Cashing In

A new app-based service offers retailers a way to turn their stores into an ATM with the added option to drive more customers to their shop.

Have you ever run out of cash and the nearest ATM is at the other end of town and it’s raining? A new service looking to start operating in Gibraltar is offering retailers the opportunity to turn their shop into an ATM cash machine. Using similar technology to the taxi hailing service Uber, the service tells registered customers where the nearest merchant offering the service is located and guides them to it.

Even before entering the shop, the customer requests the amount of cash they need (limited to a daily limit of £200), the shop assistant then scans the customers unique QR Code on the app and confirms the transaction.  The service is similar to the cashback service offered by some supermarkets except that every shop can now offer this service.

You can watch a video of how it works here:  http://bit.ly/2FjiGYU

Safe & Secure

The app also overcomes any money laundering issues as there is a full audit trail for consumers and merchants alike. All transactions are performed through the app and users, both merchants and consumers can view their entire transaction history on the app as well.

The service has been developed by Zurich-based Sonect AG.  The company has already launched the service in Switzerland and Austria and they have plans to roll out the service across Europe in the next two years.

Banks which own ATM networks are also working with the company as it helps them to expand their services and at the same time reduce the cost of distributing physical cash through their ATM network. The costs of supplying and servicing an ATM network, even a small one runs into thousands of pounds annually.

Merchants who sign up to the service are paid a small fee for each cash transaction they make.

Attract more customers

In addition, merchants using the service in Switzerland can take advantage of the additional marketing opportunities which Sonect offers to attract customers to their stores.  Sonect offers merchants the ability to run promotions such as special offers, and discounts in order to drive more customers to their shop.

SONECT has also recently been awarded as the top consumer payment initiatives worldwide at the prestigious banking technology awards in London. 

You can read more about the company by visiting their website here: www.sonect.net or by following them on social media: 

@sonectme. You can also reach out to them directly and express your interest in joining Gibraltar’s first “virtual ATM” network by contacting them at info@sonect.ch

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