Debit Payment Cards

Debit Payment Cards

Payment cards have been used in the UK for many years now and have become part of our society. Back in the 1980’s when cash was always used as a payment source, it became evident that banking institutes had to come up with a way for money that everyone earned had to be deposited to them so that their business could thrive and push harder on investments.
In 1987 Barclays where the first to introduce a plastic card known today as a debit card, cash card or payment card. The introduction of the payment card in to the UK revolutionized e country overnight enabling consumers to withdraw cash from ATM (automated teller machines) as and when you needed to based on their being sufficient funds in the bank account.
With the introduction of the payment cards it also revolutionized businesses as over night.

Processing wages
Withdrawing / holding cash
Paying staff

Processing wages was a long drawn out process as most employees were paid out weekly which put a large burden on businesses as all payments logged were mainly done by cash accounting as many businesses were still getting to grips of the introduction of computers where computers were mainly used by larger organizations.

Withdrawing and holding cash was a large part of running a business where all staff was paid cash in hand. With weekly trips to your local bank withdrawing large amounts of cash or often holding the cash withdrawals either in the office of at home made them prone to robberies.

Paying staff was the largest investment for. Most businesses as some organisations had employees working off site so supervisors or managers were a key part of their business, organising weekly runs to visit staff and getting them all paid on time.
With the introduction of payment cards his changed how people are paid forever making it more cost efficient for businesses and instant access for employees to access money paid directly I to their account.

Tags:  Bank Accounts, cash card, debit cards, debit payments cards