What is “Point of Banking” & how can it help your business?

Point of Banking systems (POB’s) are designed to work with your customer’s debit, ATM, and credit cards, giving them access to their cash while allowing them to spend more inside your store. Think of a POB as a small, cashless ATM. Point of Banking machines are similar to standard credit card processing machines. The key difference is the terminal is loaded with a custom software program so it only runs PIN based card transactions with a small convenience fee that the cardholder pays. This fee serves to pay for the processing costs incurred.

Unlike a standard ATM that takes up floor space, runs out of cash, and can “go down” in an instant leaving you with no other options besides cash, POB’s have a small footprint, never run out of cash, and have a 99.7% “ready-to-go” stability rating. This not only allows you to save valuable profits by not paying for the convenience of your customers failure to carry cash on them, but you eliminate the headaches of maintaining an ugly ATM machine.

Not everyone qualifies for or carries credit cards with them. In fact, over 80 million consumers cannot qualify for a credit card, so they rely on their ATM cards. Adding a point-of-banking system to your store provides convenience for your customers because they don’t have to go to the bank to get cash, or use an ATM that charges them an outrageous fee.

The way this program works is very simple.

1.) Your ring up your customers purchase and total bill.
2.) Your customer hands you any PIN based ATM, Check, debit, or credit card.
3.) A small “convenience fee” is added to the transaction total.
4.) Once approved, the funds are immediately deposited into your bank account at the end of your day.
5.) You save 3-5% of your profits by taking cards with a standard program.

Besides making your business more profitable by saving that 3-5% associated with taking cards, you can actually add to your bottom line by receiving a portion of the convenience fee directly into your bank account! You can earn revenue with each transaction and there’s no cost to you for the equipment in most cases. This Point of Banking option is a PIN based transaction (cardholder must use their PIN number) for dollar amounts in increments of $5, $10, or $20. The amounts available are pre-set by you, so you can control the amount of cash that is kept in your register.

In a world of convenience and speed, POB’s are becoming more and more common as more and more companies are looking for ways to increase their profits while still accepting plastic payments. If you desire to eliminate fees associated with taking cards, maybe POB’s are the solution for you.

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