The ATM is an essential tool for the modern consumer. ATMs can be a barrier to human interaction in contemporary banking, especially under COVID-19. Their convenience is one of the main advantages due to its proximity to cash-only businesses and other businesses. People are more likely to purchase additional items from your store or restaurant if ATM encourages them to come in.
Installing an ATM on the premises where your business is located, such as a gas station, restaurant, salon, or office building, can also be profitable. A typical ATM is accessed between 15 and 30 times a month, depending on its visibility. This means the owner generates revenue as that ATM is accessed. Those revenues can reach as high as $20,000 and $30,000 per year, which isn’t a small chunk of change.
Do you want to offer ATMs at your business? In the beginning, you need to decide whether you would instead rent or buy the machine. No one answer works for everyone. It depends on many factors specific to your business. This guide will provide you with more information on buying an ATM.
What are the types of ATM?
Consider these factors when choosing an ATM machine for your business. When selecting an ATM for your business, you need to understand what ATMs are available and how each can help. Several companies can provide expert advice about which ATM would be best for your business.
Here are three options we found that are suitable for small businesses:
- Hyosung Monimax 5000: This is a standalone ATM in many retail stores that provides easy access to cash. It comes with a sign topper that makes it easy for your customers to find, and it has a small footprint.
- Genmega G2500: The model is a fundamental ATM machine. As a small, freestanding machine, it is not equipped with as many features as other machines, making it an ideal option for smaller businesses.
- Genmega GT3000: This is an example of an ATM accessible through a wall. In other words, it’s not a standalone unit but one that goes into a wall within your company. Businesses looking for a safe, efficient way to provide outdoor ATM access can consider this option.
5 things to consider when buying an ATM machine
Convenience is what people want. An ATM at your business will help you meet that need. Make money the easy way by taking advantage of Connecticut’s ATM surcharge fees. Let’s take a look at the basics to give you a sense of what you’ll be working with:
1. Identifying suppliers
To begin with, you’ll want to find suppliers who offer units in excellent condition. You don’t want to be saddled with obsolete, outmoded equipment, which will be phased out in a few years. Several suppliers can be considered, including ATM World Corp. The company offers a complete menu of services, up-to-date inventory, and 24/7 support, making it a good choice.
2. Be aware of the fees
You can essentially charge users when they withdraw cash from an ATM if you own many machines. It is much more beneficial for your business to charge surcharge fees to ATMs in Connecticut than to charge credit card fees if customers come into the store to pay for their purchases. This is because a credit card transaction incurs expenses for business owners.
If you encourage customers to pay with cash, you won’t have to pay those fees. Putting ATMs in strategic locations around your shop or business is a great way to achieve this goal. By doing so, you can ensure that your customers can withdraw money from ATMs without incurring costs.
3. Calculate more cost-savings
By purchasing an ATM, you will not be subject to any monthly fees or charges for online monitoring. Companies often offer 24×7 technical support, so you can always count on them for help if something goes wrong.
4. Make the right decision
Ensure that you select the best possible ATM for sale from the options available to you. Check the machine’s features; when you purchase a unit that comes with a lot of great security features and a large screen, you can expect to pay more than the average selling price. If you consider those costs in terms of the advantages and benefits they provide, you might be able to justify them. Fit Small Business suggests you use these guidelines to determine what unit is best for your business and budget.
5. Make sure you pay close attention to the terms
Suppose you find a supplier who can offer you surcharge-free ATMs, read the contract and familiarize yourself with the terms and conditions of the sale before agreeing to anything. So you don’t miss a detail or fall for a loophole, review everything – every chapter, every verse.
What are the main benefits of an ATM?
You can expect several benefits if you install an ATM at your place of business. In addition, if you operate a cash-only business, having an ATM on-site allows your customers to withdraw cash from the machine to pay you for your goods and services. Furthermore, you earn a commission from the transaction. Among the other benefits are:
- An increase in revenue: You could see an increase in revenue due to the commissions you earn on each transaction and from new customers using the ATM in your establishment.
- Reduced credit card processing fees: Companies with ATMs inside their shops receive more cash payments than those without. Your store can save money on credit card processing fees if you install an ATM.
- Convenience: Providing your customers with an easy way to pay with cash means providing them comfort.
- Flexible plans: ATM companies often assist with marketing and let you choose whether to buy or lease your machine, depending on what is right for your business. Some companies help you market the ATM, and some have short-term contracts that can be canceled at any time.
What are the ATM’s restrictions?
Each bank has a different maximum withdrawal amount from ATMs. Most banks permit daily ATM withdrawals of between 20,000 and 50,000 INR. Additionally, the maximum amount for each payment might be INR 10,000.
The price of an ATM varies from $1,000 to $10,000, depending on whether you buy a new or used machine. Used machines are cheaper but tend to be slower and look older, so many people might not use them.
Fees added to withdrawals are how ATM owners make their money. When a customer withdraws cash from an ATM, the customer agrees to pay a predetermined fee for the service; the customer is then charged either when the withdrawal is made or on their bank statements.
Globally, there are three million ATMs. The average daily power consumption of an ATM with two air conditioners and lighting is 48 kWh.