About Better ATM Services
Better ATM Services, a Mesa, Arizona-based company, supplies technology that enables an ATM to dispense prepaid gift cards like currency. Technology enabled ATMs dispense the prepaid cards via the ATM's cash tray using the machine's existing dispensing mechanisms. BATM licenses its technology to both ATM and prepaid card industry participants to provide a more secure, convenient, and profitable distribution option with additional revenue opportunities. BATM's technology assures continued operation within existing industry infrastructures and pricing models. Better ATM Services' customers include ATM manufacturers, ATM driver processors, ATM merchant card processors, and independent sales organizations (ISO's).
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Expert Collections containing Better ATM Services
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Better ATM Services is included in 1 Expert Collection, including Fintech.
Latest Better ATM Services News
Jun 1, 2014
Tweet A wave of innovation is breathing new life into the automated teller machine. As consumers cut back on cash, bankers, ATM manufacturers and entrepreneurs are experimenting with myriad enhancements for the middle-aged cash dispenser. They see two-way video connections to remote tellers, cardless mobile cash access machines that people instruct via smartphone and ATMs dispensing lottery tickets, coupons, bus tickets or loaded prepaid cards — even an ATM that gives cash for old cellphones or spits out a mortgage application. “I look to see the ATM getting more and more involved,” said Todd Nuttall, co-founder of Better ATM Services. Nuttall’s Arizona start-up outfits ATMs to dispense loaded prepaid gift cards. That’s not mainstream yet, but Nuttall’s optimism about the future of the ATM is widely shared. Despite the steady advance of credit and debit cards, cash is not going away. There are 418,500 ATMs in place across the United States, and manufacturers are looking to squeeze more services and revenue out of each one. Meanwhile, banks and credit unions are seeking to shrink branches and cut costs, while all businesses try to meet customer demands for simplicity and speed. “I think the ATMs of the future are going to be like the branches of the future,” said Tom Ormseth, senior vice president of Wintrust Financial Corp. in the Chicago suburbs. Wintrust Bank is installing nearly 200 mobile cash access machines in the Chicago area and southern Wisconsin. Customers can program their withdrawals before they get behind the wheel or while they queue up. Then they can get cash with a wave of a smartphone over a single-use quick response code displayed on the ATM screen. The machines, made by Diebold Inc., slashed Wintrust’s average ATM visit from 40 seconds to just nine. “It doesn’t sound like much,” Ormseth said. “But people are in a hurry when they want their cash.” Cardless machines also eliminate the possibility of theft by crooks who attach card-skimming devices to machines such as gas pumps or ATMs, which continues to be a major security problem for banks. Also debuting in the United States are interactive video teller machines that give customers one-on-one face time with a live teller or other specialists who can be thousands of miles away. The technology can give financial institutions a presence in new or remote areas where an actual branch isn’t cost-effective. Bank of America Corp. and SunTrust Banks Inc. are starting to roll out video ATMs. Separately, Bank of America is installing video terminals in about 500 branches to hook customers up with specialists. Credit unions have been ahead of the curve on video ATMs, said Brian Bailey, vice president and general manager of branch transformation for NCR Corp., one of the world’s largest ATM makers. Expanding into Duluth In Minnesota, Lake State Credit Union in Moose Lake recently invested in three of NCR’s interactive video teller machines to help it expand into Duluth. It installed two in its new branch in the downtown Duluth Technology Village, and one in the building’s lobby. Lake State’s president and CEO, Tim Smith, said the ultimate goal was to help build the credit union’s loan portfolio. It’s working, he said.
Better ATM Services Frequently Asked Questions (FAQ)
When was Better ATM Services founded?
Better ATM Services was founded in 1998.
Where is Better ATM Services's headquarters?
Better ATM Services's headquarters is located at 5235 East Southern Avenue, Mesa.
What is Better ATM Services's latest funding round?
Better ATM Services's latest funding round is Unattributed - V.
How much did Better ATM Services raise?
Better ATM Services raised a total of $8.7M.
Who are the investors of Better ATM Services?
Investors of Better ATM Services include Source Capital.
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