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HOW IT WORKS
Vault Cash Rotation
Putting cash in the ATM is
the same as depositing it directly to your bank account…You have to deposit your
cash into the bank at some point no matter what….why not deposit it through the
ATM machine?
The process…
1. Customer uses
their bankcard to withdraw, say $40, from the ATM. (The ATM accepts almost
every debit
and credit card out there).
2. The ATM dials a
toll-free number to the processing network that routes the call to the
customer’s financial
institution (Visa, MasterCard, Amex, savings/checking account, etc.) in order to
approve the withdrawal amount.
3. If approved, the $40 is electronically
transferred from the customer’s bank account to your bank account
(this can be an existing savings or checking account you already have).
4. The ATM then dispenses the $40 to the
customer.
5. The surcharge is transferred from the
customer’s account to Nichols ATM Services’ account.
6. The first $75 worth of transactions are
to cover network processing fees. Everything over $75 each month is
split 50/50 between Nichols ATM Services and merchant. Nichols ATM Services
mails a monthly commission
check to merchant.
EXAMPLE:
If the Surcharge is $3.00, Nichols ATM
Services would retain the first 25 transactions to cover the $75 monthly
expenses. Then, starting with number 26 each month, you would earn $1.50 (50%)
per transaction. So if the
ATM does 100 transactions/month, you would earn $112.50/month (100 – 25 = 75 x
$1.50)
(Example: $3.00 surcharge)
Total Monthly Transactions: 100 200 300
Your Monthly Commission: $112.50
$162.50 $412.50
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Web site contents © Copyright Nichols ATM Services 2007, All rights reserved.
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