As people grow more accustom to shopping online with debit and credit cards, they’ll expect the same courtesy from the brick and mortar establishments that they patronize. As if the demand for customers wasn’t enough, the world’s governments are also taking steps to create a cash free society. If you don’t have a viable way of accepting electronic payments then you’ll certainly be driven out of business. Unfortunately, it can be extremely expensive to pay for the processing fees that the banks and card companies charge.
What is a Cashless ATM?
The term sounds like an oxymoron, because ATM’s are the places where most people turn when they need cash. However, a cashless ATM, aslo known as point of banking, is a port that permits a brick and mortar business to take payments from debit and credit cards without the outrageous processing fees. The customer makes a transaction at the cashless ATM and receives a receipt to take to the counter. Accepting the ATM receipt is equal to taking cash, eliminating processing fees for your business.
Do I Need a Cashless ATM?
Electronic payments offer security to your customers, because a lost debit or credit card can be canceled where as lost money is never recouped. This is the primary reason that so many people now prefer a card to using cash. If your business doesn’t take electronic transactions then you run the risk of losing patrons to your competitors. Having a credit card terminal allows you to accept these payments, but the fees can annually cost you thousands. However, the inability to process card payments is going to become more and more detrimental to a small or large business.
The US government is scheduled to spend more than $717 million to print coins and currency in 2015, and there’s definitely an effort to move away from printing currency. The governments of the world are now cooperating with financial institutions to assist the move to a cashless society. You definitely need a way to take credit and debit card payments, but not if the processing fees are going to bankrupt you.
Do I Need to Keep Extra Cash at the Business?
While a cashless ATM does permit customers to withdraw money from their cards, you have the ability to preset how much they withdraw with each transaction. Customers must also make a transaction in order to make a withdrawal so there’s really no need to keep a surplus of cash on hand. The customer can purchase scrip receipts for predetermined amounts and then use the receipt just as they would use cash. A $20 scrip receipt is just as convenient as accepting a $20 bill. The difference is there are no additional fees and your customers can get the change they need.
What to learn more about cashless ATM’s and how they can benefit your busines? Contact an expert at Painless Processing today!