A cashless ATM, otherwise known as point-of-banking technology, is a payment terminal that enables customers to make purchases with a debit card in the same way as they would make an ATM transaction to withdraw cash. The system was originally created as an alternative payment solution to serve high-risk businesses—such as legal medical marijuana dispensaries and certain types of “blacklist” businesses—that typically accept cash as the primary form of payment. Now, a variety of other types of businesses use this method of payment acceptance as well, including lunch trucks and vendors at farmer’s markets, for example.
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