Think of a Reverse ATM™ deposit as a cash-to-card transaction. The customer inserts a specific amount of physical cash into a Reverse ATM™ machine, where they then receive a prepaid debit card in the deposited amount. They can then make purchases anywhere major debit and credit cards are accepted, when paying directly in cash isn’t an option.
How Does a Reverse ATM™ Deposit Work?
1. Insert Cash into the Reverse ATM™ Machine
The customers can easily and securely insert a specific amount of cash into the machine, no identity or bank account required.
2. Receive Prepaid Debit Card
The Reverse ATM™ machine will verify the inserted amount before quickly dispensing a prepaid debit card loaded with the same digital balance the customer inserted. The card is activated immediately and ready to use.
3. Spend Easily via Cashless Transactions
Customers can quickly and securely make card payments anywhere that major debit and credit cards are accepted.
Advantages of Using a Reverse ATM™ Machine
Convenient
Cash-only and cash-preferred customers can quickly and easily convert their cash to spend in a card-only establishment.
Safe and Secure
Instead of carrying large sums of cash, customers can securely convert their cash into a prepaid debit card. Reverse ATM™ deposits also reduce the risks associated with cash handling, such as loss or theft.
Fast Payments & No Wait Times
Rather than counting out change and queueing in long lines at the till, customers can quickly and easily pay for their items or services with a simple tap.
Accessible & Inclusive
Enables businesses to reap the benefits of a cashless environment while accommodating customers who are unbanked, underbanked, or simply prefer to spend with cash.
Reverse ATM™ deposits are a convenient and secure way to convert cash into a prepaid debit card. With Ready Credit’s Reverse ATM™, businesses can maintain an inclusive, cashless-first environment while still serving cash-preferred customers.