Before jumping into purchasing an ATM machine be sure to do your home work. Once you purchase one you still need an ATM company to process the transactions (similar to credit card processing). This article will discuss how to pick an ATM company to best service your ATM processing needs and how to make sure you select the right ATM machine.If you see any ATM machines for sale that are less than $1,000 used be very wary. Once you purchase an ATM Machine you still need ATM processing.
A reputable ATM company should offer ATM's with or without processing. They would also offer ATM processing only if you already have an ATM Machine. If you have a working ATM Machine and know all the passwords and have all the keys a good company should be able to simply re-program your ATM Machine onto their ATM processing platform. To find out if an ATM machine you're considering purchasing is compliant we recommended calling some ATM processing Companies.
ATM Agreements protect you since these companies are moving your funds when one of your customers withdraws cash from your ATM. They move the funds from that ATM customers bank account into your bank account. ATM processing rebates range from 85% of the surcharge plus $0.20 - $0.25 cents (bank-end revenue) up to 100% of the surcharge plus $0.20 cents depending on your ATM machine usage volume. Some ATM companies offer a Tiered rebate which is tied to ATM performance.
Some ATM companies also offer ATM equipment at drastically reduced prices to get you to sign a long term processing agreement. If the ATM Machine you found is cheaper than everyone else, make sure you read the term of the processing agreement. Most ATM Companies that offer crazy deals on the ATM Machine will make you sign a very long term agreement for ATM processing.
If an ATM company is selling ATMs too cheap or offers a rebate that's too high, then something has to suffer. They can't give ATM machines away and give you a high rebate and give you proper service or stay in business. Look for an ATM company with 24 hour 7 day support with a toll free number. Having been in the ATM machine business for nearly two decades I've been able to unlock the mystery behind how ATM Machines Work as a Business. The ATM Business is straight forward. You have a piece of hardware (The ATM Machine).
You need to fill the ATM with Cash (yourself, the location manger or an armored car company).
You need a reputable ATM Company (they have contracts with an ATM processor, sponsoring bank, move your money between banks, provide statements and online reporting) They should also provide technical support, but some don't.
Many ATM companies try to make it seem complicated but if you've done it long enough it should be a simplified process. ATM companies that claim to sell you locations, or find you ATM spots and get you to invest in them are most likely scams.
Personally if I found a good location to put an ATM into why would I offer it to someone else if I could put my own ATM in there and make a profit. If you select the wrong ATM Company to help you navigate the waters the costs can mount up effecting your ROI.
The ATM Machine. An experienced ATM company can help you answer all these questions and more to help you determine if the location could have good potential.
Who loads cash: The ATM owner and the cash loader typically share the lions portion of the ATM revenue. Armored car service is only a viable option if the ATM does really well (over 500 transactions monthly). Armored car service is expensive and typically cost prohibitive for retail ATM machines.
A good ATM company should also provide 24/7 toll-free technical support. We see many ATM companies that don't offer this. How do you make Money with ATM Machines?
Your ATM charges the card holder a fee (referred to as a surcharge or convenience fee) you, the ATM owner, set this fee. Banks pay a small fee to the ATM networks for connecting the cardholder to the bank, this is the interchange.
An honest ATM Company should give you 100% of the surcharge and depending on the number of transactions your ATM does or the size of your ATM portfolio (if you have several machines), they will give you up to $0.15 of the interchange.
To manage your ATM's you should make sure the ATM company offers 365 day toll-free tech support 24/7. Other benefits of a reputable ATM company include no monthly minimums, no monthly fees, and no statement fees. Small, inexperienced ATM companies that can't offer economies of scale may charge for services whereas others do not.
Which ATM is the best model for your business? Convenience store owners must install ATM machines in this economic era in order to remain competitive with grocery store and other large chain stores. Today, there are many makers of ATM machines for location in a retail store. In 1997, this company was one of the first manufacturers of networked machines. Having ATM facilities on location at your store used to be a competitive advantage. There are many companies in the ATM machine business that are associated with all or some of the companies shown above.
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