Experience 24/7 easy access to your bank’s savings with an Automated Teller Machine(ATM).
Automated Teller Machines or ATM provide a self-service transaction service. With quick-withdrawal money facilities, you do not need to carry cash with you while travelling. The service that ATMs provide has a minimal error rate.
Table of Contents
THE TOPIC YOU WILL FIND IN THIS ARTICLE:
1 . What Is an (ATM)?
2 . Types of Automated Teller Machines (ATMs)?
3 . #8 Facts Everyone Should Know About Automated Teller Machine
4 . How to Use an ATM?
Bonus: What Are the ATM Design Elements?
1 . What Is an (ATM)?
In this part of the article, we will have a clear idea about,
1 . 1 . History of Automated Teller Machines (ATM)?
1 . 2 . Understanding the Uses of Automated Teller Machines (ATMs):
1 . 3 . What is ATM ownership?
1 . 4 . What about Using ATMs Abroad?
ATM, which is short for “automatic teller machine.” This is the instant money withdrawal process. You can withdraw money anytime you want, from anywhere in the world. Life has become too easy with the blessing of ATMs.
1 . 1 . Brief History of (ATM)?
The invention of the ATM has a vast history. This machine evolved from a very early prototype into a modern version. Although Sir John Shepherd-Barron OBE introduced the ATM to the world. He developed the idea of the ATM because he was frustrated that he could not withdraw cash during bank holidays.
Experts say, James Goodfellow, a Scottish inventor, filed the first patent for an ATM in 1966. In the US, Sir John Shepherd-Barron is considered the inventor of the first free-standing ATM design. History has its own words. However, until the middle of the 1980s, ATMs were the mainstay of banking in developed countries.
History tells us that in 1969, America’s first automatic teller machine (ATM) was made its first public debut, dispensing cash to customers at Chemical Bank in Rockville Centre, New York.
1 . 2 . Understanding The Uses of Automated Teller Machines (ATMs):
ATMs work as bank tellers for a bank. But the difference is that ATMs provide service for immediate money transfers or transactions. As a businessman, a customer, or a shopkeeper, you can make different types of financial transactions.
With ATMs, you can withdraw, deposit, undo transfers, make balance inquiries, obtain account information, and so on. If you do regular transactions in your business with small amounts. That ATM is suitable for your business.
With modern technology, your phone can be used as an ATM. With ATMs, you can also withdraw money in a foreign country. Thanks to ATMs, you do not need to go to the bank and stand in line for a long time to wait your turn to withdraw anywhere from $300 to $1,000. As a result, bank tellers can deal with large amounts of money, saving both of you time.
In our day-to-day lives, the use of ATMs is a common topic. In the banking sector, ATMs add a new flow. With ATM cards, money transfers are easy. You have to swipe or insert a card in the reader of this machine. And with some simple steps, your translation is done.
1 . 3 . What is ATM Ownership?
Most of the time, banks own ATMs. But independent ATMs can be found in public and retail venues. For many bank customers, having independent ownership of an ATM is their core type of business. Many operators of these independent ATMs are also considered Independent Sales organizations (ISOs).
Although there are different risk factors associated with operating independent ATMs. But still, owning an ATM is a good and profitable business. Owning an ATM is considered a passive income source.
1 . 4 . What about Using ATMs Abroad?
Yes, you can use ATMs abroad. Using an ATM abroad is considered the best way to access foreign cash while traveling abroad. And you can enjoy all facilities using ATMs abroad. While using an ATM abroad, the best suggestion is to use a debit card instead of a credit card.
You may end up paying a high-interest rate on the cash advance from your card issuer. We know that there will be an ATM foreign transaction fee while transferring money. This is an additional fee. If you use ATMs abroad, you have to pay these fees.
Before using and preparing for using an ATM, observe how you can get the best and most sustainable exchange rate. So, always stick with trusted providers.
2 . What are the Types of Automated Teller Machines (ATM)?
In this part of the article I will discuss about the type of ATM. We will start with general idea and than we will jump to the deep discussion.
Mainly we have two basic types of ATMs.
1 . Basic units
and another one is,
2 . Advanced units.
So, let us have a clear about these types,
1 . Basic units :
With these types of ATMs, users are allowed to withdraw cash and get an updated bank account balance in the form of a receipt.
2 . Advanced units :
These ATMs are of a more complex type. You can make cash deposits, facilitate one-line credit payments, and access account information. If you are an account holder at the bank where you got the credit card, you can get these services.
ATMs save a lot of time for businessmen or customers like us. It is expected that shortly ATMs will come with many updated services for their users.
There are also different types of ATMs:
1.On site ATM
2.Off site ATM
3.Worksite ATM
4.Cash Dispenser
5.Mobile ATM.
6. White Label ATM
7. Green Label ATM
8. Orange Label ATM
9. Yellow Label ATM
10. PINK label ATM
11. BROWN label ATM
3 . #8 Facts Everyone Should Know About Automated Teller Machine
In this part of Article I will tell you 8 Facts Everyone Should Know About Automated Teller Machine.
ATMs are specialized computer systems that make it easy to manage bank account holders’ funds. You can receive different financial facilities with ATMs. Financial facilities with ATMs allow users to perform quick self-service transactions such as deposits, cash withdrawals, bill payments, and transfers between accounts. From time to time, ATMs have gone through different changes and updates. You no longer need to carry cash with you for shopping, paying for restaurants, paying bills, and whatnot. ATMs run through with electricity. If you do not have backup power to run the ATM. The machine will shut down.
1 . PIN of the ATM comes with 4 digits :
ATM PIN(Personal Identification Number) comes with a 4-digit code. This ensures that the card user or account holder is carrying out the transactions. ATM PINs are unique. This unique code is required to secure online and offline transactions for individuals. Only with this unique PIN code, do you make transactions. ATM pin is like your signature during the bank transaction. The reason why ATM PIN is four digits is, 4 digits number is easy to remember than a 6/8/10 digit number.
2 . Gold withdrawal from ATM:
In Abu Dhabi, United Arab Emirates (Atlas Obscura), there is the world’s first gold dispensing ATM. With these machines, you can buy around 2.5-gram, 24-karat gold coins. Gold ATMs are designed in shopping malls and airports. Ordinary people can buy gold. This idea will inspire people to invest in banks.
3 . Biometric ATM :
Biometric ATM is the new addition to ATM service. It is a self-service cash machine. A biometric system is used to identify customers’ identities and allow them to withdraw the cash they have in a certain bank. The functions of a Biometric ATM are so simple: you place your finger on the biometric scanner of the ATM. The Machine will coordinate and find the similarity with your fingerprint and save other clients’ fingerprints. After the algorithm works properly, you will see the name of the client, and information on the ATMs.
4 . ATMs are in demand:
ATMs have been in good demand in recent times. ATM is getting increased customer satisfaction day by day. With ATMs, businesses are saving tehri valuable time. Small businesses are making time-to-time payments due to ATM cards and ATM services. You do not need to think about maintaining cash flow anymore. ATM cards will bear cash for you, and you can even pay with cash at shopping malls, restaurants, and what son. With seeing such acceptability ATM businesses are transforming into a big business industry.
5 . Global use rate of ATM:
ATMs have a good global acceptance rate. Over 3 million ATMs are installed globally. Approximately 1 ATM per 3,000 people in the world. Maximum ATMs are installed in Asia Pacific. ATMs have great demand in countries like China, India, Japan, and so on. The reports show that young adults 18-34 years old use more ATMs than older people. The average use of an ATM is around 300 times per month. ATMs have steady traffic.
6 . Benefits to business due to ATMs:
Businesses are getting more modern and updated day by day. You do not need to wait for 2–3 days to transfer cash like in the old days. Thanks to ATMs you can have quick and instant access to cash. If your business has a physical place like, a shop. You can add retail ATMs to your business.
7 . You can recharge your mobile balance, pay your income tax, and pay your insurance premium with ATM:
With your debit or ATM card, you can recharge your mobile. Now you do not need to go to shops to recharge your phone. ATMs make everything easy for you.
You can pay your income tax with your credit card. There is also an opportunity for you to pay your taxes and bills online, with the Online Tax Accounting System (OLTAS). The bank has simple procedures for you to pay taxes online.
You can pay your insurance premium payments through several processes.
Credit cards and Debit cards.
8 . Can Apply for a personal loan and Pay your bills, book transport tickets
4 . How to Use an ATM?
Using an ATM is easier than you think. You just think about caring about two things. One is your ATM card and the second one is to remember your ATM PIN. It is better to use an ATM card issued by the same bank. When you are using your debit card for the first time, you have to use the same bank’s ATM where your account is. After the first transition, you can use other banks’ ATMs. But they will charge you extra. If you use the same bank ATM where your bank account is issued, you have to pay a lower amount of money as fees.
Step 1: Make sure your safety:
Make sure you are alone while using ATM. If other users are with you make sure no one sees your ATM PIN. Only use the ATM during the daytime unless you have an emergency.
Step 2: Now insert your card into the ATM:
Debit cards are mostly used in ATMs. This card is connected to your bank account. You can also use a credit card. But you have to bear an extra fee charge for using a credit card. While inserting your card into the card slot make sure that the chip side of the card is facing inward. Remember for using ATM you have to pay a certain fee.
Step 3: Language selection:
If you are using a local area ATM you will see your country language and English language as well. Most ATMs allow you to choose your language. There can be 1 to 3 languages depending on the country you live. You can change language directly after entering your card.
Using unknown language can hamper your credit and money.
Step 4: Insert the PIN code:
After accessing your account and selecting the language, now you have to enter your PIN code. It is mostly a 4-digit number. We have already discussed in this article why PIN codes are mostly 4-digit numbers. When the machine asks you t enter the PIN, only then insert the PIN code. Watch out for cameras that are placed on the ATM.
Step 5: Choose an account action:
After putting in your PIN and card. Now the machine will ask you what action you want to perform with the ATM. You can deposit, pay bills, and see your current balance as whatnot. So, select your action wisely.
- You can withdraw your money: You can do a fast withdrawal of $ 40 to $60. The withdrawal limit varies from ATM to different ATM. This direction is given by the owner of the ATMs. The daily limit of ATM withdrawal is near, $300-$1000 in most cases.
- You can Deposit money: With ATM can deposit cash, checks, and envelope from ATMs.
- Transfer money or make payments: You can transfer money to another bank’s account or another account in the same bank.
Step 6: Always check your bank account balance:
You will see an option to check your current account balance. This is important. Always check your current balance before withdrawing money from your account. The balance is printed out on paper. Sometimes if you want you can request an online copy of your current balance through email or SMS.
Step 7: Finally, follow these instructions to clse the session: After you have done your transaction in ATM. The machine will ask whether you want to exit and continue your work in ATM. A shortcut is to press “Red X” on the keypad or pressing “Back” on the ATM keypad.
Step 8: Make sure you have taken your money and ATM card.
Forgetting to take money is always a common mistake when you are in a hurry. But making a such mistake can be the reason for a huge loss. So, be careful with the belongings you take with you in the ATM booth. Many people also forget their bags, or phone they might set down on the top of the ATM. Do not leave any of your belongings in the ATM booth.
Bonus: What Are the ATM Design Elements?
In this bonus par of the article I will talk about, ATM Design Elements.
ATMs are just machines. But no one can rely on machines when it comes to money-related facts. There are surely complex yet powerful design elements and management sectors behind ATMs.
Most ATMs have different type of design styles. But you will find some common features common in these machines.
Let’s have a good discussion about the design of the ATM.
I/O board: The I/O board helps regulate the processor communication of the ATM by a phone line or a suitable internet connection.
Display screen: With the display screen, you can control your steps of ATM functions. Users can see what order they are giving to the ATMs. You will operate the ATM with the display. Nowadays, there are touchscreen displays. These displays are more user-friendly than the old versions of ATMs.
Keypad: Keypad gives you access to input your bank information. You can provide information like the type of transaction, the amount of transaction, the PIN, the total currency you have in the bank, and whatnot. In ATMs where there is a touch display, you may not see any Keypad.
Card Reader: The function of this input device is to target your card’s magnetic stripe or EMV chip. It also helps you read your account details.
Printer: You will get a receipt for every transaction in ATM. This receipt includes your current balance, withdrawal balance, type of transaction, and so on.
Power supply: ATM runs through the electricity. You have to connect the parts of the machines to the external electricity. You also need a backup system for your ATM. Without any power supply, the ATM will not work.
Cassette: The cassette holds the cash from the machine.
Speaker: Speaker gives audio feedback when you press a key on the ATM.
Cash dispenser: Cash dispenser is responsible for distributing cash via a slot in the machine. It connects to the machine’s safe at the bottom.
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