A new trend seems to be arising in the world of ATMs among merchants. These merchants who own convenience stores want to continue to allow their customers the option of using payment methods other than cash, including bankcards. This however, creates a large burden on the merchant to pay off the many high processing fees of utilizing such methods. For example, if a storeowner decides to accept a payment method of a credit card, he loses a percentage of each sale due to the processing fee, as well as a swipe fee. These costs quickly add up and take away much of the profit the merchant had an opportunity to make.
The other option for merchants to utilize is a standard ATM machine. These machines cost thousands to own and operate, but also present a serious security risk. Many stores throughout the country are broken into in an attempt to steal these ATM machines, which not only causes damage to the physical property of the store, but also increases the insurance payments for the merchants.
The answer to these problems lies in Cashless ATM Machines. In this system, the customer utilizes the Cashless ATM the same way they would use a normal ATM, expect the customer receives a receipt instead of cash. This receipt is presented to the merchant who either gives them cash back or accepts in payment for goods purchased. This method takes away the many processing fees from the merchant, yet allows the convenience for customers to pay with non-cash methods.