Cashless ATM machines work in the same way that traditional ATM machines work, but with a few exceptions. The cashless ATM was originally designed to be used by high risk merchants, however, all businesses can benefit from using a cashless ATM machine. If you are confused about the difference between a traditional ATM and a cashless ATM, don’t worry, this guide will give you all the information that you need to know about cashless ATM machines. Including the benefits of a cashless machine, how it works, and why you should get one for your business.

What Is A Cashless ATM Processor?

A cashless ATM processor is set up the same way a traditional machine, with the exception of dispensing a voucher instead of cash. This voucher is a confirmation that funds have been transferred to the merchants bank account. 

Difference Between Point of Banking & Cashless ATM Machines

A cashless ATM machine is another name for the point of banking system. This machine looks similar to a credit card terminal, works similar to standard ATM machines, but takes up less space. 

Why Use A Cashless ATM Machine?

There are a number of benefits to using a cashless ATM machine. If you own a high risk business, a cashless ATM might be your only option to process debit and credit card payments. With that being said, here are some reasons why you should use a cashless ATM machine for your business:

• Reduce or Eliminate Fraud and Chargebacks
• Eliminates Certain Fees For Merchants
• More Secure Than Traditional Machines
• Easy and Convenient
• Eliminates End of Day Batching
• Saves Space

These are just some of the reasons to use a cashless ATM machine. 

What Industries Benefit From Cashless ATM Services?

Any industry labeled as high risk can benefit from cashless atm services. Being labeled high risk subjects these types of businesses to higher credit card processing fees. By having a cashless ATM these merchants can avoid those high risk credit card processing fees altogether. Below is a list on some of the service industries that benefit from using a cashless ATM machine:

• Restaurants
• Bakeries
• Beauty Salons
• Auto Repair Shops
• Non-Profit Organizations
• Hotels, Motels, & Lodging
• Donut Shops
• Barbers 
• Accounting
• Real Estate
• Construction
• Travel Agencies

Not only do service industries benefit, some of the other industries include: 

• Gas Stations
• Laundromats
• Roller Rinks
• Convenience Stores
• Farmers Markets
• Ice Skating Rinks
• Retail Industries

Cashless ATM For Dispensaries 

To take it one step further, our company My Payment Solutions USA also offer cashless ATM machines for the cannabis industry. Some of the cannabis industries include:

• Dispensaries
• Medical Marijuana Clinics
• CBD Companies
• And More

Now that you know what industries benefit from using a cashless ATM machine, it is time to understand how it helps high risk companies avoid outrageous payment processing fees.

How to Avoid High-Risk Credit Card Processing Fees

When your business is considered as high-risk, you are subject to higher credit card processing rates and fees. Here is a list on some of the disadvantages associated with operating a high-risk business:

• Payment processing contracts are typically longer 
• Higher account processing fees
• Limited options securing a low cost merchant account 
• Fees for terminating a contract early
• Higher chargeback fees
• Rollover fees

There are ways that high risk merchants can avoid this, even if you can’t eliminate being labeled a high-risk merchant. Keep in mind, every merchant service provider operates differently and what applies with one provider may not apply with another company.

Sign Up For A Free Cashless ATM Machine Today

A popular way to avoid high risk credit card processing fees is by getting a free cashless ATM machine. Yes you heard it right, at My Payment Solutions USA we offer free cashless ATM machines for qualified customers. Give us a call today at 1-800-734-3424 to see if you qualify for this special offer.