User Manual Owner manual

14
ARGO USER MANUAL
ATM transaction processing.
The ATM sends the customer transaction request to a processor. A processor is a fi nancial intermediary, such
as an Independent Sales Organization (ISO), bank, or other fi nancial institution that provides transaction-
processing services for ATMs. The ATM must be set up with a particular processor before customer transactions
can take place.
The processor routes the transaction to the appropriate ATM network. An ATM network is a regionally or
nationally organized clearing house for fi nancial transactions, that deals directly with the appropriate fi nancial
institution, such as the customer’s bank or credit card company, in order to complete the transaction. The
processor will select the appropriate ATM network to use based on factors such as the type of ATM or credit
card used, location of the customer’s bank, or other considerations. The transaction may be transferred between
several networks before ultimately reaching the customer’s bank or credit card company.
The ATM network routes the transaction to the appropriate bank or other institution, confi rms successful
completion of the transaction, and sends a confi rmation message back to the processor. If the request was for
a cash withdrawal, an Electronic Funds Transfer (EFT) takes place to debit the funds (including any surcharge
fee, if applicable) from the customer’s bank account and credit the funds to the processor’s bank account.
The processor forwards a confi rmation message to the ATM (and an authorization to dispense currency, in the
case of a cash withdrawal). The ATM dispenses the requested currency, if necessary, and provides the customer
with a printed receipt as a record of the transaction.
The processor credits the merchant’s account for the amount of any cash withdrawals (plus surcharge fees, if
collected), typically by the end of the next business day.