How Do Cashless Atms Work?
A POS (Point of Sale) Atm is a Cashless Atm Scrip machine that looks like a credit card processing terminal, but provides the ability to run transactions with a convenience fee similar to the way an Atm machine would work. The only difference is that the merchant gives cash back when honoring the scrip receipts that cardholders get from the terminal when running transactions.
Our terminals are designed to be customer activated so transactions can be run by customers before they get into line to purchase the goods and/or services that the merchant offers. This helps speed up checkout times for the merchant.
Customers simply swipe their card, and follow the instructions on the terminal's screen. They will be prompted to choose which account they want to withdraw from, the dollar amount, and then they will be asked for their PIN number. Once these steps are completed, the customer hits the enter button to send the transaction to the processor.
Once the transaction has been approved, and an approval code is sent back to the machine, the terminal prints a two part receipt. One is for the customer to keep for their records, and one that the customer will turn in to the merchant to redeem for cash, goods and/or services, or a combination of both at the merchant's cash register.
Funds are provided by the merchant who will receive their funds back by electronic deposit in 3 business days, excluding weekends. The turn-around time for merchants getting their funds is the same as if the merchant were using a regular credit card machine.
Our machines are DES-3 encrypted in compliance with banking industry security regulations to protect the card and PIN numbers of the customers using the machines. All funds are FDIC insured and are handled by the Federal Reserve through direct deposit to the merchant's account.
The customer portion of the surcharge that they receive for each transaction is electronically deposited by the 15th of every month, for each previous month's transactions. Merchants will also get a statement by mail to help them reconcile their bank accounts. The best way for merchants to make sure their accounts are credited the money paid out is to simply keep track of the daily dollar amounts for each business day of the month.
This simplifies accounting for the merchant, who also has the ability to run a daily batch report right from the machine at the end of each business day.
In the past few years, the Cashless Atm Scrip machine terminal has continue to grow in popularity as people discover it's ease of use and overall hassle free operation. Many businesses across the country are looking for ways to save credit card processing fees to help them increase their profits. This has made the Cashless Atm Scrip machine one of the fastest growing payment systems in years.