Here is a breakdown of how the Cashless ATM works and why its needed.
As of todays date, ATMs with cash are not aloud in a marijuana dispensary. Why? The Feds say its too easy to launder money. What our team is doing, is providing a legal detour around the cash only transactions. Why? Because merchants don't need that much cash laying around AND, hardly any customers use cash anymore. We are among the first to provide electronic money transactions to the industry. Chris Mills has an excellent rapport within the highest ranking authorities in the cannabis industry. That's why I trust we are not working in the grey areas. Too much at stake here. We have a chance here to be the leader in this segment of the Cannabis Industry.
This is how it works, from their website Greenhousepaymentsolutions.com
"We have a proven way to add more revenue to your organization. A Point of Banking (Cashless ATM) Terminals provides your customers with the convenience of using ATM/Debit cards and credit cards with pin based cash advances. Consumers expect to be able to use their ATM/debit cards to make purchases at all types of businesses. They will pay a surcharge fee for the convenience of an ATM, which helps them avoid a drive to the bank or another destination saving them time. Customers access their bank accounts with this Cashless ATM without leaving the establishment.
vx510handswipe highres 300x198 Point of BankingPoint of Banking Terminals work similar to Cash ATMs except funds are deposited into any of your bank accounts at the conclusion of the customer’s purchase transaction. It is set up for $5.00 increments to closely match the purchase of your customer, and then you would simply give them change for the difference. Point of Banking Terminals work with your customer’s bank, giving them access to their cash so that they can spend more at your location. Most Bank/ATM Cards and Credit Cards using pin numbers are accepted.
This is how the process works. First, the merchant slides the customer’s ATM/Debit card through the POB Terminal and designates from which account to withdraw funds (checking, savings or credit). Then the customer enters their PIN# on the pin pad. The merchant enters the amount of the transaction closest to the $5.00 increment and asks the customer to agree to the $2.00 convenience fee. Then the terminal connects to the ACH network and validates the transaction in a matter of seconds just like a Bank ATM. The POB Terminal prints out a customer’s receipt and a copy for the Merchant."
