- Is my business suited to have a Cashless ATM?
If you have cash paying customers, it is quite likely that a major portion of the transaction amount will be in turn spent in your business. About 20% to 30% increase in business volume is quite common when you give cash paying customers the opportunity to obtain more cash, that they will likely use before they leave your business.
- Does the Cashless ATM accept bank cards?
Yes, it includes all major bank cards plus Visa, Master Card, and American Express with pin verification.
- What if I don't have a lot of cash on hand at any given time?
You can set the amount your customer can receive per transaction, up to four different selections, and a customer prompt.
- How much cash will I need?
Merchants think they will need a lot of extra money in their cash register but the reality is that one doesn't need that much cash at all. Only 5% of the foot traffic will use the Cashless ATM and they'll average about $40 per withdrawal. Since about half of that withdrawal will be spent in the store anyway, it means that there is a cash need of only about $200 per day. If your average daily traffic is about 200, then 5% (or 10 customers) times $20 equal $200.
- When will I get paid?
The funds that you pay out will be deposited back into your checking account within 48 to 72 hours. This is depending upon how quickly your bank posts the records and the time of day the transaction was run. It takes the same amount of time for credit card terminals to deposit money.
- How do I know I'm going to get my money?
The money is transferred through the Federal Reserve Bank, and that transfer is insured by the FDIC.
- Do I get any of the customer surcharge fees?
Yes, the merchant receives a portion of the total fee per transaction. Assuming an average traffic count/usage rate of 200/10, and a fee of $ 0.25 the total revenues will be approximately $ 2.50 per day. That's all? NO. Don't forget that adding a Cashless ATM will also increase the average daily volume by 20% to 30%! The reason to add this service is to increase your business volume.
- What do I do if I have questions or problems?
There is a technical support number on the front of your machine which you can call anytime, day or night.
- Do I need a dedicated phone line?
No. The machine only dials when a transaction is being made.
- Will there be a long distance charge to operate the Cashless ATM?
No. The equipment dials out using a toll-free access number.
- What are a merchant's responsibilities prior to installation?
A 110 power outlet (standard outlet) and a standard phone line with a jack near the chosen Cashless ATM location.
- What does the customer pay per transaction?
The surcharge varies and can be set by the merchant, typically ranging from $1.50 to $2.00 per transaction.
- What happens if the machine runs out of paper and the customer does not get their receipt?
If the paper runs completely out, the machine will take itself out of service and refuse to process any transactions until it has been reloaded with paper.
- Once I sign up, how long will it be until the equipment is installed?
In most cases, equipment can be delivered and installed in less than 7 business days.
- Are there any fees for the service?
No. The Cashless ATM makes you money.
- I'm concerned about the safety/wisdom in carrying extra cash in the register to cover these transactions.
A Cashless ATM machine is safer than cash ATMs because you never have to load a machine with 2 to 5 thousand dollars in $20 bills, tie up your cash flow, or worry about theft. The machine is of no interest to thieves since it holds no cash.
- What about reliability?
The Cashless ATM is far more reliable than a typical ATM machine because it does not rely on a cash dispenser that gets jammed, it doesn't run out of money, or give out too much money.
- What are other business costs?
A Cashless ATM is better than a cash ATM because your business insurance will not go up. There is no need to pay for an additional phone line.
- How does this affect my current merchant services?
In one sense there is no impact at all as it does not change your current service or rates. On the other hand, it can reduce the fees that you are paying by reducing the number of debit transactions that you are paying for and passing that cost on to the consumer in the form of this service.
- What about time in the check out line?
This will reduce the time in your checkout lines as consumers who have been to the Cashless ATM machine are now cash customers and will not tie up a register any more than a regular cash transaction.
- Why does the Cashless ATM increase business volume?
Think about it. How much money do you spend is based on need versus impulse? The longer a consumer is in your store, the more opportunity you have to leverage the impulse buying that all merchants count on! Providing the ATM just makes good business sense.
- I'm still more interested in a cash ATM.
We are providing this service to you at absolutely no fee to get started. The minimum cost to install a cash ATM is $8,000 to $10,000 per machine (questionable reliability), installation of an additional phone line ($100 average to install, $30 average monthly fee), a minimum of $2,000 to load into the ATM to start (tying up your cash flow), increased insurance premiums (determined by your carrier - $50 per month?). Why spend all that money before you even know what the actual demand/usage will be for an ATM? Let help you service your clients for NO START UP COSTS! Selected locations may even qualify for a registration/usage bonus!
- How does a Cashless ATM transaction work?
These devices enable customers to use debit, bank, and ATM cards to obtain cash, or a combination of cash and merchandise, from a sales clerk. The systems are located away from the sales counter, but in an area which will attract customer attention. To obtain cash, the consumer slides a card through the card-reading slot on the device. They are then taken through a series of steps explained by instructions on the terminal and prompts on the screen.
The customer is instructed to enter the personal identification number (PIN) assigned to their account, select the type of account, type of transaction, and the dollar amount. The terminal then dials the host computer at a location that the company has arranged, and switches the transaction to that location. The transaction is the switched to the appropriate bank network and on to the customer's account for approval. All of this usually takes less than 10 seconds.
This is an on-line transaction, completed ONLY IF information is correct and funds requested on hand, and it must go through a spilt second approval process. If approved, the customer's account is debited for the amount and the merchant is credited with the funds within two (2) to three (3) banking days. The terminal contains no money, but dispenses a slip notifying the merchant of the transfer of funds to his account. The merchant is then able to accept this slip, usually called a scrip, as if it were cash, with no risk!
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