Install a few POS terminals, casino cash ATMs and ticket redemption arcade machines at your gaming floor, and you are off to make higher revenues. Most casino owners believe that providing access to cash within their gaming floors is simple. However, most gaming establishments in the cash access domain have not adopted the core dynamics of the business.
In other words, it’s essential to keep in mind that the industry verticals and geographic markets have unique cash access (CA) requirements and infrastructures. Furthermore, other matters, like jurisdictional issues, provincial matters, and state anomalies, significantly influence cash access viability and acceptance.
These complicated matters range from monetary authorities and gaming commissions to bankcard issuance and local cash availability.
Importance of Cash Access Strategy
The success of a comprehensive cash access strategy usually depends on the device. Put simply, Automated Teller Machine (ATM), Point of Sale (POS), and Point of Interaction (POI) shouldn’t be treated equally. In fact, they require independent evaluation and customization.
When creating a gaming establishment’s cash access strategy, do consider the number and placement of casino ATMs, dispensing limits, user interface, self-service, approval limits, screen flows, bill redemption, TITO, bill mix, software, language, referrals, declines, gambling attributes, player card data, and more.
Generally, many operators and casino owners strive to provide their valued patrons convenient access to cash to facilitate them. Note that, patrons’ behavior, habits, or actions within gaming establishments and around the POIs shouldn’t be overlooked.
In essence, casino owners can deploy a successful cash access strategy through this critical measure.
Cash Access Integrated with Smart Solutions
Unfortunately, the cash access technology for gaming establishments (GE) around the globe has been stagnant. In advanced cash access markets, the service is integrated with proprietary software to add improved functionality to the transaction processes, which in return, benefits both the operator and the patron.
However, gaming establishments have suffered as banks do not often provide cash access services, probably because of the potential risk associated with gambling. Consequently, banks have not strived and invested in technology for the CA within GE. In fact, they only offer non-branded POS terminals that do not cater to the unique services provided by cash access transactions.
However, some tech providers have been striving to develop proprietary software that helps improve cash flow at the gaming floor, improve consumers’ experience, ensure managed gambling, and provide casino owners with analytical tools to standardize their cash access systems.
Ensuring Cash Access Agreements
Whenever deploying a cash access service, make sure you choose dependable vendors, such as CASINOMONEY. Note that, new schemes and technology in the cash access domain come and go. It happens due to poor execution or unproven value model.
Furthermore, make sure there is no opt-in language on CCCA or DCCA receipts unless you’re comfortable with the associated risks. Moreover, negotiate over a technology clause; it will allow you to source innovative tech if the vendor cannot provide it within the expected time limit.
Most importantly, make sure to ask for detailed monthly reporting on all cash access (CA) transactions, specifically the ones that are not receiving a commission. Similarly, ensure that your PCI completely understands hardware and software dynamics, Card Data Environment (CDE), Merchant Services, and ERP.
Casino owners must stay informed about the dynamics of cash access. On the other hand, operators of cash access must align their services to the solutions that facilitate dynamic fee options and sophisticated analytic tools.
Not to mention, the real cash access opportunity for casino owners lies in minimizing cash from the gaming floor, improving patrons’ access to cash, and increasing awareness of cash access options. Strategic cash access planning combined with CASINOMONEY will increase your CA revenue and boost operational efficiencies along with improving patron experience.