Business Financing
  POINT OF BANKING CASHLESS ATM SCRIP

It's a known fact, in today's economy that society is increasingly leaning towards cashless electronic transactions for business and personal purchases of all sizes. This trend is here to stay because of convenience and acceptance by the general public, and because electronic transactions bring the cost of doing business down for financial institutions. It also helps the environment through a considerable reduction in the use of paper products which saves natural resources, and helps keep our landfills free of waste that is never created because of electronic transactions.

By providing convenient payment options for your customers, you are enabling them to buy more which increases sales averages per customer. This is known as 'soft benefits' due to impulse buying, something every merchant needs to increase their daily sales in order to see bigger profits. After all, your company is in business to make money and
accepting bank cards can help you make more of it by providing a method of payment people expect you to accept.

Over 70% of U.S. household use debit cards & bank cards! Cash in on this market without going in debt like those who use merchant accounts do. The banking industry is now saying that consumers are making more purchases using their debit cards than they are using credit cards! And the numbers are continuing to grow as more and more people are seeing the value of paying straight from their bank account with their debit cards rather than carrying cash. There are also millions of young people coming of age in the next several years, and they've grown up expecting the convenience of quick ATM access . . . are you ready to add profit to your bottom line by providing it to them? We stand ready to provide the kind of quality equipment, and ongoing service support that will enable you to enjoy the benefits of hassle-free cashless ATM access in your place of business.

What is a Point of Banking Terminal (ATM Scrip Machine)?
ATM SCRIP works similar to a standard atm machine, except there is no cash inside. That's where the 'SCRIP' part comes in. When a customer uses an ATM SCRIP machine they swipe their card & enter their PIN (personal identification number) as they normally would, but the machine prints out a scrip receipt of the transaction, instead of
dispensing cash. The customer then gives the scrip receipt to the cashier, to pay for whatever products or services that are rendered. The scrip can only be used at your place of business, and results in increased sales & profits.

The merchant gets to choose the amount of money a customer can get through the scrip machine, such as $20, $40, $60, etc. The cashier, in return for the scrip receipt, issues change to the customer just as though the customer has presented cash. Funds paid out by merchants through use of their ATM SCRIP machine, electronically deposited into their bank account, at a profit. The profit on each transaction is a portion of the convenience fee. Each transaction earns the merchant a portion of the surcharge that is charged to the customer's card. This is where atm machines make money.

If the business had decided to go with a traditional merchant account, they would have to pay money for the customer's convenience to use their bank card by paying fees instead of making money for the customer's convenience to use their bank card like they would if they had an ATM SCRIP machine in their business. This is the primary reason the popularity of ATM SCRIP machines is exploding across the country. Businesses are looking for hassle free ways to add more revenue to their bottom line, while still providing the convenience of card payment as an option for their customers. The public has proven over the past several years that they expect to be able to use their debit card anywhere they go and will pay an access fee for the convenience of doing so.

Considering the fast paced busy lifestyles people lead these days, to them it's worth the access fee to save the time it would take to drive to the bank & make a withdraw. ATM SCRIP machines are open for business & make you money anytime your business is open. The ATM SCRIP machine is small and can sit on your counter top right next to your
cash register. There it will be hard for your customers not to notice, and will result in higher machine usage which makes more money for the business.

All that is needed is a place to plug in the machine into to a power outlet, and a place to plug into your phone line. That's it! No difficult wiring is needed. You don't even need an extra phone line with an ATM SCRIP machine. Just have your employees make sure the phone line is available for the 15 seconds (or less) it takes for a customer to run their
transaction on your machine. Easy of installation & use is another reason more businesses are turning to ATM SCRIP.

How does it work?
As stated above, the ATM SCRIP machine is easy to set up & use. All that is needed is a place to plug into a power source (a standard wall plug), and a place to plug into your existing phone line. When a customer is ready to make a transaction using your ATM SCRIP machine all they do is swipe their card, enter their PIN number, and choose an
amount they want to withdraw from their account.

There are several preset dollar amounts that the merchant controls. These dollar amounts are the options you make available to your customers when they use your ATM SCRIP machine. Most merchants set these amounts at $20, $40, $60, and $70 to accommodate customer's desire for cash back as they spend money with you. All options must be in increments of 10. One common mis-conception about using a cashless atm machine is that you have to keep more cash on hand in order to give cash back to your customers.

If you make it a policy to plan on being able to give change for several $50 and $100 bills, like most businesses do during the day, then you'll have no problem implementing an ATM SCRIP machine at your place of business & benefiting from the profits it can generate. Every time you honor a scrip from your machine, it's just like making a bank
deposit!

After the customer has made their dollar amount selection, the machine connects to the processor, and validates the transaction within a few seconds. The processor uses the same EFT network is the same as the major financial institutions use (the Federal Reserve). All transactions are done through encrypted communications technology making each transaction just as safe & secure as if the customer were physically in their own bank withdrawing money from a teller.

How is the ATM SCRIP program cost effective?
Anyone who owns or operates a business will want to see justification for any investment and realize how an investment can boost company profits, and prove its worth. Retail locations that except card payments consistently have a higher average purchase rate per customer than locations that do not. This is due to the public's expectation of being able to use their debit, and atm cards at any business where they want to shop. Providing bank card acceptance as a payment option also leverages impulse buying, which is income that is generated when a customer decides to go ahead
and buy more than they normally would because of the convenience of being able to charge the sale.

For more information please contact us

 

 

 

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