Alleviating confusion surrounding the Cashless ATM
Dealing primarily in cash is a constant challenge for many in the cannabis industry so unless you are planning on hiring ex-commandos to transport your cash (and there are good companies that do this) we suggest using Cashless ATM terminals.
The lack of credit card processing continues to impede growth in the cannabis industry so to allow your customers to use cards we suggest using Cashless ATM terminals.
Banking relationships are still difficult to establish in the cannabis industry so why would we suggest using Cashless ATM terminals?
Of the challenges above, we believe establishing a banking relationship is the most important to overcome. There is nothing you can do about the credit card situation at the moment and even though you may be able to get someone to move your cash; without a bank, where are they taking it?
To utilize Cashless ATM terminals you need a bank account or e-wallet. Funds processed through the terminal are deposited to the designated account within 24 hours of the completed transaction.
Banking is a work in progress. We’ve had our own challenges and we sympathize with you, but we can also tell you that we have more than 100 customers using our technology who have accounts with commercial banks or credit unions. The best advice we can offer is be forthright with your bank, follow the rules, and keep trying. Once you have a banking relationship or an e-wallet your business will be able to accept Cashless ATM payments and get relief from your cash-only headaches.
The little machines seem simple, we use them everyday as consumers but in becoming a business that utilizes the little machines, questions arise. In the following paragraphs, we will address the most common questions.
Cashless terminals are Point-of-Banking Systems which are also known as Cashless ATM, which is what we at SingleSeed call them. Our terminals look like this:
Your customers / patients can use their debit card or pin-enabled credit card to pay for purchases / make donations with this terminal. If using a credit card, it must be a card that allows cash advances that are withdrawn using a pin-number. In other words if your customer can put their credit card into an ATM machine, enter a pin and get cash back, they can use that credit card with this terminal.
There are a few things to know before purchasing a Cashless ATM. Countertop cashless ATM’s work with a direct phone line or an internet connection. Wireless models operate over the mobile phone network via a sim card. If your business already has internet, as far as technology is concerned, you are ready to go. If your business has a phone line you can dedicate to the terminal, as far as technology is concerned, you are ready to go.
Once you have a phone line or internet connection, all you need is a bank account or e-wallet. Once that is set up, you are ready to order your Cashless ATM.
Your countertop Cashless ATM will arrive in a box that contains
- Ethernet cord
To connect your terminal you will remove it from the box, plug one end of the ethernet cord into the terminal port labeled 10baseT and the other end into your router. Your terminal will come with a 14 foot cord which you attach directly from your terminal to your router. If your router is further than 14 feet away from your countertop terminal or if your router only has one ethernet outlet you will need to purchase a multi-port ethernet switch and two ethernet cables.
Then connect the power supply from your terminal to a power outlet. At this point the terminal should come to life and you will select the ATM or POB option on the screen. Once your Cashless ATM is connected and powered, you will run two test transactions, each time entering in the wrong PIN for the card used. When you receive the message “invalid pin” your terminal is ready to use.
If you chose a wireless terminal you will install your sim card and batteries, press ATM or POB the screen, run your test-swipes, and you’ll be in business.
Our Cashless ATMs are set up to accept payments in $5.00 increments. This means a $96.00 purchase will be entered as $100.00. Like this:
The customer swipes their card and enters their PIN
The shopkeeper enters the next higher amount in a $5.00 increment (in this case $100)
The terminal asks, “accept the 2.00 fee?”
The customer selects YES
The terminal process the transaction, which is now $102.00
The shopkeeper gives the customer their change (100.00 – 96.00 = 4.00)
The terminal prints out the customer’s receipt and merchant’s copy
Still not clear? Watch the video: http://youtu.be/YzN8yT2sPhU
Ethernet cord too short? Click here for help sheet: