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Online Payment Processing – We’ve Come a Long Way

Online payment processing begins way back before the Internet came into existence.  It begins with the first credit card.  The first credit card was introduced 63 years ago. It all began as three men; Frank X. McNamara, Alfred Bloomingdale, and Ralph Sneider, were eating at Major's Cabin Grill, a famous New York restaurant located next to the Empire State Building, and discussing the predicament of another man who owed McNamara money but who was unable to pay.dinersclub1

Ironically, at the end of the meal, McNamara reached for his wallet so as to pay for the meal in cash and was shocked when he found out that he had forgotten his wallet. Now he was the one who was unable to pay.   To his utter embarrassment, he then had to call his wife and have her bring him some money. McNamara vowed that this would never happen to him again.

At the time, businesses offered store specific credit cards, but consumers had to carry dozens of cards with them everywhere they went.  McNamara decided that there should be one card that serviced many stores, thus eliminating the hassle of carrying so many cards around.  Thus the Diners Card was born.

The first Diners Club credit cards were given out in 1950 to 200 people (most were friends of McNamara).  At the time, only 14 restaurants in New York accepted the cards, as the initial business plan was to target salesmen who needed to dine out a lot.

It took a while for merchants to get used to the Diners Club's fee and for them to feel good about allowing competition for their own store cards. However, the concept of the card finally took hold and by the end of 1950, over 15,000 people were using the Diners Club credit card.

Today, online payment processing has carried McNamara’s same basic concept into the 21st century on a grander, more global scale.  Whereas McNamara’s Diners Card allowed businessmen to buy lunches from various restaurants around the city, online payment processing allows anyone essentially buy whatever they want from whomever they please, worldwide.

You can start writing your own online payment processing history today.  It’s simple to sign up when you call National Processing.

Posted in Credit Cards, Merchant Account, online payment processing, Online Payment Solutions, Payment Processing on Aug 08, 2013