A Cashless ATM Machine works just like a Cash ATM machine. The difference is, after a customer swipes their Credit or Debit ATM card, enters their PIN number, and selects from the preset dollar amount (exp: $10, $15, $20, etc.), they receive an authorized “PBT” receipt instead of cash, and this receipt spends just like cash at the merchants counter.
This “PBT” coupon spends just like cash, but a customer must purchase something from that merchant to redeem it. The actual money from the customer's bank is automatically transferred straight into the merchant's bank account when the customer swiped their card through the PBT Terminal, which allows the merchant to give cash or change back to the customer immediately. PBTs provide the perfect solution for merchants and consumers by offering Consumers the ability to use their ATM Cards, Credit Cards, and Stored Value Cards to withdraw cash from their cards as a method of fee-free payment for goods.
This type of transaction not only eliminates any fees paid by merchants for card and account processing and in turn, usually provides the merchant with a commission for each transaction performed on the PBT. Pacific Financial excels in providing detailed accountability for managed PBT locations using a proprietary processing and accounting system as well as significant experience and savvy in the arena of PBT location acquisition and PBT Machine and Enclosure sales.
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The Pacific Prepaid ATM Card is a reloadable prepaid card that is designed to work like a bank issued ATM card, except that it is a prepaid “stored value” card and is not attached to a physical bank account. This means there is no credit or overdraft and the consumer has access to only the amount of money they have “preloaded” on their card.
As the consumer uses their card, the amount they spend is deducted from the card balance. When the funds on the Pacific Prepaid ATM Card are depleted, it's easy for the consumer to reload again and again. The consumer may reload the card at an authorized location or at Western Union.
Using a Pacific Prepaid ATM or Prepaid MasterCard is almost like putting money in a bank account, except it's a “virtual account” . Like a bank checking account, the cards work just like writing a check because the card electronically deducts the amount of purchase (and cash back if needed) from the stored value on the card.
A prepaid ATM card is today's safe, convenient and flexible way to manage spending.
The Pacific Prepaid ATM card incorporates Prepaid point-of-sale purchase capability, automatic teller machine ("ATM") cash access, as well as money transfer features.
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