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Installing an ATM in your business may seem like a hassle that’s just not worth it, but it may be far more beneficial and easier than you first think. And, if you find yourself consistently giving customers directions to the nearest ATM, then it’s probably a good idea to get one of your own. They provide convenience for your customers and can increase the amount of money they might spend with you, as well as providing an added source of income for your business.
The Best Locations for an ATM
Businesses that can typically benefit from an on-site ATM are bars, convenience stores/gas stations, hotels, and restaurants. Basically, if your business has a large customer or client flow and a need for cash, it is the perfect location for an ATM. As far as the location for the unit itself, it is a good idea to have it in a convenient and appropriate area. It is usually best to place it near the entrance of a business or close the areas where financial transactions take place. Proper location for an ATM in your business plays a big role in profit potential.
Purchase, Partnership, Placement
Once you have a set location for your ATM, it is time to budget what you can or are willing to spend on a unit. This gives you an idea as to what type of machine and which brand you will go with and which purchasing options are best for you. Outright purchase costs less in the long run, but the upfront cost can be prohibitive. Alternatively, choosing a partnership or placement with an ATM provider has a smaller upfront cost, but is more costly in the long run. However, the overall cost of leasing or partnership may be offset if the partner takes care of installation and routine maintenance. Ownership of the machine leaves those costs on your shoulders, but also leaves you free to reap the full rewards of profit from the ATM.
Always make sure to evaluate and research all of your options before making any final decisions on the brand, model, or purchasing options. Check to see if the company you are looking to buy from or partner with has professionals that can service the machine, whether they provide service to your area, and any warranties that might come with the unit itself (as well as what the scope of that warranty covers).
ATM Company in Your Area
If you do decide to lease or partner with an ATM service or company, it is recommended to go with one in your area, or at least one that has personnel that will be able to get out to you. In doing your research on both proximity and quality, ask others in your industry which vendor they have used and whether they'd use that vendor again.
In addition to looking at price points, features, and reviews of a company and its products, it is also smart to look at the vendor’s BBB rating. If you can, get a list of references, preferably from businesses that are similar to yours, in order to get a good idea about how that particular company might work for you. Always go with a provider that offers not just insurance, but a contract or agreement that is fair and simple.
Diligence is important when making any purchase, but it is absolutely crucial when making a purchase for your business. Don’t think about just the upfront cost of your ATM; consider the cost of possible repairs, service, and upgrades. Outright purchase places these costs on you entirely and needs to be calculated into the total cost of the unit, while leasing lets some (if not all) of that responsibility be handled by your partner.
You need to maintain your ATM and keep it in top condition. It will need to be refilled with cash and receipt paper periodically. Depending on the area your business is located, armored car services may be necessary to ensure that money is delivered safely. If you do have a lease or partnership, it should include an insurance plan that covers any damage to the ATM or theft that may take place. If you buy the unit outright, you have to pay for the insurance yourself, but it should still cover damage or theft. Once you have taken all of these factors into consideration, you are ready to make a decision on your ATM.