September 13, 2019

Cashless ATM with Milk Capital

What Is a Cashless ATM?

Cashless ATM is point of banking system. A point of banking system functions in a similar manner to a traditional ATM however the transaction is completely electronic and a voucher is provided instead of cash confirming that cash has been debited from the consumer’s bank account and directly deposited into the merchant’s bank account.

The checkout process is simple for the consumer as it mimics that of a traditional ATM whereby consumers follow a series of on-screen prompts and enter the 4-digit pin number associated with the card to complete the transaction. This payment processing solution is perfect for brick and mortar retailers that have found difficulty getting a traditional credit card processing merchant account and need a way to safely and securely accept card payments.

Why Choose a Cahsless ATM

The federal government and major card brands will not allow for any type of credit card processing to the medical marijuana industry, not even high risk merchants accounts. Expansive and rapid growth further complicates the payment acceptance issue throughout the medical marijuana industry as its rise in popularity attracts both good and bad attention to these cash heavy businesses creating safety concerns.

Cashless ATM’s are as close as you can get to a legitimate merchant account for brick and mortar retail establishments. This payment processing solution was quickly adopted by the medical marijuana industry and although medical marijuana merchants must now use Painless Processing Pin-Debit Point of Banking; this is now a very successful program which has since spread to other merchant industries from adult entertainment servicces, to lunch trucks, salons, day cares, doctor offices, and many other specialized industries or merchants in need of an ATM alternative payment processing solution.

Cashless ATM Facts & benefits

• Domestic merchants are guaranteed approval and will avoid the hassle of providing overwhelming personal and financial information typically associated with the application process for a credit card merchant account.
• Card present pin-based transactions effectively reduce chargebacks or the chance of fraudulent transactions.
• Eliminates the need for a standing ATM and keeps expensive retail space from becoming dead floor space.
• Unlike a traditional merchant account, there are no discount rates or fees for every Cashless ATM transaction. The Cashless ATM transaction cost is charged to the consumer in the form of a convenience fee saving the merchant hundreds, if not thousands of dollars every month.
• There is peace of mind and sense of security for both merchant and consumer as these cash transactions are handled in a cashless manner.
• Installation is easy. Just plug it in and you are ready to process.
• Purchase process is quick and easy. Just like an ATM you swipe, follow prompts, enter pin, and confirm the transaction.
• Transactions are discreet. Shown as ATM withdrawals on consumer banking statements.
• A perfect solution for merchants who cannot obtain a credit card merchant account because of credit, business type, TMF/MATCH listing, or other related issues.
• No Batching! This program is a direct push-pay system and transactions are processed in real-time.
• All terminals have full, real-time reporting capabilities.
• Full back-end support and assistance.
• Money clears in the merchant’s bank account within 48 hours.

How Am I Able To Accept Card Purchases With This Solutions?

Cashless ATM transactions are considered ATM withdrawals. The card has to be present and the four digit pin number associated with the card must be entered correctly in order for the transaction to approve. This works for both debit cards and credit cards. When a credit card is used the credit card company views the transaction as an ATM withdrawal and the pin number given when the card was issued should be used to complete the transaction. The transaction shows on the consumer’s bank statement as an ATM withdrawal.

How Long Does It Take To Get Approved

When we receive your complete and signed application along with the required supporting documentation; it takes approximately five (5) business days to approve and program your terminal. Once the approval and programming process is complete the terminal is shipped. You -can begin processing card transactions as soon as you receive and plug-in the terminal.

When Can I Expect The Funds In My Account

Payments are in real-time and funds are deposited into the merchants’ bank account within forty-eight (48) hours. Transactions processing on or during U.S. National Holidays or closed banking days will process the next banking day.

Cashless ATM Facts & Benefits

• All pre-programmed amounts must be in $5.00 or $10.00 dollar increments and at least one of the pre-set amounts must meet or exceed $40.00. You may put the word “other” in the last box of the pre-set dollar amounts. This will enable manual transactions of any $5.00 multiple up to $1,000.00.
• We recommend signage be placed in a visible location to inform customers the Cashless ATM system is readily available on premises. And, additional signage should be placed on or near the terminal and cash register notifying customers of the convenience fee amount associated with the use of the cashless ATM.
• For those utilizing a dial-up terminal; we recommend a dedicated line that does NOT have call-waiting in order to avoid potential issues occurring from processing interruptions.
• Transactions should be handled as cash purchases and appropriate change should be given from registers.
• The voucher should be kept for the merchants records. Depending on business model, merchants can offer free merchandise as an alternative to providing change; however, all customers are entitled to receiving the correct amount of change in cash if merchandise alternative is rejected.
• It takes approximately five (5) business days to approve your application, program your terminal, and ship your terminal.
• Three types of terminals are available: dial-up, Ethernet, and mobile.

Applications Requirements

• Complete and signed application.
• Complete and signed ACH authorization form.
• Void check or bank account verification letter from the account provided on the ACH authorization form.
• Identification of all principles listed on application.