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How Does "Point
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Questions about Cashless ATMs - POB Terminals

Q. What is a Point of Banking Terminal?
A: A Point of Banking terminal works very similar to a standard credit card machine. The difference is the terminal is loaded with a custom software program so it only runs PIN based transactions with a small convenience fee that the cardholder pays. This fee pays for processing costs so the merchant doesn't have to pay this expense which increases the merchant's profitability.

Q. How is Point of Banking different from Credit Card Processing?
A: Credit card terminals run signature based transactions for exact dollar amounts, but cost merchants a processing fee of around 3% of each sale amount (or more). This costs merchants thousands of dollars each year which greatly reduces the profits that their business makes each month. The larger the business is, the greater the cost is for processing.

Point of Banking terminals run PIN based transactions (cardholder must use their PIN number) for dollar amounts in increments of either 5 or 10 (example: $5, $20, $35, $55, $120 etc) up to a maximum that can be as high as $3000 (default max is $500, if a high max is desired, please request this at sign-up). The merchant can choose to have a lower maximum amount based on their needs.

The merchant runs transactions just above the dollar amount of the customer's purchase and simply makes change. The merchant can also run higher amounts if they want to provide the customer with the convenience of getting cash back with their purchase, an option many customers would appreciate.

Q. If I have a Credit Card machine, can I use Point of Banking too?
A: Yes. Merchants who have both types of terminals can save processing costs with Point of Banking and still be able to accommodate the occasional customer that either doesn't know their PIN, or objects to paying a convenience fee. Most people are using their debit cards (and know their PIN number) these days to make their everyday purchases. Since 2002 there have been more debit card transactions annually in the U.S. than credit card transactions, and this trend is growing larger each year! PIN based debit card transactions are here to stay.

Q. What are the requirements regarding installation?
A: Each new Point of Banking terminal is shipped pre-programmed for easy Plug-N-Play installation. Just plug the power cord into a standard wall plug, and connect the terminal to a standard analog phone line and you're ready to accept bankcards for your customer's purchases at no cost to you!

Q: Is a dedicated phone line required?
A: No. You can use an existing line, although it would be better to have a dedicated phone line. If using a shared phone line, just make sure it is not in use when a customer is using your terminal. It's best to use the least used phone line in your location such as a second line that may be used for a fax machine. Also, it's best not to have call waiting on the line your Point of Banking terminal is using to dial out as this could potentially cause problems connecting.

Q: When transactions are dialing out, are there long distance charges?
A: No. Our machines dial-up a toll-free number so there are no long distance charges.

Q: Can terminal connect thru the Internet?
A: Yes. Terminals used are dual comm terminals that have 2 ways of connecting... ethernet, or phone line. It is recommended that merchants connect using ethernet (internet connection) as this is quicker and more reliable that VoIP (Voice over IP which is digit phone service rather than old school analog phone service) which is what most phone service is now.

Q: Do I have to provide insurance for this unit?
A: There is no requirement for insurance coverage on your machine since you are buying it and own it outright. However if you carry an insurance policy on your business assets, it is recommended that you call your insurance provider and add the machine to your list of insured assets as well as ask about other forms of insurance to fully protect your business.

Q: Is there any signage provided?
A: Each equipment package comes with door decals so your customers know you accept bankcards in your business for your customers to use to make purchases.

Q: How fast do merchants get their funds?
A: The turn around time for funds from Point of Banking transactions is about 3 business days (not counting weekends, or holidays) thru the Federal Reserve system that all forms of bankcard processing uses to get funds to merchant's bank accounts.

Q: Once I sign up, how long before I can expect my equipment?
A: You can expect your equipment package to be delivered in about a week once payment has been received along with the necessary paperwork.

Q. What About Chargebacks?
A: Charge backs are not an issue with Point of Banking terminals, since they only perform PIN based transactions. However, merchant must keep all copies of transaction receipts since customer can try to reverse transaction thru their bank which can be done under Federal Reserve rules for any type of bankcard processing.

If this happens, tech support will email you asking for a copy of the transaction receipt being disputed so you can send in a readable copy hich protects you from the reversal and blocks it so you do not lose money if a customer is trying to defaud you by making an illegitimate claim with their bank.

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