How Does "Point
of Banking" Work?
Questions & Answers
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The processing for approved transactions is paid for by the cardholder through a small convenience fee that is added to the transaction amount being charged to the customer's card. Very few customers will complain about paying the convenience fee if merchants will limit their fee to 99 cents which provides the best customer perception.
Most merchants place the terminal at the cash register where customers run PIN based transactions when making purchases.
The merchant can have the customer sign the receipt just like they would if the merchant was using a credit card machine. Having the customer sign the receipt is not required, but is recommended. Merchant, and customer both get a receipt for their records.
These terminals run PIN based transactions only (cardholder must use a PIN number) providing the best security for merchants against chargebacks. Whole dollar amounts can be run in increments of $5 or $10 (example: $5, $10, $15, $20, $25, $30, etc) up to a max of $300 since issuing banks typically limit PIN based transactions to $250 to $300 per day.
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 since most people like to keep a little cash on hand. This is something merchants can do during times when they've taken in alot of cash because doing so is the same as making a bank deposit as those funds will be deposited into their bank a few days later.
During times when there's not enough cash in the register, merchant's can decline to give additional cash back. This makes the program even more convenient for merchants and helps them manage the cash levels of their register.
Using the Point of Banking terminal is very simple, and easy. Just swipe the card and follow the instructions on the screen. The user will choose withdrawal in the first screen, and have a choice of taking money from Checking, Savings, or Credit in the second screen.
In the third screen the machine notifies the user of the amount of the convenience fee that will be added to the amount they choose once they get to the fourth screen, where they will be able to select $5, $10, $15, or "Other" where they can put in any whole dollar amount in increments of $5, or $10 up the $300 maximum. (If terminal is setup as merchant activated)
Once the dollar amount has been selected, the user will be prompted to put in their PIN number and hit enter to complete the transaction. Approval takes just a few seconds, which prompts the terminal to print the two part receipt.
Funds from transactions run on the Point of Banking terminal are electronically deposited into the merchants account within two to three business days (not counting Sat, Sun, or holidays).
Merchants are provided with statements each month, as well as toll-free tech support should they have any questions or need assistance with their terminal.
Contact us today to empower your business with Point of Banking!
Start accepting bankcards without paying expensive processing fees...