PORTLAND, OR — The United States Patent and Trademark Office has awarded Peregrin Financial Technologies a patent for its CeleraCash Mini-Bank.
The Mini-Bank is a single small-footprint product that provides ATM cash withdrawals for consumers and a powerful cash-management tool for merchants. In addition to performing ATM transactions, it is a cash recycler, a provisional-credit smart safe, and a secure time- release cash dispenser that can be used for lottery payouts, CODs and check cashing.
“The CeleraCash Mini-Bank will revolutionize the way merchants manage cash,” says Sam Bosch, President of Peregrin. “It will provide 24/7 all the services of an on-site bank teller, greatly reducing cash-handling costs.”
As a cash recycler it will reduce costs by minimizing armored courier fees and as a provisional-credit smart-safe a retailer will have full use of the cash deposits while they are still safely locked inside the Mini-Bank.
Even with the increase use of cards, cash still makes up a significant portion of the retail economy, accounting for two-trillion dollars a year in retail transactions. More than 480,000 ATMs in the U.S. dispense trillions of dollars every year into the hands of consumers that end up at retailers. According to the latest statistics from the Federal Reserve, 50 percent of transactions under $25 and 60 percent under $10 are in cash, and households earning less than $25,000 annually prefer cash to other payment methods.
Bosch sees the Mini-Bank as a great cash-management tool for retailers. “One target market are businesses that pay cash to lottery winners. In the United States there are over 160,000 convenience stores and video-lottery locations that do that,” he says.
“Another market Peregrin is excited about are the thousands of rural community merchants whose local bank branches have closed, forcing retailers to travel a great distance for simple banking tasks,” Bosch says. “With the CeleraCash Mini-Bank, merchants will only need to go to a bank branch for financing.”
Peregrin is entertaining strategic business alliances to bring the CeleraCash Mini-Bank to market. Click here to download the CeleraCash Mini-Bank brochure.
ABOUT PEREGRIN FINANCIAL TECHNOLOGIES — Founded in 1988 and recognized as one of Oregon’s Top 100 Fastest Growing Private Companies, Peregrin provides innovative financial products and services to retailers and financial institutions. Specializing in sales and services of ATMs, provisional-credit smart safes and managed services, Peregrin has an excellent reputation for providing service and support, inside and out of normal business hours for customer convenience. Visit PeregrinFinancialTechnologies.com or call 1-800-925-3266 to learn more.