The process of using an ATM machine is fairly simple. A consumer inserts their bank card, enters a private pin, selects the desired amount they want to withdraw and then the machine dispenses the cash. With that being said, did you know that there is a new exciting innovation with the ATM machine? This breakthrough technology is called a cashless ATM. 

What Is A Cashless ATM? 

The cashless ATM machine is a miniature version of the traditional ATM machine. One reason for its small size is that it doesn’t hold cash. Instead of dispensing cash, the cashless ATM processes the transaction just like an ATM but with a receipt showcasing the withdrawal amount. Thus the name cashless ATM. It is also called by several other names, including a script cash dispenser or script ATM.

Benefits Of A Cashless ATM Machine

Now what makes the cashless ATM machine more convenient for both the merchants and their customers? Below is a list of several reasons including:

• Zero theft is expected because there is no cash inside the machine

• A lucrative source of income for the merchant because this machine charges a service fee for every withdrawal processed

• It has fewer and smaller parts to service or maintain compared to the bulky cash ATM machine

• Faster processing time for purchases 

• The script released by the cashless ATM machine is valid for purchases only in the business establishment where it is located. 

• Machine never needs to get refilled with cash

How Does A Cashless ATM Work?

The cashless ATM machine can be programmed to dispense scripts printed with denominations from $5 to $1000. For example, if a customer makes a purchase for $382, the merchant would charge them for $400  and the cashier would issue $18 of change in cash.