Magnetic stripe technology is found in many cards including credit cards, gift cards, membership cards etc. It not only enhances the security of the card but also adds value to it.
The technology can be used in any plastic card by adding a magnetic stripe on the back or front of the card depending on which direction you need to swipe it.
While there are other technologies too that can be used they won’t provide the same benefits as magnetic stripe technology, which includes low cost, rewritable data, high capacity, high security and ease of use.
They are needed in workplaces to open doors, at ATM machines to clear payment and at stores to read cards. For this purpose readers from companies like Lintechtt are used as they are reliable and come with other benefits as well. You must have a high-quality card reader to be able to enjoy all that a magnetic card offers.
Here are four reasons to use magnetic stripe technology:
A lot of businesses and even small shop owners prefer to do transactions on magnetic card readers because most customers carry a credit card when they go shopping.
It’s more convenient to have a device and access money from the customer’s credit card than to deal in cash because it reduces the risk of theft and also help keep track of transactions.
Almost all businesses accept credit cards now and those who do not run the risk of losing customers as the fact is many customers do not carry cash at all and hence can do business only at a store that accepts plastic money.
2. Easy To Use
Cards that work on magnetic stripe technology such as credit and debit cards are very easy to use. A magnetic stripe can save up to 60 characters magnetically and upon a single swipe on a magnetic reader, the data stored on the card is fed to the computer and transaction is processed if the information matches.
The magnetic stripe behind credit and debit cards usually contains an account name and number. One it matches, you only need to enter your code manually to approve the transaction and finalise things.
Credit cards are durable as there is no risk of damage to them. Most of the cards are made of high quality material and stay fine for a good few years.
There is the risk of the stripes getting damaged, but that hardly happens as they can handle even water and dirt without any trouble. This is not the case with paper money, which can get soiled and damaged very easily. In fact, damaged money causes loss of millions to the economy, which is also why governments in many countries are pushing for a paperless economy as it seems to help everyone.
Unlike other technologies, information from magnetic stripes is hard to steal. Firstly, the information that is stored on these cards is not easily readable because it is stored in binary codes (1s and 0s). Secondly, latest data encryption technology is used on these stripes to enhance security.
Magnetic cards aren’t only confined to credit and debit cards but they also include student ID cards, driver’s licenses, train/bus cards, visa and mastercards etc.