Automated teller machines are digital banking outlets that allow clients to perform basic transactions by themselves without the assistance of a teller or a branch representative. These machines use the debit and credit card technology to facilitate banking activities. ATMs from various service providers are spread all over the world.What different types of ATM machines are there?
The different types of ATMs vary mostly with location and operation. The different types include:
- Off-site and on-site - Found outside or within a business' premises
- Worksite - Located within an organization's grounds generally intended to be used by a company's employees
- Cash dispenser - Permits only balance enquiry, cash withdrawals, and requesting mini statements
- Mobile ATM - Facility can move to various places where the clients are located; financial institutions introducing vehicle embedded facilities
- Green Label, Orange Label, Yellow Label, Pink Label, and White Label ATMs - Used for agricultural transactions, share operations, e-commerce, women’s banking, and by non-banking financial companies, respectively
Brown Labels are maintained by private service providers, who own the hardware and facility lease, but the sponsor financial institution provides connectivity and cash management.What features do ATM machines have?
The use of these machines is a beneficial way of managing money. They occur on a global scale, and their services are offered continuously. However, at a glance, the self-service cashboxes should be capable of:
- Dispensing cash - Enable the clients to withdraw money from any location
- Accepting checks and cash - Clients can insert currency
- Providing mini statements - The device should be able to print out balance reports on customer's request
- Money transfer and paying bills - Through online payments and banking systems, customers can pay their various fees through the ATM facility
- Resetting and unlocking security procedures - Clients should be able to unlock their accounts and change their pins with relative ease
Financial institution customers can also use ATM machines to top up or withdraw from mobile phone accounts. The wealth of technology behind ATMs make them card-bound conveniences that provide clients with an effective, one-stop banking experience.What benefits do ATM machines have?
These provisions have numerous benefits that extend to both financial institutions and their clients. The benefits for the clients are:
- Provide services at their convenience and the financial companies do not need to be open to do so
- Customers do not have to carry money with them
- Secure services that need pin access
- Can be used as a mode of payment
- Offer the convenience of multiple locations and work even in foreign countries
- Offer quicker services