PIN-based, in-store cashless ATMs are currently a popular option for CBD based businesses. They also reduce cash on site, as only change is needed (say a customer ran a $20 charge and spent $18.90, they’d be given $1.10 in change). They’re usable via an array of in-store and wireless terminals that are extremely easy to use.
Both customers and store owners benefit here, as customers are able to work with familiar ATM setups that allow for quick and easy approval and setup as no integration with existing POS systems are necessary while offering end-to-end encryption. Plus, integration is available for select POS partners as well.
Point Of Banking systems look like typical credit card processing hardware. Customers can swipe their debit card, enter their pin, and upon approval receive their products. Funds are debited from a customer’s account and deposited into your merchant account within a few business days. They typically offer no cost processing to businesses, do not require the floor space of an ATM, and reduce cash flow.
With Point of Banking systems, customers are charged a small convenience fee, while store owners are only responsible for set up and small monthly maintenance fees. Store owners also avoid high, and often fluctuating, credit card rates and fees associated with traditional credit card processing, making them a reliable option for most high-volume, low transaction amount retail stores looking to allow customer options that they’re accustomed to seeing at mainstream retail locations.
Benefits to both customers and store owners are plentiful, including reduction in chargebacks because of card present, pin-based transactions, no merchant fees paid by the store owner, and discrete transactions that show up as ATM withdrawals on consumer banking statements.