Verifone Credit Card

Cashless Scrip ATM - A Smart Way of Making Payments

We all live in digital age. If we look back to the time, people had to carry cash with them whenever they used to go for shopping. Problem used to arise, when there was the need of big amount for heavy shopping. Therefore, ATM cards came into picture, but again cash ATM’s were not easily accessible everywhere. However, introduction of cashless ATM’s resolved the issue completely.

Cashless ATM’s have made shopping fun rather than hassle. Cashless scrip ATM’s are now used everywhere, be it any department store, beauty saloon, branded clothing, accessories or footwear showroom, multiplex, food chain, hotel or gas station. Moreover, nowadays cash payment system has been automated at parking lots and toll taxes also and people have an option to pay by using their ATM cards. Overall, cashless scrip ATM’s have simplified the process of making payments.

Not only shoppers, but using cashless ATM’s benefits the merchants also. Both shoppers and merchants enjoy different kinds of advantages by using cashless ATM’s.

Advantages for Shoppers-

1- First and foremost advantage of making payments through cashless ATM’s is the safety measures associated with it. Cashless ATM’s do not contain or tie-up your cash.

2- As compared to Credit Cards, cashless ATM’s reduce the processing fee; however, sometimes the processing fee gets eliminated also.

3- It helps to reduce the excessive expenditure as through ATM cards only a fixed required amount is paid whereas with credit cards, consumers are always tend to overspend.

4- Shopping with cashless ATM’s make the payments simpler as it does not ask for anything else except your ATM card. Moreover, you receive a printed statement then and there which is acceptable in bank.

Advantages for Merchants-

1- To receive payments through cashless ATM’s is an easy task, as cashless scrip ATM is user-friendly and one can operate it comfortably.

2- Being a merchant you can increase your profit by thousands of dollars, just by using cashless scrip ATM.

3- Programming can be set for choosing an increment of $10 to $20 for each cashless transaction.

4- As compared to conventional Credit Card processing machines, you can save extra processing fee and can process transaction at no extra cost caused to business.

Being aware of these benefits, who would not prefer to opt for cashless ATM’s system? Nowadays every smart merchant and consumer is getting benefited with it. By offering dual benefits, cashless ATM’s neither disappointed consumers nor merchants.

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Will newer equipment lead to lower credit Card Processing fees?

Today I spoke with our credit card processor. They suggested that if we wanted to have less non-qualified transactions and more mid or qualified, we should buy new equipment. Right now we have Verifone 330's, so our current equipment is pretty old. But does the processor's arguement hold water?

Thanks,
Brad

Brad,

Here is a statement directly from the Visa/MC Interchange Matrix.

"If you utilize terminals, software, services or equipment provided
or configured by any third party, be aware that failure by these systems to correctly and accurately transmit information in the required formats may result
in your transactions not qualifying for the most favorable Interchange levels."

I own a Credit Card Processing company. I started my company when I realized my other business was being ripped off for 5 years by my credit card processor. As long as your machine is working you should be fine. You should be more concerned if you are currently being charged a tiered rate or a pass through rate based on the current VISA/MC/DISCOVER interchange rate. If you have any questions please feel free to give me a call.toll free 877-832-6576. Below is a direct link to the information you requested

http://www.nurit2085.com/matrix.pdf

Regards,

Emil
emilbodenstein@yahoo.com

KWGN Denver - Taking payments w/ VeriFone's PAYware Mobile for iPhone