ATM machines are omnipresent today, from grocery stores to banks to public buildings, and the average ATM processes more than 300 transactions a month. And a whopping 40 percent of ATM customers use them about eight to 10 times per month. That means a lot of business for you as a business owner, and it’s a great way to increase your revenue. If you own a physical store, you can get an ATM and charge service fees.
But how exactly do you purchase an ATM cash machine? Increasing your revenue with an ATM is pretty straightforward. You simply need to lease or buy an ATM machine for your business if you own a restaurant, gas station, store, or another business facility.
However, we first recommend making sure that your business is truly a good fit for an ATM cash machine. The ATM should ideally be located in a high traffic area and have steady foot traffic from customers. You might end up losing money if you don’t place your ATM in an area of your store with a lot of traffic. Keep in mind that you need to earn enough money in service fees to cover the cost of your ATM and its regular maintenance fees.
We also recommend assessing your budget and figuring out if you want to buy a new ATM cash machine or a used or refurbished ATM. You should look up ATM vendors and compare their prices. We suggest finding a vendor that offers ATM installation and technical support. If you want to purchase more than one ATM, then you might try negotiating a deal with your vendor or looking for ATM wholesalers.
Next, you should decide the kind of ATM machine that you want to buy and the features that you’re looking for. Some ATMs are only meant for credit and debit card transactions, while other ATMs enable customers to add funds to their cards and pay their bills. Most ATM machines are linked to interbank networks and allow users to withdraw and deposit money in ATMs that don’t actually belong to the bank that they are using.
You should also think about the price of your ATM machine. Prices tend to differ from one brand to the next, as well as from one store to the next. You can usually expect to pay about $500 to $25,000, depending on the features and security of the ATM machine. You can choose between wireless ATMs, freestanding ATMs, built-in ATMs, countertop ATMs, dial-up ATMs, and other models. A built-in ATM might cost between $5,000 and $10,000, while a free standing cash machine might range from $3,500 to $7,000.
If you are on a budget, we recommend choosing a used or refurbished ATM machine, which will usually cost less than $1,200. But keep in mind that used or refurbished ATMs might not be as safe as newer ATM models, and they can also break down more easily. You should also factor in the cost of the phone line, the receipt paper, and extra cash cassettes.
