If you only knew about on-site ATM machines that offer a convenient cash transaction service, you need to level-up your ATM knowledge game. There are numerous types of ATMs that you can choose to purchase for your business space including the following:
1. Online ATMs
Online ATMs are connected to the bank with an internet connection. This connection helps provide real-time transactions online while keeping the bank updated on the usage. These ATMs also allow real-time monitoring of the transaction limits and account balances to the bank for improved functioning.
2. Offline ATMs
Offline ATMs are not as high-tech as online ATMs. Although these ATMs are also connected to bank’s database, they have a predefined transaction limit that cannot be exceeded. However, in case you make a transaction that exceeds your bank account balance, you will be able to do so, but later on the bank will charge a penalty on exceeding your account balance.
3. White Label ATMs
White Label ATMs are owned and operated by non-bank entities. These entities work under the Companies Act 1956 after receiving approval from RBI.
4. Brown Label ATMs
Brown Label ATMs are owned by ATM service providers, but the management of cash is under the bank whose brand is used on the machine. The network is also provided by the bank taking care of the cash.
5. Onsite ATMs
Onsite ATMs are found within the service provider’s branch or business space. So, if you purchase an ATM to be placed in your store, it will be known as an onsite ATM.
6. Offsite ATMs
Off-site ATMs are operated by a third-party, but placed in different sites such as malls, retail stores, hospitals, etc. These are operated and maintained by different banks.
7. Standalone ATMs
These ATMs are not connected to any ATM network. Their services are also restricted to the branch it belongs to.
8. Networked ATMs
These are the exact opposite of Standalone ATMs and are connected on the network of the ATM provider.