In recording a purchase, the plate was laid into a recess in the imprinter, with a paper "charge slip" positioned on top of it.
The record of the transaction included an impression of the embossed information, made by the imprinter pressing an inked ribbon against the charge slip.
When an authorized user made a purchase, a clerk retrieved the plate from the store's files and then processed the purchase.
Charga-Plates speeded back-office bookkeeping and reduced copying errors that were done manually in paper ledgers in each store.
In other words, credit cards combine payment services with extensions of credit.
Complex fee structures in the credit card industry may limit customers' ability to comparison shop, help ensure that the industry is not price-competitive and help maximize industry profits.
Many modern credit cards have a computer chip embedded in them as a security feature.
The card number's prefix, called the Bank Identification Number, is the sequence of digits at the beginning of the number that determine the bank to which a credit card number belongs.The Charga-Plate, developed in 1928, was an early predecessor of the credit card and was used in the U. It was embossed with the customer's name, city, and state.It held a small paper card on its back for a signature.This is the first six digits for Master Card and Visa cards.The next nine digits are the individual account number, and the final digit is a validity check code.