Cash-2-Card FAQs
Q. Going cashless seems complicated. How does Cash-2-Card Reverse ATM Technology actually work?
Cash-2-Card Reverse ATM Technology makes going cashless at your location easy and painless for business owners. The process typically goes like this…
1. Design. The transition to a cashless environment starts with the design and customization of your Cash-2-Card self-service kiosks and cards. We believe that this is an important part of the process to truly make the solution an extension of your brand and the message to communicate to your customers. The process may consist of several rounds of approvals which generally take 6 to 8 weeks , and is one of the more critical timing elements in the process. First priority is to create your card art design using the layout and templates that our team will provide. Next element of design is the physical kiosk enclosure graphics. Our team generally needs 2-3 weeks prior to shipping to receive the artwork for the kiosk enclosure. A Photoshop template of the enclosure artwork is provided by our Cash-2-Card team during the implementation process. Use this step in the process to develop your overall marketing and communications plan for your implementation.
2. Installation. Installation of Cash-2-Card self-service kiosks occurs soon after the kiosks are delivered and is managed by our onsite team. The number of self-service kiosks installed will depend on the size of your business and its needs. The installation starts with full preparation. As with many things, location and signage is integral in providing a successful installation and transition to a cashless location. Site photos are very helpful to provide to our team members to provide perspective on the physical location and aids in the preparation for a successful installation. Installation is generally completed by our team in a handful of hours, depending on the complexity and number of kiosks to install.
3. Launch. After hardware and software installation is complete, Cash-2-Card self-service kiosks can be used by your cash-paying customers immediately. We’ll handle the maintenance of the machine by replacing any non-functional parts as needed. Our remote monitoring and management solution that has been continually refined over our 25 year tenure is in constant communication with your kiosks, so our team will likely know what issues arise and can react before anyone is aware. Customers simply insert their cash (accepts any bill types from $1 - $100 and our software registers the currency and immediately transfers it to a card. The card is dispensed to the customer for the amount of currency inserted. Depending on your card program, the card can either be used anywhere in your location, at a select number of locations, or may be used anywhere that Visa or Mastercard are accepted.
Q. Is Cash-2-Card like a cashless ATM?
Cash-2-Card ReverseATM accepts cash and instantly and anonymously issues a payment network branded prepaid debit card. Funds are immediately available to your guests without any exchange of personally identifiable information which makes for a simple and quick transaction. The card can be used on location at your store, event center/stadium, restaurant, attraction or other business location. In this way, Cash-2-Card self-service kiosks can act a bit like cashless vending machines that can be strategically placed throughout your business to ensure your cash-paying customers can easily find them and convert their paper currency to card. When kiosks are implemented, cash management moves away from the cashier and onto a self-service machine that is designed to process those types of transactions quickly, efficiently, and without any assistance from your staff.
Q. What is a cashless transaction?
A cashless transaction is an exchange that involves no paper or coin currency. Purchases made with prepaid debit cards, credit cards, gift cards or through a mobile app are all examples of cashless transactions. Cashless transactions are preferable for businesses and consumers alike for a number of reasons such as convenience, efficiency, safety and cost savings.
Q. What are the main benefits of a cashless business and cashless vending?
There are many benefits to becoming a cashless business and transitioning to 100% cashless vending. Here are the main ones.
· Speed and Efficiency. Cashless transactions are faster, which means checkout lines move faster. For business owners, that means getting more paying customers in on any given day. No cash for your employees to count, manage and keep secure means their time is freed up to engage more with customers, focus on sales, keep your business tidy and more. For your customers, cashless transactions translate to spending less time stuck waiting in line.
· Reduced risk of abuse and fraud. No paper currency exchange also means the elimination of risk around counterfeit money – a huge problem in the United States and abroad. The Federal Reserve estimates that somewhere between $70 million-$200 million in fake money could be in circulation at any time.
· Safety and health. Keeping cash around your store in a register creates security needs. When it comes to germs - flu viruses can live on paper money for up to 17 days! Going cashless protects your employees from handling cash, facilitating contactless or touchless transactions.
· Reporting. The software that comes with a Cash-2-Card cashless system allows you to keep up to the minute tabs on your business as well as illuminate long term trends.
Q. What do Cash-2-Card cashless payment systems look like? Can Cash-2-Card Reverse ATM Technology self-service kiosks be modified to fit at my business?
Yes, Cash-2-Card Reverse ATM Technology is fully customizable to your business’s needs, branding and aesthetics. Cash-2-Card kiosks can be branded with your business’s logo and colors, and so can the cards themselves. We can make Cash-2-Card cashless payment systems fit well with the décor and look of your location whether it’s a store, a restaurant or stadium/event space.
Q. I want my business to go cashless but I’m on a tight deadline to implement before my peak sales season or large event hits. How long does it typically take to implement Cash-2-Card Reverse ATM Technology self-service kiosks?
The time it takes to launch Cash-2-Card Reverse ATM Technology at your business will depend largely on your business type, size and how many locations you have. Most businesses can expect to be setup with their Cash-2-Card cashless payment systems in a time frame of 6-8 weeks. Although the timeline is variable, planning and communication is key to a successful implementation which takes time to be done right.
Q. I want to implement mobile cashless payments at my business. Can Cash-2-Card cashless payment solutions accommodate that?
Yes, we can. In fact, we have a patent-pending solution for converting cash currency at a self-service kiosk into a digital mobile wallet such as Google Wallet or Apple Wallet, for example. Stay tuned for more announcements on mobile cashless payments coming very soon!
Q. Can you share some examples of cashless stores and cashless restaurants currently using Cash-2-Card Reverse ATM Technology?
Sure! An example of a cashless retail store that currently uses Cash-2-Card Reverse ATM Technology is sports retailer Decathlon. Our solution enables their transition to a cashless retail environment which has sped up transactions, reduced germ and virus transmission by paper currency, and created a safer environment for their employees. With our restaurant customers, cashless transactions create frictionless interactions between customers and cashiers.
Q. What risks come with implementing a cashless payment system at my business?
Compared to the risks that come with cash handling at any business day-to-day, the risk of going cashless and conducting business with a Cash-2-Card cashless payment system is very low. The biggest risk may be in the rapid adoption by customers. Change is not easy, especially when customers are used to paper currency and ATMs as they have for several years. The transition to mobile payments and currency cards is rapidly occurring, especially due to the COVD-19 pandemic and the move to make more frictionless interactions between customers and cashiers.
Q. What’s the definition of a cashless society or a cashless economy?
Cashless societies existed in the earliest days of human civilization and were based on barter, trade and other methods of exchange before physical currency existed. As we look toward the future, the terms “cashless society” and “cashless economy” imagine a region, country or entire cashless world where physical currencies like banknotes and coins are eliminated and replaced by their digital/electronic equivalent. The definition of a cashless economy is a system in which no financial transactions are conducted with physical banknotes or coins, but instead through the transfer of digital information (an electronic representation of money) between the transacting parties. Credit cards, contactless payments, or cryptocurrencies are all examples of electronic representations of money.
Going cashless is a global trend and several leading countries have transitioned almost entirely to a cashless system of commerce. Some of the top almost entirely cashless countries currently include China, the UK and Sweden. Cashless transactions make up the vast majority of transactions that occur in Sweden given that 85% of the country has access to online banking and only 2% of the country’s transactions consist of cash. In China, the cashless society is largely made possible by the use of QR code scanning system that most merchants use. The (almost) cashless country that’s currently leading the world in the adoption of contactless payments is the United Kingdom where nearly half of all in-store transactions are contactless. Cash is no longer accepted on UK public transportation and the number of traditional ATMs there is decreasing. Citizens of cashless China, Sweden and the UK often use widely available and accepted mobile phone apps for cashless transaction.
Cashless payments trends have been taking hold in the US for a number of years, though our country has a long way to go before catching up to the UK, China and cashless Sweden. Cashless tolling has already been implemented on major thruways throughout the United States. Cashless toll roads in Florida and NYC for example have operated for many years with success.
As the cashless society trend continues to grow in the US and more businesses and government institutions begin to realize the benefits of going cashless make investing in this transition worthwhile, we will likely begin to see more cashless tolling, cashless public transportation, cashless schools, and more. For many institutions and businesses, Cash-2-Card Reverse ATM Technology is the best, industry-leading solution for a seamless transition to cashless transactions.