Purchasing an ATM machine for business purposes can be a hassle-free means of generating additional income via additional purchases, extra foot traffic, and surcharge fees. But not every business can make decent cash by adding the ATM machine in their store. Take a look at the different steps that you need to consider while purchasing an ATM for business.
- Check Whether Your Business Will is an Ideal Fit- To add an ATM may appear as easy money yet this is not always the case. Here you need to check whether your business will be an ideal fit. The different pointers that you need to consider here include-
- Does any adjacent business have cash-only solution?
- Is your ATM the only ATM machine in walking distance to your location?
- Did customers enquire from you about the nearest ATM?
- Does your type of business have ATMs in their location?
- Are customers paying with their debit card frequently and receiving cash back?
Remember post installation of the ATM use the service text for updating the online listings so that people looking for ATMs near them can find you easily.
- Decide the ATM Type- If you decide to purchase an ATM machine then know exactly which type you want. There are some features which you should consider. First and foremost, aesthetic appeal matters. If you are dealing with wealthy clients, you can choose a sleek design, but in case of the small deli, lower-end systems will work. Next, decide on the screen type and size. Generally, touch screens and larger screens indeed will run more. Apart from these factors, also consider the lock type, note system, brand of the ATM and the vault type.
- Select the ATM Model- When it comes to ATM business, there are generally 3 models- ATM placement, buy and lease. Check the pros and cons of each before investing. The model that you pick will rest on the ATM usage confidence and the amount of capital you are planning to risk under this investment.
- Where to Purchase the ATM Machine- There are different options from where you can purchase the ATM machine. It includes options such as used dealers, ATM dealers, and placement services. Do thorough research on each to know which will be the best choice for you.
- Choose the Payment Processing Service- Payment processing services are available in different types, but unless you happen to be a big ATM operator, it is best to work with a small processing middle-man.
- Cash Management- Depending on the transaction’s volume you may not desire to directly handle the cash. During such circumstances hiring cash management firms will be an ideal choice. It will be highly beneficial in case you plan to have a couple of ATMs in various locations.
- Parts and Repairs- Naturally the ATM will require maintenance like cleaning or repair. Either you can do it on your own or employ the services of any local firm.
So, if you plan to invest in an ATM machine for your business, consider these points to make an informed decision.
