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UNDATED (CNN) -- Trading in your old cell phone for the latest technology can be expensive. But there's a way to get cash for that old phone, and help the environment at the same time.

It's called the "Eco ATM" and it gives you cash for your old cell phone or other electronic gadgets. The company behind it says the goal is to alter the current wasteful life-cycle of consumer electronics and that means instant cash in your pocket if that's what you choose.

Here's how it works. You walk up to the "Eco ATM" kiosk, put your phone into the machine, and it identifies what model it is and gives you an initial price.

Then, if you like the ballpark offer, you plug in your phone and the machine runs some diagnostic tests and gives you a final offer. Then you scan your driver's license.

The machine will give you cash or an in-store credit, depending on the specific kiosk, or you can donate the funds to charity.

The phones are then either resold to be refurbished, or recycled in an environmentally-responsible manner.

"Eco ATM" has the bulk of its machines in California, but they're expanding rapidly and its backed by the same company that operates those CoinStar and Redbox kiosks so it has a network in place. Which means it could be coming to a mall or department store near you.

But if you can't wait, there are also several sites on the Internet that will buy your old phone or just about any other used electronic device. Some of the most popular are USell.com, Gazelle.com, and CellForCash.com. Those sites take competing bids from multiple companies.

Whichever one you pick will send you a prepaid box to ship your phone to them and then send you a check.

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