A cashless ATM, also called a point-of-banking solution, is a payment method that allows customers to purchase goods or services using a debit card similar to the way they would withdraw cash from an ATM machine.

However, instead of dispensing cash, a cashless ATM terminal generates a receipt at the point of sale and those funds are deposited into the merchant’s account.

Initially, the system was designed to serve as an alternative payment option for high-risk businesses and it has been embraced by many business types such as those who rely on credit card processing.

Who Needs a Cashless ATM Solution?

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Almost every business can use a cashless ATM. Some of the businesses that can easily use point-of-banking include the following:

 

 

Features and Benefits of Cashless ATMs

 

 

 

 

How It Works

 

 

When the consumer or customer comes to the store, they will swipe their card and follow the instructions on the screen. After they have entered their 4-digit pin, a voucher will be printed to serve as payment for the service or product. The merchant is supposed to keep the receipt for reference. The money typically clears and reaches the merchant’s bank account within 48-72 hours.

 

 

Application Process

 

 

To begin accepting payments via cashless ATM, there are various steps involved: