Today, retail businesses are continually striving to build and improve their position in the corporate world. There is fierce competition, and taking an edge over your competitors has become quite difficult, yet not impossible!
Numerous market research studies have much emphasized improving customers’ experience by providing them with significant convenience, especially with regards to immediate access to cash. The reason for this is that more than half of Americans today carry credit and debit cards rather than cash.
Considering that, it’s evident that providing your consumers with an instant cash withdrawal is an effective way to stand out from your rivals in the industry.
That being said, whether you already have an ATM unit placed at your business location or are planning to install one soon, it’s crucial for you to understand several technicalities that come with ATM placements.
How an ATM Device Works?
While you probably have used an ATM for several financial transactions, it’s crucial for you to know in detail how this cash unit dispenses money. When you need to withdraw cash, you insert your credit or debit card, enter the PIN code, select the required amount, and the ATM dispenses the required amount of money.
Although the process seems quite simple, it entails intricate methods to process your transactions. When you enter your bank-approved Personal Identification Number (PIN) along with your card combination, you see multiple options on the screen, including a balance inquiry, money transfer, or cash withdrawal.
Upon selecting a required option and entering the amount, automation software integrated with ATM reads your card data, verifies your information and PIN, and dispenses the money with a receipt once the verification is complete.
Put simply, ATM devices work like a computer with a mechanical dispenser, which is connected to the transaction processor via the internet with your bank.
Major Parts of an ATM Machine
To get a clear understanding, it’s essential for you to know about the different parts of an ATM.
• Mainboard: Since an ATM device works like a computer, the mainboard of an ATM works like a CPU and memory. In other words, it controls the processing of financial transactions and connects all parts of the ATM.
• Card Reader: It reads your account data that is stored on a magnetic strip or EMV chip of your credit or debit card. Not to mention, most card readers are now EMV-enabled; these are Europay, Mastercard, and Visa or EMV create a unique code for every transaction.
• Display screen (LCD): It works as a guide to the customer on how to use the ATM. The display screen provides several financial processing options along with instructions.
• Keypad: It consists of keys that allow you to enter information about the transaction you would like to execute. The information may include a PIN, amount of money, and the type of transaction.
• Cash dispenser: It dispenses cash by moving money from the note cassette to the cash tray.
• Printer: It prints the receipt that has the details of the transaction you have made.
• I/O Board: <Input Output Board> Acts as a bridge between the main board and the periferal devices (such as the CDU <cash dispensing unit>, card reader and the printer).
• Note Cassette: It contains cash in an ATM. How do Cassettes Work?
Note Removable Cassette
When it comes to a cash dispenser, many ATM brands offer several options for it. For instance, Genmega’s ATM that MOBILEMONEY offers can accommodate up to 4 x 2000 notes removable cassette. Similarly, Hantle cash units offer many dispensing options with up to 4 cassettes. Depending on the size of your business, make sure to choose the dispenser for your ATM accordingly.
For Hyosung Devices
- 1k - 1000 note capacity
- 2k - 1800 note capacity
- 4k - 3600 note capacity
- 6k - 5400 note capacity
For Hantle/Tranax & Genmega Devices
- 1k - 1000 note capacity
- 2k - 1700 note capacity
- 4k - 3400 note capacity
- 6k - 5100 note capacity
- 8k - 6800 note capacity
Now that you are aware of most of the technical details regarding an ATM, make sure to choose the one that best suits your needs.