Consumers soon can access cash for just $1 from thousands of ATMs as FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today introduces the DOLLAR$TOP™ limited-surcharge program.
Available through the NYCE® Payments Network, DOLLAR$TOP benefits not only consumers but also financial institutions and non-financial institution ATM deployers. Financial institutions benefit by offering a “no-surprise” convenience fee of just $1 to their cardholders, without the royalty fees often associated with surcharge-free programs or the escalating costs of proprietary surcharge-rebate policies. Participating banks and credit unions will not be required to make their ATMs part of the DOLLAR$TOP program, retaining 100 percent of proprietary ATM surcharge fee revenue. Financial institutions can roll out the turnkey DOLLAR$TOP program within 30 days of joining and easily enable immediate surcharge-fee savings for all of their customers.
Employing the slogan “Stop. Save. Go.,” DOLLAR$TOP enables card issuers to offer their cardholders the benefit of ATM cash at thousands of participating convenient locations around the U.S. without paying traditional multi-dollar convenience fees.
Payment Alliance International, Inc. (“PAI”), the largest processor of ATMs in the U.S., is partnering with FIS on the initial rollout of the program through its nationwide network of more than 60,000 ATMs. “We believe that DOLLAR$TOP provides a unique alternative to expensive surcharge free programs,” said Neil Marcous, president, NYCE Payments Network. “DOLLAR$TOP enables card issuers to offer a reasonable, predictable surcharge experience to their customers without requiring financial institutions to reduce their own ATM surcharge revenue. It can also reduce the growing expense of proprietary surcharge-rebate policies. This new program reflects FIS’ commitment to delivering payment innovations that provide direct, positive impact to every constituent in the payments market.”
ATM owners and ISOs will benefit from DOLLAR$TOP by generating income through enhanced interchange and increased traffic on DOLLAR$TOP-branded ATMs.
“We are very pleased to work with FIS in offering this program to our ATM owners and Market Partners. DOLLAR$TOP offers a unique combination of attractive revenue and increased transaction volumes,” said Greg Sahrmann, executive vice president and chief operating officer of Payment Alliance International. “The DOLLAR$TOP program creates a win-win-win for cardholders, financial institutions, and PAI ATM clients. Initial interest in the program has been very strong, and we anticipate DOLLAR$TOP ATMs will be in every city and small town in the U.S.”
Financial institutions participating in the limited-surcharge program will receive a comprehensive, complimentary toolkit to assist them with marketing the adoption of DOLLAR$TOP. The toolkit includes a Web portal, a free mobile app available for iPhone® or Android™ smartphones and tablets, print and online advertising templates, and consumer ATM locator services. All advertising materials can be customized with the financial institution’s trade name and logo.