Source: Better ATM Services
Better ATM Services, a company with patented technology that enables the dispensing of prepaid gift cards from ATMs, 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.
"Better ATM Services' patented process marries two industries - the established ATM industry with the exploding gift card industry-creating a marriage of convenience for consumers and merchants," says Todd Nuttall, CEO of Better ATM Services.
"Better ATM Services' business model is similar to the way VISA and MasterCard created a trusted network among consumers, merchants and banks in 1970, revolutionizing the way consumer's have purchased goods and services," says Thomas E. Honey, Better ATM Services' Chief Development and Marketing Officer and payment processing industry veteran.
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.
Today, the only way to buy a prepaid gift cards is in-store over-the-counter, online, or on a J-hook rack at merchant locations. Better ATM Services' technology enables a more secure, efficient, and profitable way to distribute prepaid gift cards.
Better ATM Services' executives report a successful pilot gift card program in place at 5 greater Phoenix, Arizona restaurants. The company also made strides recently with the certification of a leading ATM manufacturer, Diebold, certifying that Diebold ATM's can dispense Better ATM Services' uniquely designed cards using existing equipment with no add-on devices. Company officials also report they are responding to interest from several large U.S. retailers to enable their activation via their ATM suppliers in time for the holiday rush.