ATM FAQ - Most Frequently Asked Questions and Answers

ATM Questions and Answers from vCash Group - Your Payment PartnerMost Frequently Asked Questions and Answers (ATM FAQ)

1.    Why do I want to have an ATM in my store?

Here are some of the generic benefits of having an ATM in your store:

  • Increase sales by allowing customers to access cash instantly;
  • Cash is the fastest and least expensive form of payment;
  • Your potential customer will get cash and spend it in your store;
  • Store ATMs with $20 bills increase store sales by over 8%;
  • You collect a surcharge fee from every cash withdrawal;
  • Direct cash deposit to your account without paying banks’ cash handling fees.

2.    Why do I want to have a vCash ATM in my store?

  • All brand new ATM machines with EMV compliance;
  • Wireless connection – if no Internet/Phone line in store;
  • Higher surcharge share to the store;
  • Earn $200 on every successful mortgage referral (no sales needed);
  • Responsive support & maintenance (Live persons);
  • Free store listing  on vCash website to promote your business.

3.    How much is the surcharge fee?

A typical surcharge fee is $1.50 per valid cash withdrawal. However, you can set your surcharge amount depending on the type of your business, flow of customer traffic and how much you want to earn.

4.    How much revenue do I expect to get from an ATM?

This depends on the amount of customer traffic to your store. A general rule of thumb is like this. 3% - 5% of the customers who actually see the ATM machine will use it. So, if you have a total of 300 people coming through your door daily, and your surcharge fee is a $1.50 per valid withdrawal. Your daily number of transactions is between 9 and 15. Then your new ATM may generate a minimum of 270 transactions per month. That translates into an income at $405 per month or a total of $4,860 per year.

Depending on the placement option you want to enter, you may need to share the revenue with vCash.

5.    Do you charge a monthly fee for placing an ATM in my store?

No. There are no monthly fees or any other hidden fee. You only need to have a phone line or Internet connection and to provide electricity for the ATM machine.

6.    What are my options if I want to place an ATM in my store?

There are three ATM placement options for you to choose from vCash Group. Each comes with a different revenue sharing plan. Following is the list of your vCash ATM Placement Options:

Option 1 - vCash owns the ATM, Store loads cash;

Option 2 - Store owns the ATM, Store loads cash;

Option 3 - vCash owns the ATM, vCash loads cash.

No matter whether you are going to place an ATM now or later, you are advised to contact vCash for further information. If you have an expiring ATM contract, you may want to contact vCash to see if you can get a better placement plan.

7.    What are the requirements to qualify for a Free ATM placement in my store?

Traffic volume and the location of your store will determine eligibility.

8.    What is included with a vCash ATM Placement?

Free Shipping & Installation, Free ATM Sign, Free Online Web Reporting, Free Receipt Paper and Free Processing. You will also get free maintenance and technical support.

9.    How will my vCash ATM machine be secured in my store?

Your ATM machine is lag-bolted to the floor of your store. If you want a through-wall ATM, some engineering work must be done.

10.    How do vCash ATMs work?

Customers insert their valid bank cards through an ATM and enter their secret four digit PIN#. The customer then chooses a dollar amount. The ATM will connect to the ATM Processing Centre and validate the transaction in a matter of seconds. Once validated and authorized by the customer’s bank, the customer will receive the cash from the ATM.

11.    How do I load cash into my ATM?

Once your ATM is installed - you will be trained on the procedure of loading cash into your new ATM machine. It is an easy-to-learn procedure. Cash loading is the process to put cash (i.e., paper notes) into your vCash ATM. Most of vCash ATM merchants load cash into the machines themselves.  Since you are most likely put cash into your machine daily, you do not need $20,000 float. $2000 to $4000 in the machine will be good for the day's business. Once the cash is low in your ATM, you will be notified so that you can load some more cash.

12.    How and when do I get my money?

The surcharge and vault cash are deposited back into your bank account within 24 hours during the business week. All weekend transactions which include Friday, Saturday and Sunday, will be deposited the following Monday.

13.    How do I keep track of the fund settlement?

The best way is to check your own bank account to verify the deposits. However, real-time online reporting system from vCash is also available for access upon your request.

14.    Can I co-brand my ATM with my store name?

If the ATM machine is owned entirely by you (you purchased the ATM or leased it to own), you are able to co-brand it.

15.    My store accepts credit cards, is it worthwhile to have an ATM?

Absolutely yes.  Not only will an ATM give cash access to your customer, but also you can save on credit processing fees through your POS system.

16.    What happens when someone does not get their cash withdrawal?

This is very rare. If this happened, you need to advise the customer to call their bank to verify the completion of the transaction on their account. If a withdrawal was made from the bank account and a customer did not get the cash from the machine, ask the customer to contact vCash Group. vCash will verify and resolve this incident with its transaction processor. NEVER give the customer your money - you may not get it back!

17.     What happens when my ATM does not work?

Contact vCash by telephone or email. vCash will first try to resolve the issue via telephone. If that failed, your ATM machine will get serviced on site within 24 hours.

18.    What happens in the event of theft or vandalism?

With a valid business insurance policy, you are not responsible for any theft or vandalism that occurs to the ATM.

19.    Can I acquire a temporary ATM for an event?

Yes you can. vCash Group delivers mobile ATMs to various locations and events. Simply email us at AskUs@vCash.ca or call vCash directly to discuss your options.

20.    What kinds of reporting tools do you offer?

vCash offers a real-time online reporting system. You will be able to view a few different reports such as detailed transaction history, low cash alerts, monthly transaction totals.

21.    Who is responsible to fill the ATM with cash?

If you choose Option 1 or Option 2, it is your responsibility to fill the ATM with your own cash. If you have chosen Option 3, vCash Group is responsible to keep the ATM machine filled with cash at all times.

22.    Who is responsible for ATM repairs and regular maintenance?

Daily cleaning and up-keeping including the change of receipt paper is your responsibility. Depending on the option you have chosen, you may be required to load your own cash into the machines. With vCash Group ATMs, we are 100% responsible for all repairs, servicing, and maintenance. Keep in mind each new ATM comes with full parts and service warranty. As long as you process ATM transactions with vCash, we will also supply free receipt paper for life.

23.    What are the key success factors for a profitable ATM?

  • Keep enough cash in the ATM;
  • Trouble shoot when there is a technical issue (e.g., printer paper jam);
  • Keep it online all the time;
  • Have a bright large ATM sign to attract walk-in customers.

24.    Who is vCash Group and how many years in business?

vCash Group is a division of Valueland Financial Inc. Valueland Financial Inc. was founded in 2004 and is in the business of mortgage financing, private financing and property investment. vCash provides POS Payment Processing services and places ATMs at convenient locations for consumers to access their cash and offers cash management solutions for ATM operators