Tuesday November 13, 12:03 pm ET

MESA, Ariz.–(BUSINESS WIRE)–Better ATM Services, a company with patented technology that enables the dispensing of prepaid gift cards from ATMs, announced today that it closed its first round of funding for a total of $1.02 million. Better ATM Services’ officials say they are also on their way to opening another round of funding immediately.“Better ATM Services’ patented process marries two industries – the established ATM industry with the exploding gift card industry–creating a marriage of convenience for consumers and merchants,” says Todd Nuttall, CEO of Better ATM Services.

“Better ATM Services’ business model is similar to the way VISA and MasterCard created a trusted network among consumers, merchants and banks in 1970, revolutionizing the way consumer’s have purchased goods and services,” says Thomas E. Honey, Better ATM Services’ Chief Development and Marketing Officer and payment processing industry veteran.

Better ATM Services enables ATM independent sales organizations (ISOs), prepaid platform providers (e.g. retailers), prepaid distribution firms, transit organizations, event and entertainment venues, amusement parks as well as financial institutions to conveniently, profitably, and securely deliver prepaid cards to consumers.

Today, the only way to buy a prepaid gift cards is in-store over-the-counter, online, or on a J-hook rack at merchant locations. Better ATM Services’ technology enables a more secure, efficient, and profitable way to distribute prepaid gift cards.

Better ATM Services’ executives report a successful pilot gift card program in place at 5 greater Phoenix, Arizona restaurants. The company also made strides recently with the certification of a leading ATM manufacturer, Diebold, certifying that Diebold ATM’s can dispense Better ATM Services’ uniquely designed cards using existing equipment with no add-on devices. Company officials also report they are responding to interest from several large U.S. retailers to enable their activation via their ATM suppliers in time for the holiday rush.

About Better ATM Services’ Pre-Paid Dispensing Technology

Better ATM Services’ cards are contained as a single panel of three panels on a “card sheet.” The card sheet has approximately the same dimensions of larger foreign currencies like the Danish Kroner. ATM cassettes accommodate currency of various sizes that can accommodate Better ATM Services’ card sheet dimensions. Early testing with two industry leading ATM manufacturers’ equipment has proven that the card sheets can be easily retrieved and dispensed.

About The Prepaid Gift Card Industry

Prepaid, stored value cards are a recent phenomenon in America and are spreading rapidly around the world. Gift cards make up the largest segment of prepaid cards and are a more convenient gift alternative to manage ongoing purchases without being limited to the amount of cash a consumer carries. The TowerGroup estimates that approximately $80 billion was spent on such cards in 2006 equating to an estimated 4.3 billion cards. Industry experts forecast the overall amount of prepaid card sales to more than double this year.

About Better ATM Services

Better ATM Services (BATM), a Mesa, Arizona-based company, supplies patented technology that enables an ATM to dispense prepaid gift cards like currency. Technology enabled ATMs dispense the prepaid cards via the ATM’s cash tray using the machine’s existing dispensing mechanisms. BATM licenses its technology to both ATM and prepaid card industry participants to provide a more secure, convenient, and profitable distribution option with additional revenue opportunities. Importantly, BATM’s pioneering technology assures continued operation within existing industry infrastructures and pricing models. Better ATM Services’ customers include ATM manufacturers, ATM driver processors, ATM merchant card processors, and independent sales organizations (ISO’s). For more information, please visit www.betteratm.com or contact info@betteratm.com.

Contact:

Better ATM Services
Nancy Rose Senich, 202-262-6996
pr@betteratm.com