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ATM
ATM devices were originally designed for customers to withdraw cash from their accounts. But since many transactions are now possible through ATMs (for example, deposits), many improvements have been made for more effective ATM use. One of the most important examples is Recycle ATMs.
ATM
The word literally means recycled or circulating. In payment systems, it refers to physically dispensing money deposited at ATMs to customers who want to withdraw cash, adding deposits straight into the withdrawal pool.
ATM
Retract is a term used in ATM systems. When cash already presented to the customer is not taken, it is diverted into a compartment called retract, as opposed to the reject compartment used for unusable banknotes.
ATM
It's a term used in ATM systems within payment systems. In ATM transactions, cash in question is placed into a separate compartment for review, called the reject bin. Retract is the customer's holding bin; reject is the ATM's reject bin.
ATM
A cash dispenser is a device that lets customers withdraw money. Although the term is sometimes used as another name for an ATM, the dispenser is actually the unit inside the ATM that dispenses the money loaded into its cassettes.
Payment Systems
In payment systems, the tower is the section inside an ATM where cash is physically stored. It contains cassettes holding different banknote denominations, a mix cassette for mismatched notes, and various security mechanisms protecting the cash.
ATM
During an ATM withdrawal, once all checks are complete and the decision to give the money is made, the cash becomes ready to be presented. The distinction matters for whether notes go to the retract or reject bin.