||Atm scrip machine, Script atm machine, Cashless atm machine, Mini-atm
machines, Bank machine, Atm machine business, Atm investments, Scrip processing
About ATM-like Devices - How Does Point of Banking Work?
Point of Banking machines look like a credit card processing terminal, but provide 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. Receipts can be used by customers only at the merchant's place of business for goods, services, or cash.
Unlike a credit card machine which costs merchants a percentage of each sale, the cashless atm has a convenience fee that the customer pays so the merchant doesn't have to pay any processing fees. Many merchants have a low surcharge on their machines (like 99 cents) so their customers don't complain about paying a convenience fee for the transaction.
|Customers prefer PIN-based debit cards for convenience and greater security.|
PIN based debit cards are now used MORE than credit cards and have exceeeded POS credit card payments, according to industry statistics
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 which sends the transaction to the processing networks enroute to the customer's bank for approval.
Once the transaction has been approved, and the approval code has been sent back to the machine, the terminal prints a two part receipt. One is for the customer to keep for their records, and the other is for the customer to keep. Funds are provided by the merchant who receives their funds back to their bank account by electronic deposit in about 3 business days (excluding weekends, and holidays). The turn-around time for merchants getting their funds is the same as if the merchant were using a credit card machine.
Point of Banking terminals can be setup to be merchant activated (cashier operates the terminal just like they would if they had a credit card machine), or it can 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. For an overview of how Point of Banking works, Click Here.
The merchant's profit made from 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.
For tips on choosing the most effective convenience fee for your business, Click Here.
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 from 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.
Bank Card Processing through Point of Banking has continued to grow in popularity as merchants discover it's ease of use and overall hassle free operation. It's also a great way to discontinue taking checks, even though Electronic check processing (Check 21) has made collecting checks much quicker. Most businesses across the country are looking for ways to save credit card processing fees to help them increase their profits. This has made the Point of Banking machine the fastest growing payment product in years.
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