How Cash4Debit Works.....
• Step 1: Customer's card will be swiped by the teller at the counter.
• Step 2: Store teller will enter the withdrawal amount requested by the customer.
• Step 3: Store teller will ask the customer to enter their 4-digit PIN number on the encrypted PIN pad.
• Step 4: A correct PIN number and the sufficient fund’s available in the account will approve the transaction.
• Step 5: At the moment, P.O.B.’s bank has already deducted the fund’s from the customer's account.
• Step 6: The store teller will give the customer the dollar amount according to the printed receipt.
• Step 7: The funds according to the printed receipt will be deposited to the merchant's bank account.
• Step 8: We will accumulate the transaction fees and credit the merchant the total fees on the 15th of the following month.
Traditional PIN based debit transactions result in retailers paying card issuers processing fees for the convenience of accepting their payment cards. Typically, there is a fixed fee component based on industry segment (Grocery, fast food, retail, etc) as well as variable fee component, based on average ticket value and calculated as percentage based “merchant discount”. In total, fees for each transaction can be expensive.
Cash4Debit transactions however use a different business model. The fee structure is predicated on a single fixed transaction fee. Similar to ATM withdrawal, these transactions allow for convenience or surcharge fees to be paid by the consumer for using their card.
Most of our merchants are charging a $3.00 transaction fee for amounts up to $100, then charging $5 for amounts between $101 and $250, $10 for amounts between $251 and $500, $15 for amounts between $501 and $750, $20 for amounts between $751 and $1,000, $25 for amounts between $1,001 to $1,250, $30 for amounts between $1,250 to $1,500
This service is designed to help all money service type locations generate new forms of revenue. The video below provides a quick overview of the program and its intended value to you as a money service provider.
Cash4Debit provides money service businesses with another convenience for its customers alternatives to ATM Cash Withdraw by providing an over the counter service directly to consumers who have netSpend, CashPass, Payroll Cards, Social Security Cards, Government EBT Cards, Tax Refund Cards and most PIN based debit cards.