Banking Agent - Transaction Process

Transaction Process

For the client, there is no difference in accessing his or her bank account at the agent or in a branch or at an ATM. However, besides signing a contract with the financial institution it will be working for, the banking agent also has to open a bank account at the same. In addition, the store has to deposit a certain amount of cash into that account which will serve as the banking agent’s “working capital.” In many cases, rather than asking the agent to come up with the cash deposit, the financial institution will extend the store a credit line. The size of the credit line is normally not standardized, but adapted individually to each agent depending on its size, the expected volume of transactions and how long the agent has already been working with the bank. This is how the credit line will be used during each transaction:

• Client withdraws money (“cash-out” transaction): agent account is credited in same amount.
• Client deposits money (“cash-in” transaction): agent account is debited in same amount.

In case the agent’s credit line had reached its limits, and the agent’s bank account does not have sufficient funds, to cover the received funds, the POS will block and can only be deblocked if the funds have been deposited in the next bank account.

The transaction process for banking services using a bank card is simple:

1. An existing bank client presents his card at the agent and requests a specific transaction and the amount to be withdrawn, deposited, or transferred;
2. The agent selects the type of transaction on the POS device or personal computer, enters the amount, swipes the client’s card through the device, and lets the client enter his PIN;
3. A General Packet Radio Service (GPRS), dial up, or satellite communication connects with the bank’s server to authorize the transaction;
4. Once the transaction has been authorized, the device prints the client’s receipt.