Moneris eBooks

No Money, No Problem: Payment Processing 101

Issue link: https://insights.moneris.com/i/571906

Contents of this Issue

Navigation

Page 1 of 8

No Money, No Problem: Payment Processing 101. P. 2 > No Money, No Problem Imagine it is 1948 and you own a small Italian restaurant in New York City. A young couple finishes off a bottle of wine after a three-course meal, and requests the bill. The wait staff returns a few minutes later to report that the couple forgot all their money at home. What do you do? Perhaps they ended up washing dishes that night? Luckily, a man named Frank McNamara solved this problem in 1950 when he created the first credit card after a similar dining experience. Frank's wife bailed him out to pay the bill at the time, but his embarrassment led to the invention of the Diner's Club Card, allowing New Yorkers to charge purchases and pay the bill at the end of the month. Not only did Frank's idea save people from the shame of forgetting their wallet at home – and keep them from washing dirty dishes – but it also paved the way for the credit card system as we know it today. Since the time of Frank McNamara, a lot of different forces have shaped the way credit cards exist today. Many electronic enhancements have been made in recent years to further streamline and enhance the entire payment processing experience, for both consumers and businesses. Many electronic enhancements have been made in recent years to further streamline and enhance the entire payment processing experience, for both consumers and businesses.

Articles in this issue

Links on this page

view archives of Moneris eBooks - No Money, No Problem: Payment Processing 101