Why is it called a cashless ATM machine? Cashless ATM machines or basically debit and credit card terminals. They act similar to a credit and debit card terminal in any retail store, but Cashless ATM Machines usually carry a transaction price.
Typically, the merchant pays a set fee for each transaction
It is a flat fee that usually varies for each ATM company, but is generally around 50 cents. You can then charge whatever amount you choose to encourage the shopper to return. If you are selling expensive stuff, it may be worth it to take off the fee so you have repeat customers, but smaller stores can charge more for the convenience.
The customer pays a surcharge, similar to a traditional ATM machine. But for the convenience a cashless ATM machine provides,it is worth it as a few dollars is not much when customers are shopping. Customers also spend more when they realize they can use card and pay conveniently.
A cashless ATM’s best benefit is saving time for customers and for you so you can service more people. They work faster than customers having to write a check or pay in cash. When you are able to offer the cashless ATM, people will come back knowing they have multiple ways to pay.