What is a True Penny Pin-Debit – Point of Banking System?

The True Penny Pin-Debit point of banking system functions in a similar manner to a traditional ATM or a Cashless ATM. The transaction is completely electronic and a voucher is provided instead of cash confirming that cash has been debited from the consumer’s bank account and directly deposited into the merchant’s bank account. Like an ATM or Cashless ATM, the consumer follows a series of on-screen prompts and enters the 4-digit pin number associated with the card to complete the transaction. However, the transaction is exact to the penny and there is no change or exchange of cash on either end. This makes the checkout process incredibly simple for the consumer and the merchant as it mimics that of traditional credit card processing although no signature is required because the consumer enters the 4-digit pin number associated with the card being used to execute the purchase. This point of banking payment processing solution is perfect for retailers that have difficulty getting a traditional merchant account and need a way to safely and securely accept card payments while minimizing cash purchases or the need to provide change. True Penny Pin-Debit transactions are accepted in any multiple up to the daily limit of the card being used. Unlike ATM’s or Cashless ATM’s, Moonstar Pay True Penny Pin-Debit terminals do not charge a convenience fee to the consumer but the merchant does pay a set, nominal transaction fee. The merchant effectively eliminates the need for an ATM, the need to provide change, and minimizes cash transactions as the payment processing solution is as close as you can get to a traditional merchant account.

Why Choose a Cashless ATM?

Moonstar Pay True Penny Pin-Debit point of banking services were developed and implemented specifically to provide a payment processing solution for medical and recreational marijuana dispensary retailers. Marijuana industry merchants cannot even obtain a legitimate high risk merchant account and until the federal government and major card brands allow for credit card processing in the medical marijuana industry these merchants do not have a way to accept card payments that are not credit-based. Because both medical marijuana and recreational marijuana dispensaries are incredibly popular to the point where they drive tourism in certain and are legally allowed to operate within approved states; they attract an extraordinary amount of want and unwanted attention. And, these cash heavy businesses are susceptible to a wide range of safety concerns. Moonstar Pay realizes these problems are keeping the medical marijuana industry from reaching its full potential and are continuously working to provide payment processing solutions that are legal and allow these types of merchants to accept card payments, create more sales opportunities, and provide greater security by limiting the necessity for cash to be required by both consumers and merchants within the retail location. Moonstar Pay True Penny Pin-Debit payment processing is as close as you will get to a traditional merchant account for any retail merchant that needs to accept card payments in addition to cash but can’t get a merchant account for whatever reason. This payment processing solution is embraced by the marijuana industry and although it was developed specifically for marijuana merchants it is a more than practical solution for any brick and mortar retailer that needs to accept card payments but because of financial constraints, type of business constraints, or other constraints cannot get a merchant account for their business.

True Penny Pin-Debit | Easy to Apply … Easy to Accept!

  • Complete, sign, and submit both the merchant application and ACH authorization forms along with applicant requirements listed below.
  • Once approved, we will program and ship your terminal. This is a plug and process payment processing solution. Simply plug the terminal into a power source and the appropriate internet terminal and you are ready to accept payments.
  • The consumer swipes their card, follows the on-screen prompts, and enters the 4-digit pin number to complete the sale. The approved transaction will print a voucher which is exchanged for goods or services sold.
  • The merchant keeps the voucher for their records and funds clear in the merchant’s bank account listed on the ACH authorization form within 48 hours.

True Penny Pin-Debit Facts & Benefits

  • Simple application process requires minimal personal and financial information
  • Card present pin-based transactions effectively reduce chargebacks and fraudulent transactions
  • Eliminates the need for a standing ATM and keeps expensive retail space from becoming dead floor space
  • Exact to-the-penny transactions mimic that of traditional card transactions. No change is needed and no cash exchanged.
  • Increases safety and security of store patrons and staff by eliminating the necessity of cash to purchase.
  • Installation is easy. Just plug it in and you are ready to process
  • Purchase process is quick and easy. Just like an ATM you swipe, follow prompts, enter pin, and confirm the transaction.
  • Transactions are discreet. Shown as ATM withdrawals on consumer banking statements
  • A perfect solution for merchants who cannot obtain a traditional credit card merchant account because of credit, business type, TMF/MATCH listing, or other related issues.
  • No Batching! This program is a direct push-pay system and transactions are processed in real-time.
  • All terminals have full, real-time reporting capabilities.
  • Full back-end support and assistance.
  • All terminals come with a lifetime warranty.
  • Money clears in the merchant’s bank account within 48 hours.

What is a True Penny Pin-Debit Point of Banking Machine?

A True Penny Pin-Debit point of banking system allows consumers to purchase products with a debit card or credit card in the same manner they would conduct an ATM transaction to withdraw cash. However, a True Penny Pin-Debit terminal simply provides a voucher that is turned into the cashier instead of dispensing cash. These terminals are secure and widely accepted. Transactions closely mimic that of a cross between an ATM withdrawal and a traditional credit card purchase whereby purchase totals are exact, to-the-penny and no change is provided and no signature is required as the 4-digit pin confirms and executes the purchase.

How am I able to accept card purchases with this solution?

True Penny Pin-Debit transactions are considered ATM withdrawals. The card has to be present and the 4-digit pin number associated with the card being used must be entered correctly in order for the purchase to execute and approve. This payment processing solution works for both debit cards and credit cards. When a credit card is used the credit card company also views the transaction as an ATM withdrawal and the pin number given when the card was issued should be used to complete the purchase. The purchase shows on the consumer’s bank statement as an ATM withdrawal.

How long does it take to get approved?

When we receive your completed and signed application along with the required supporting documentation; it takes approximately five (5) business days to approve and program your terminal. Once the approval and programming process is complete the terminal is shipped. You -can begin processing card transactions as soon as you receive and plug-in the terminal.

When can I expect the funds in my account?

Payments are in real-time and funds are deposited into the merchants’ bank account within forty-eight (48) hours. Transactions processing on or during U.S. National Holidays or closed banking days will process the next banking day.

Applicant Requirements

-Completed Merchant Application
-Voided Check
-Passport or Drivers License of Owners
-3 Months Processing Statements (If Processing)

Things You Should Know

  • True Penny Pin-Debit transactions are exact to the penny ($.01). Merchants can charge exact amounts up to the daily limit of the card being used.
  • True pin-debit cashless ATM Terminals are EMV Ready. All merchant terminals must be EMV ready by October 2015 as mandated by Visa/MasterCard. And,
  • May take as many as five (5) business days to approve the application, program terminal, and ship

We work with all types of businesses and billing models

Accept More, Earn More… Quickly, Easily, Painlessly!