If you are considering an ATM for your business you’ve come to the right place. Would you like to increase foot traffic and boost bottom line profits while providing an added convenience for your customers? Than a Cashless ATM is for you. A cashless ATM serves the same purpose as a “regular” ATM but at a fraction of the cost. Plus it’s much smaller and more compact than a traditional ATM. As a matter of fact, it’s barely larger than a desktop calculator.
Here’s how it works:
A customer swipes his/her ATM card, bank card or debit card through the machine. Then they enter the amount of cash they want and their pin number. Once approved, the machine prints a scrip receipt, which they take to the cashier at your place of business who then gives them the cash.
For every processed transaction there’s a surcharge (which you set). You’ll get that total amount minus your “merchant buy rate” which is .75 per transaction. So if you set the surcharge at $1.75, you will make $1.00 each and every time someone uses the machine. Most businesses charge between $1.50 and $2.00.
The point of banking system is intended to work with your customers’ debit cards, ATMs, and credit cards to get cash and let them spend more in the store. The point of the banking machine is like a standard credit card processor. Difference is that the terminal loads a custom software program, so it only runs the PIN-based transaction, and the small convenience fees payable by cardholders. This fee will be used to pay for any processing fees incurred. You will put money in their hands and spend more on your business, and it will not cost you anything.
Furthermore, recent studies show that once they withdraw the cash, they are going to spend the majority of that cash right there at your place of business.
So how much extra revenue can you expect with a free cashless ATM machine? That depends on how much floor traffic you receive through your Cashless ATM services.