Magnetic stripe readers like the Posiflex FMR2000, available from POSmarket.com.au , are POS (point of sale) devices that are used for interpreting data found on a magnetic stripe of credit, debit and other payment cards. The magnetic stripe reader that reads and verifies the information found on the card with the card issuer in real time and thus credits the vendor’s account while debiting the card holder’s account.
There are two types of magnetic stripes. They are:
- The high-coercivity version- This magnetic stripe is a stripe that is is harder to erase
- Low-coercivity version- This magnetic stripe requires minimal magnetic energy to record
Magnetic stripe readers have the ability to read both types of magnetic stripes. Different models of magnetic stripe readers are used for differing applications:
- VeriFone Omni 396 Terminal and Nurit 2080 Terminal magnetic stripe readers are used in retail applications for processing credit and debit cards and gift card payments
- The Matrix MX2 Magnetic Stripe Card Reader is used in access control scenarios to read employee and guest ID badges
- The IntelliStripe 60 and the Swipe and Park magnetic stripe readers are used to read smartcards
- Magstripe insert card reader and the Semtek manual insert card reader are used in applications such as magnetic stripe readers for ATMs, gas pumps and vending machines
Magnetic stripe readers can be maintained and cleaned using specially made cards that can remove the dirt, oil and residue of reading equipment. Wireless magnetic stripe readers are also manufactured in cases where sales are being made away from an office or retail store. Factors that should be considered when purchasing a magnetic stripe reader in order to purchase the most suitable device for each differing situation. These include:
- Coercivity
- Type of track
- Data density of the card
- Magnetic head life
- Interface
- Thickness of the card