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Cashless ATMs enable you to accept bankcard payments at no cost to your business!

Different from traditional ATM’s, the cost of accepting bankcards is paid for by the customer, not the merchant. Charging a convenience fee as low as 99 cents makes it a value for the customer and profitable for the merchant!

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That is the first question everyone has when they hear Cashless ATM.  We all ask that because we associate ATM’s with receiving cash!  But if you really think about it, customers go to traditional ATMs to get funds to pay you, it just happens to be in the form of cash.

Cashless ATMs, or Point of Banking terminals, allow customers to draw funds off their bankcard and simply provides a receipt for requested amounts.  Approved transaction receipts verify the availability of requested funds.  The customer gives the merchant the receipt, the amount due is deducted and returns the remaining balance in cash.  The sale amount is transferred from the customer’s bank to the merchant’s bank just like other card payments systems, by ACH direct deposit.

Simple: Merchants save money using Cashless ATMs!  With traditional bankcard processing systems, it is the merchant that pays the processing fees associated with each credit and debit card transaction.  Even at low fixed rates, that means hundreds or thousands of dollars per month of your hard-earned profits lost to the credit card companies.

The Cashless ATM program charges transaction fees to the customer versus the merchant.  Nominal convenience fees as low as 99 cents allow merchants to pass overhead to the consumers, saving merchants money with every swipe!  Using this processing system, merchants save while still offering customers the same credit and debit services, in addition to cash access with the cash back option.

So the next obvious concern becomes cash availability.  If customers are paid cash for the balance of their drawn funds, does that necessitate keeping more cash on hand to support increased demand?

Absolutely not.  There are numerous ways merchants can create cash control.  Placing machines close to the POS area restricting non-patron use, allowing only customers purchasing services and products to use the machine can prevent excess traffic and cash requests.  Also, setting lower preset transaction amounts based on the average price of merchant products and services prevents large cash outlay.