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The difference between Smart Cards and Mag Stripe Cards is simple.
Smart Cards carry all of their account
information, card balance and account number, security algorithm and specific
location code, right there on the card. Your
customer’s money is actually on the card. Transactions or vends are processed by
the individual card reading devices on each machine. None of the readers are
connected to a PC or central computer, they are, in fact, miniature computers
themselves. Smart card systems require no hard wiring and are extremely reliable
as they do not rely on a central PC to operate.
Magnetic Stripe Cards, like smart cards, carry information, but not quite the same
way Smart Cards do. Mag Stripe cards carry an account number along with a
security code as well as a location code. They do not however carry the actual
card balance. Each and every customer will carry a card which will indicate
their account and any funds they have added to or subtracted from their account.
That account is stored in a PC or central computer which all of the card reading
devices and add value devices are wired to and must constantly communicate with.
There is some risk that the PC or central computer however a smart card(s) are provided as a failsafe for un-interrupted service.
The Mag stripe systems provides superior tracking and reporting of your entire store's income over the smart cards.
Magnetic card are generally less expensive than smart cards.
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