- Scrip cash dispenser
A scrip cash dispenser is a computerized telecommunications device that allows a
financial institution 'scustomer s asecure method of receiving cash in aretail location without the assistance of acashier .Usage
With a scrip cash dispenser, the customer identifies themselves by inserting a plastic card with a
magnetic stripe or a plasticsmartcard with a chip, that contains his or her account number. The customer then verifies their identity by entering apasscode , often referred to as a PIN (Personal Identification Number) of four or more digits.Upon successful entry of the PIN, the customer may perform a cash withdrawal transaction.If the cash withdrawal transaction is approved the machine prints a receipt, which is known as
scrip . The customer then takes this scrip to a nearby sales clerk, who then exchanges it for cash from thecash register 'scash drawer . [ [http://scripatm.com/What_Is_ScripATM.html Merchant Payment Services, Inc.] ]Regulatory view
Some national banking regulators, such as the US
Federal Reserve , defines ATM transactions simply as electronic access to one's checking account and makes no distinction or mention of the location of the vault or cash drawer.Fact|date=February 2007Financial networks and Scrip Cash Dispenser
In order to allow a more diverse range of devices to attach to their networks, some interbank networks have passed rules expanding the definition of an ATM to be a terminal that either has the vault within its footprint or utilizes the vault or cash drawer within the merchant establishment.Fact|date=February 2007 This allows for the use of a scrip cash dispenser transactions to be conducted in a similar manner to ATMs.
Hardware
Scrip cash dispensers may share many of the same components as an
automatic teller machine , but lacks the ability to dispense physical cash and consequently requires no vault.An ATM typically is made up of the following devices:
*CPU (to control the user interface and transaction devices)
* Magnetic and/or Chip card reader (to identify the customer)
* PIN Pad (similar in layout to aTouch tone orCalculator keypad), often manufactured as part of a secure enclosure.
*Secure cryptoprocessor , generally within a secure enclosure.
* Display (used by the customer for performing the transaction)
*Function key buttons (usually close to the display) (used to select the various aspects of the transaction)
* Record Printer (to provide the customer with a record of their transaction)
* Housing (for aesthetics and to attach signage to)Advantages versus conventional ATMs
* Cheaper to purchase
* Fewer moving parts
* Simpler servicing proceduresDisadvantages versus conventional ATMs
* Transactions can not be completed without interaction with a cashier
* Device form factor is often the same as aPOS Terminal , which limits interaction methods
* Possibility of counterfeiting of receiptsee also
*
Point of sale References
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