Have you ever wondered why so many dispensaries and high-risk businesses prefer cashless machines for transactions? If you have, we have some explanations for you.
A Cashless ATM or point-of-banking technology is a payment terminal that allows customers to shop with a debit card. Experts created these machines as an alternative payment solution for risky businesses, like marijuana dispensaries.
Nowadays, other businesses are also using this method due to its many benefits. The growing popularity has made it the new norm of transaction.
And today, we are discussing those benefits. So, continue reading!
What Makes A Cashless ATM Perfect For High-Risk Businesses?
Cashless machines use a similar method of transaction to debit card payments. You will insert or swipe your card and enter your pin, transaction type, and the amount you need to pay.
The machine will print a voucher that you will give to the merchant to confirm the transaction. And the deposit will reflect in the merchant’s account within two or three days.
Here’s why cashless machines have become so popular among high-risk businesses:
1. No Need For Merchant Accounts
If you are an owner of a high-risk business, you already know that obtaining a merchant account can be challenging for business owners like you. Not only that, but the cost associated with them can be specifically high. However, you won’t require a merchant account with a cashless device.
2. Easily Accessible
Setting up a cashless ATM is as effortless as it can get. You won’t need to provide extensive financial documentation. You will also need less space than traditional ATMs. Plus, you will get to avoid the high rates and fees associated with processing credit card transactions.
3. Save On Transaction Fees
Cashless devices are also popular among businesses because it helps merchants save thousands on transaction fees. Most business owners pass the transaction fees on to their customers as a convenience charge for using their cards.
4. Reduce The Risk Of Thefts And Frauds
Merchants can effectively reduce the risk of theft with cashless machines. As they won’t be keeping large amounts of cash with them, they won’t attract the wrong people. The process also lessens the risk of fraud because of being PIN-based.
Hopefully, these points have helped you understand the significance of a cashless ATM. But if you have any more questions regarding ATMs or ATM installation, don’t hesitate to reach us or leave a reply!