Did you know that the earliest forms of credit cards were introduced when Flatbush National Bank banker, John Biggins, developed the system in 1946. Before that, “Bob” would walk into his favorite local supermarket and make a purchase with the store owner through cash or in store charge accounts. The store owner would open his black book and write out the purchase and note that he would collect the balance at a later date. This was not very organized and only favored people with personal relationships with their merchants and it was not readily available to all.
John created “Charg-it”, which allowed for customers to charge their local retail purchases. The merchant then deposited the charges at Flatbush National Bank, the bank would pay the merchant for the sale and collect the payment from the cardholder. This kicked off a long and complicated industry that is centered around the convenance of transfering payments quickly.
The Credit Card Industry is always revolving; every day it seems there is a new innovation.
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