay for their purchases upfront. Furthermore, it has numerous benefits, including lower interest rates and flexible repayment options.

Currently, many banks in the Philippines allow their credit card holders to pay using such an option. Some even offer plans with 0% interest, which means that the merchant will absorb the added expenses rather than having you pay for them.

 

Where Can You Buy POS MSR in the Philippines?

If you’re planning to buy a POS MSR in the Philippines for your shop, then turn to none other than Grand Tech Int’l. Ent. Corp. We offer a range of products from different brands, including ones from EC Line. For additional information about our company and what we offer, feel free to reach out to us today.

 

Conclusion

Used in stores, malls, and restaurants, POS MSRs in the Philippines can now be seen in almost every establishment as consumers slowly switch from cash to card payments. The magnetic strip on the back of credit cards makes it possible for these devices to read cards with ease.

At Grand Tech Int’l. Ent. Corp., we can provide you with these products as well as a range of other POS devices. Our team would also be more than happy to give you advice if you aren’t too sure which ones to get for your shop. Contact us today!