What is a Virtual ATM (VATM)?
A virtual ATM is essentially a person or business providing cash to people in exchange for tokens in TurboWallet (withdrawal) or providing tokens in TurboWallet in exchange for cash (deposit).
Depositing with a Virtual ATM
When someone wants to deposit cash into TurboWallet, they can find a virtual ATM (a person or business), give the person cash and that person will send you tokens.
For example, if you wanted to deposit $100, you would give the virtual ATM $100 in cash, click "Deposit" in TurboWallet, enter 100 and click submit. A QR code will show up on your screen. The virtual ATM will scan the QR code on your phone and instantly send you 100 tokens. You can verify you received the tokens in a few seconds and that's it.
Withdrawing with a Virtual ATM
When someone wants to withdraw cash from TurboWallet, they can find a virtual ATM (a person or business), send the virtual ATM some tokens via TurboWallet and the virtual ATM will give them cash back.
For example, if you wanted to withdraw $100 in cash from TurboWallet, you would tell the virtual ATM they'd like to withdraw $100 from TurboWallet. The virtual ATM will click "Receive" in their TurboWallet app, enter 100 in the "Cashback" field and submit. A QR code will show up on their screen. You will click "Pay" in your TurboWallet, scan the virtual ATM's QR code and submit. They will verify they got the money in TurboWallet in a couple of seconds and then give you your cash.
Withdrawals from a Virtual ATM are charged a 5% fee. 100% of this fee goes to the person or business providing the service. So if you wanted to withdraw $100, it would cost $105. Deposits are free.
How can I become a Virtual ATM?
Anybody can act as a virtual ATM using TurboWallet, whether you're a business or a person who wants to make a little money on the side. All you need to do is sign up for TurboWallet and let your friends, family and customers know. Then just follow the instructions above.
As a business, it's just as easy, all you need is a TurboWallet account. For withdrawals, just ask your customers if they would like any cashback while making a purchase. Then on the "Receive" screen, there is a separate "cashback" field. You'll get the 5% fee on the amount in the cashback field. This allows you to accept payment for a purchase and and provide cashback at the same time.