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Computers and Technology

Micro ATMs: How They Work Explained In 10 Points

Micro ATMs are small portable devices that can convert any store into an ATM. A Micro ATM machine provides various services like cash withdrawal, balance enquiry and also doubles up as a POS machine and can be used to accept card payments. It has been a while now since the use of micro ATM has started especially in rural and semi urban areas. This machine is helpful especially in those parts of rural areas where the normal ATM machine is not viable.

To start your business using Mini ATM is very simple, you can take the distributorship of a fintech company providing mini ATM machine at lower price and complete the registration process and start offering these services to your customers.

The cost of offering banking services through Micro ATM is very less than an ordinary ATM. Micro ATM becomes easy and convenient to those rural people who are far from ATM branches. It is easy to carry and can operate remotely.

Working of Micro ATMs

  1. A Micro ATM machine is used for cash withdrawal, balance enquiry and can be used for POS transactions at the counter.
  1. This handheld mini ATM machine can convert the store of the retailer into an ATM and enable them to do financial transactions.
  2. A few Fintech companies are providing Micro ATM machines at very low prices. The process of the working of Micro ATM machines is very simple.
  3. Once the customer reaches the store along with his card, the Biznext partner will swipe the card along the Micro ATM machine.
  1. The Micro ATM Machine will be connected to a smart phone, where the distributor will log into the Biznext Mobile Application and choose the Micro ATM Option to do the transaction.
  2. The retailer will then input the amount of cash to be withdrawn by the customer, which will be verified by the customer. The customer will enter the PIN of the Debit card, and the transaction is done!
  3. The micro ATM machine price is very low, making it a cost effective investment for any retailer with an existing store. It will help them add to their income as they will be providing an additional service at their store.
  4. The money transaction done from MATM are authorised and completely safe. Since Mini ATM is a portable device the retailer or distributor can carry it to your doorstep and offer you the services- enabling last mile banking.
  5. Unlike the traditional ATM, the micro ATM do not store cash but the retailers physically dispense cash to the customers. This gives an opportunity to the retailers to earn additional income as they earn commission on every transaction.
  6. After the transaction is successful, there would be a messaged displayed on the screen and the customer will get a message from their respective bank as well to alert about the transaction.

The micro ATM is a multi functional device and can be used for many things and the returns are many fold the investment. It is banking in a box, and a win win for anyone looking to increase their income.

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