Weighing the pros and cons of acceptance, the Cashless ATM is still a good investment for small businesses.
In an industry accustomed to operating on an all-cash basis. In an industry that can be subject to the whims of the federal government. In an industry in which it is not yet legal to accept credit cards. Additional layers of uncertainty are added to the question of whether to accept debit and credit cards.
The pros of accepting cards are well established: convenience, increased sales, keeping customers that want this option, and easy of adoption. In other words, the barriers to accepting debit and pin-based credit cards is low, the cost is reasonable, and the technology is basic. The cashless ATM also allows you to accept payment where your customer is; they don’t have to come to the counter. Rather than your customer moving from one end of the counter to the other, the point-of-sale comes to them. Additional benefits of accepting debit cards via a cashless ATM is that customers cannot spend beyond their available funds. They might drain their checking account but their purchase at your store does not have the potential of costing them in high interest rates. Finally with cashless ATM the money from the purchase is deposited to your account overnight.
On the other hand, cards come with the risk of fraud and the attendant headache that comes from dealing with an incident of fraud. Even with cashless ATMS, which require a pin, you will have responsibility to protect your customer’s privacy. With cashless ATMS the fee is passed on to the customer but your customer has to decide if the extra dollar or two or three is worth the convenience. You can only accept payments in five dollar increments which can make account a little more difficult.
In the end we believe the simplicity of the cashless atm it is worth the extra effort to increase your average sale.