What Company is Offering:
(BATM) has patented technology that enables automated teller machines (ATMs) to dispense prepaid gift cards via the ATM cash tray using standard cassettes within the ATM (U.S. and other domestic provisional patents).Better ATM Services enables ATM independent sales organizations (ISOs), prepaid platform providers (e.g. retailers), prepaid distribution firms, transit organizations, event and entertainment venues, amusement parks as well as financial institutions to conveniently, profitably, and securely deliver prepaid cards to consumers.
The BATM business model leverages the existing ATM infrastructure and business models to serve as an efficient and cost effective distribution option to help meet the galloping consumer demand for prepaid, stored value cards - especially proprietary cards offered by merchants.
How It Works:
BATM's business model focuses on licensing patents and certificating component players within both the ATM and gift card infrastructures so that they are enabled to profitably provide a more efficient, secure and cost effective distribution alternative for gift cards and other non-cash media while adding functionality and value to the role of ATMs. Hence, ISOs, processors, merchant card providers and ATM manufacturers and ATM driver/processors are free to structure their offerings, set their own pricing and compete as they do today.
BATM intends to enable card producers to supply cards that meet BATM's specifications (pricing should be comparable to current standard credit and debit cards). BATM's pricing model calls for one-time fees to be charged for each new ISO, processor, or ATM manufacturer and each new enabled ATM along with a monthly fee for each active enabled ATM. It is not BATM's intention or role to compete with any licensed or certificated industry participant.
Each gift card constitutes a single panel of three panels on a "card sheet" (patent filed). The card sheet has approximately the same dimensions of larger international currencies like the Dutch Gilder and Danish Kroner. Most ATM equipment utilizes fairly standard currency cassettes that accommodate currencies of varying size including BATM's card sheet dimensions.
How Much They Got From VCs:
They announced today that it closed its first round of funding for a total of $1.02 million. Better ATM Services’ officials say they are also on their way to opening another round of funding immediately.
More at:http://www.betteratmservices.com/
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