A checkless cash advance settlement
system and method are provided, including the following steps: (1) a customer initiates a Debit or Credit POS transaction via one of several possible systems, e.g., Kiosk, ATM or
wireless device; (2) the customer receives
authorization or denial from the selected
system; (3) if authorized, the customer proceeds to the cashier's cage or central cage
station and provides to a cashier on identification card and the credit /
debit card used to initiate the transaction; alternatively, if the customer initiated the transaction on a
wireless device, e.g. a
remote control unit (RCU), the customer does not need to leave the gaming
station where he is located, but rather the customer provides his identification and the credit /
debit card to a cashier / attendant, or “runner,” at the gaming
station, and personal information is derived from the cards; (4) the cashier or attendant validates the customer's identity, retrieves the transaction information using the selected
system or a cash advance application that is networked to and interfaces with the selected system, and completes the cash advance application; (5) the selected system or the cash advance application prints a non-negotiable instrument, such as a transaction
receipt; (6) the customer signs the
receipt confirming the transaction took place (the customer's signature may be acquired on the physical
receipt or it may be captured electronically through an
electronic signature pad); (7) the receipt image is either physically stored or scanned and retained electronically and stored for subsequent transmittal to a central
server (the central
server may be maintained by the casino or a third-party facilitator that maintains the cash advance application); (8) the transaction information, including the receipt image if applicable, is recorded on the central
server; and (9) the central server generates an ACH file containing all the cash advance transactions completed for a predetermined specified settlement period and electronically transmits the ACH file to the casino's designated financial institution for
processing and successive posting of the deposits.